Energy Credits and Rebates
Looking for ways to save money while also helping to build a more resilient future for Nashville? Under the Inflation Reduction Act (IRA) of 2022, several tax laws have been created to encourage homeowners and businesses to adopt clean energy practices. These monetary incentives are designed to help reduce our nation's carbon emissions, while reducing your expenses at the very same time.
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Solar Energy Credit
Get 30% of your rooftop solar power system covered.
The Federal Solar Tax Credit allows homeowners to claim up to 30% of the cost they pay to install a solar power system on their taxes. This includes solar systems that are paired with battery storage as well as standalone battery storage installed without solar.
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Energy Efficiency Home Improvement
A clean DIY project can drastically increase the amount you can claim on taxes.
Individual homeowners who make certain energy efficiency upgrades from Jan. 1, 2023 through 2032 can claim up to $3,200 in home improvement credits. The credit includes a $1,200 cap for building envelope measures, home energy audits and residential energy property and a $2,000 cap for heat pumps and biomass stoves or boilers annually.
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Clean Vehicle Credit
Switching to an EV could pay off to the tune of up to $7,500 in tax credits.
If your electric vehicle was placed in service (delivered) on or after Jan. 1, 2023, and underwent final assembly in North America, you could be eligible for this credit. The total credit amount is dependent upon the vehicle's ability to meet new critical minerals and battery components requirements.
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Residential Clean Energy Property Credit
Get 30% of the cost of clean energy upgrades covered.
Annual tax credits are available to individual homeowners who make certain clean energy upgrades. The credit is worth 30% of the cost and with no overall dollar limit for rooftop solar, geothermal heat pumps, small wind energy property, fuel cell power plants and more, plus on-site installation and assembly costs.
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New Energy-Efficient Home Credit
Claim even more on your new energy-efficient home thanks to the IRA.
Beginning Jan. 1, 2023, you can now claim up to $3,200 for your new or substantially reconstructed energy-efficient home. The tax credit applies to both single (including manufactured) and multi-family homes constructed or improved after Dec. 31, 2022 and before Jan. 1, 2033.
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High Efficient Electric Home Rebate
Keep this bright idea in mind to help cover electrification project costs.
Electrification projects, such as heat pumps, electric stoves or insulation, can be pricey. This rebate program helps cover 100% of costs (up to $14,000) for low-income households and 50% of costs (up to $14,000) for moderate-income households.
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Home Energy Performance-Based Whole House
The more energy you save, the more cash you get back.
Through this rebate program, all single and multi-family homes qualify to receive up to $8,000 for home energy efficiency retrofits, however, low-to-moderate income households are eligible to earn more (up to 80% of project costs).
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ENERGY.GOV
Keep Conquering Energy Costs
Dive deeper into how the Department of Energy is making clean energy more accessible and affordable for homeowners, renters and drivers across the country, plus discover additional incentives and ways to save.
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Manage Your Energy
Rewiring America
As the leading electrification nonprofit, Rewiring America makes going electric easier for households and communities across the country. Explore their list of 2023 tax credits, electrification incentives for homeowners and renters, or their IRA Savings Calculator to learn how you can minimize your bill and your environmental impact.
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