To promote energy efficiency and help consumers save money, part of the $740 billion Inflation Reduction Act (IRA), signed into law by President Joe Biden, includes a range of incentives aimed at encouraging homeowners to enhance their properties. According to Axios, homeowners can create more eco-friendly homes while also boosting their finances. Right now, consumers can save on energy efficient appliances and building materials, such as insulation.
Specifically, the 25C tax credit program, extended to 2032, enables homeowners to receive a 30% tax credit for energy-efficient insulation (up to $1,200) to offset the initial expenses of insulating their homes with spray foam insulation. A new feature of the tax credit is that it is available annually. Homeowners can receive $1,200 for a basement update in 2024 and $1,200 for an attic or other upgrade the next year.
For these upgrades, spray foam insulation emerges as a standout innovative building material, offering a dual advantage of energy efficiency and eligibility for these lucrative tax credits. Its exceptional capability to form a tight seal ensures the prevention of air leakage, maintaining a stable indoor temperature throughout your home. The versatility of spray foam insulation allows for its application across various areas, ranging from attics to walls, providing a comprehensive and effective solution for enhancing overall energy efficiency.
When it comes to staying cool this summer, home insulation plays a critical role. Spray foam insulation is a cost-effective way to lock in cool air from your air conditioning while blocking hot air from outside.
Consumers looking to increase their home’s resiliency, reduce their energy usage, and save money should look to spray foam insulation to strengthen their home’s building envelope.