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Energy & Sustainability

Posted on: November 2, 2022

Opportunities to Save Money on Energy Bills

Save Money on Energy Bills

Learn more about the Inflation Reduction Act and how it and other legislation can help you save money on energy bills through rebates, tax credits, grants, and other energy assistance programs. The objectives of this funding are to reduce the State’s greenhouse gas emissions and energy costs for consumers. The Inflation Reduction Act is expected to save American households up to $1,000 per year on their energy bills and put the U.S. on track to reduce emissions by 40 percent in eight years.

Highlights from the Inflation Reduction Act:

The Energy Efficient Home Improvement Credit (Section 25C): The Inflation Reduction Act allows consumers to claim a credit for up to 30 percent of the cost of qualified energy efficiency improvements, including up to $2,000 for biomass stoves and boilers, and expands the credit to cover home energy audits.

The Home Owner Managing Energy Savings (HOMES) Rebate Program: The Inflation Reduction Act provides rebates—discount deducted during purchase—beginning in 2023 for homeowners who retrofit with efficiency upgrades.

The Infrastructure Investment and Jobs Act (IIJA) is intended to transform funding to support weatherization and clean energy projects across New Hampshire this year. Moreover, Congress has made historic investments in the Low Income Home Energy Assistance Program (LIHEAP), which provides financial assistance to low-income households struggling to afford their energy bills. As a result of this effort, New Hampshire received more than $94 million in LIHEAP funding in fiscal years 2021 and 2022, nearly double what the state received in the previous two years.

To see the available tax credits, rebates, and energy assistance programs, please visit the Inflation Reduction Act (IRA) on the Energy Initiatives and Resources web page. 

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