January 23, 2023 Home
Ordinarily our electricity bills are higher during the cold weather of winter and the heat of summer. With the extreme cold the week before Christmas last month, many of us had a monthly electric bill higher than we have ever seen.
PVEC and TVA have plans to help members upgrade their heating and cooling systems through home energy assessments and heat pump financing. The recently passed Inflation Reduction Act (IRA) offers several options to lower your electric bills, make your home more comfortable and safer in winter and summer, and provide rebates for purchase of major electric appliances.
The IRA has two basic programs available: the High-Efficiency Electric Home Rebate Program and the HOME Rebate Program. The state of Tennessee has been allocated over $83,000,000 for each of these two programs. So, what is involved?
The High-Efficiency Electric Home Rebate Program provides rebates for purchase of energy efficiency appliances, insulation, and electrical wiring upgrades. Rebates are based on percentage caps, determined by the income level. A family with 80-150% of area median income will get a rebate of 50% of project costs. A family with less than 80% of area median income will receive a 100% rebate of project costs.
There is a maximum rebate of $14,000 per home. Multi-family unit rebates are determined on the a per building basis, with the same income factors as listed above.
If you have been wanting to improve the heating and cooling of your home, upgrade your wiring or circuit breaker box, or get a new major appliance, start planning now. More information on these rebate programs can be found here: https://www.energy.gov/scep/home-energy-rebate-programs. To learn more about how the Inflation Reduction Act programs can benefit your family, visit https://cleanenergy.gov/.
Everyone needs to learn more about our electric cooperative and its services. For more information, go to pve.coop.