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Considering buying an electric stove or putting electric wiring in your home? You might be able to save some money if you wait to do it.
Vermont is currently awaiting approval to implement a home energy rebate program that could save homeowners money on some electrical upgrades.
The program is an initiative from the Biden-Harris administration that provides federal funding to states to lower energy costs and increase efficiency.
The program was rolled out this week in several New England states, including Maine and Rhode Island.
Here’s what to know about the program, including when it could be approved in Vermont.
How much money could homeowners get from the home energy rebate program in VT?
The home energy rebate program would provide funding for Vermont homeowners who add electric upgrades to their home. The program is broken down into two categories: home efficiency rebates and home electrification and appliance rebates.
Vermont applied for more than $29 million in funding for the program for home efficiency rebates, which are upgrades that makes homes more energy efficient, such as weatherization, space heating and cooling and water heating, according to Rewiring America.
The state has not yet applied for funding for home electrification and appliance rebates, which include updates such as electric panels, stoves and cooktops and wiring, according to Rewiring America. However, the Vermont Department of Public Service said in a statement that it plans to submit an application in October.
The amount of money that will be available for rebates will be determined based on the amount of approved funding in Vermont.
For context, Rhode Island was awarded over $32 million in funding, and as a result, homeowners will be able to save up to:
$4,000 for an electrical panel$2,500 for electrical wiring$840 for an electric stove, cooktop, range, or oven and/or an ENERGY STAR-certified electric heat pump clothes dryerWhen could the home energy rebate program be approved in Vermont?
Vermont officials are hoping the state’s application for the home energy rebate program will be approved by the end of the year, according to an email statement to the USA Today Network.
“The length of time between application submission and DOE approval can be hard to estimate, as there is typically an iterative revision process that can vary in complexity, but the Department of Public Service expects both programs to be approved before the end of the year,” said Melissa Bailey, director of the State Energy Office.
Bailey said the department hopes to launch the home efficiency rebate program in July 2025 and the home electrification and appliance rebate program in early 2025, depending on the timing of application approvals.
What is the home energy rebate program?
The home energy rebate program is a Biden-Harris administration initiative to provide $8.8 billion in federal funding to states to lower energy costs and increase efficiency.
The rebate initiative is intended to save households across the country up to $1 billion annually in energy costs and will support an estimated 50,000 jobs in residential construction, manufacturing and other sectors, according to a release from the White House.
It was launched as part of the Inflation Reduction Act, a federal law signed by President Joe Biden in 2022 that, in part, helps promote clean energy across the country.
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Publish date : 2024-09-22 22:11:00
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