Improving the overall comfort and efficiency of your home in Hampton Roads is an investment in your everyday comfort, but it can also come with a larger-than-expected price tag.
Fortunately, some programs and entities throughout Virginia Beach, Norfolk, Gloucester, Yorktown, Williamsburg, and Chesapeake are motivated to help Virginians just like you install the energy-efficiency equipment needed to stay comfortable and save on energy costs. This is done through rebates, incentives, and financing programs.
Worley’s Home Services is your ally in navigating the intricacies of these programs to make your home improvement project as affordable as possible.
Weatherization Assistance Program (WAP)
The federal weatherization assistance program is dispersed and handled at the state level and provides free upgrades to income-qualified households that help reduce energy waste and increase safety and comfort. According to the Virginia Department of Housing and Community Development, common measures include air sealing, adding insulation, and repairing heating and cooling systems.
Applications and further details can be found on the Virginia Weatherization Assistance Program page, or you can contact Worley’s directly to learn more about qualifications and applications.
Home Improvement Financing
It can feel like a catch-22 to spend money on energy efficient heating and cooling equipment so you can save on your monthly energy bills. However, thanks to smart home improvement financing with our financial partners at Synchrony, it is often the case that the ensuing energy savings can cover the cost of monthly payments for a financed improvement.
By financing your home comfort and efficiency upgrades through Synchrony, you can get the comfort you need now and utilize the benefits Synchrony & Service Finance offers:
- Fast and easy applications
- Quick credit decisions
- Low minimum monthly payments
- Easy-to-understand online or paper statements
- Exclusive promotions and perks
Federal Inflation Reduction Act Tax Credits
Thanks to the Inflation Reduction Act of 2022, you can now take 30% of the cost of approved energy efficiency upgrades and subtract it from what you owe in federal taxes. This credit has annual limits, and the limits vary by service. Upgrades that qualify for the 25C energy efficiency tax credit in 2023 include:
- Energy-efficient furnaces, boilers, and central AC
- Heat pumps and heat pump water heaters
- Insulation and air sealing
- Energy audits
- Electrical panel upgrades
- Energy-efficient exterior windows and doors
Inflation Reduction Act Rebates in Virginia
Every homeowner in Virginia will qualify for savings from two different programs included in the IRA, but certain income qualifications allow for additional savings. However, these rebates are estimated to be available sometime in 2024, and the details of how they will work in Virginia are yet to be determined.
The HOMES (Homeowner Managed Energy Savings) rebate program will apply to the following:
- $4,000 towards home energy efficiency retrofits with modeled energy savings of 35% or more
- $2,000 towards home energy efficiency retrofits with modeled energy savings of 20-34% modeled energy savings
Eligible services can include insulation, air sealing, heat pump/HVAC upgrades, and more. Additional rebates up to $8,000 are available, depending on income qualification.
High-Efficiency Electric Home Rebate Program
For those that meet income qualifications, the High-Efficiency Electric Home Rebate program provides upgrade-specific rebates:
- Electric stoves/induction cooktops: $840
- Heat pump HVAC or mini split system: $8,000
- Insulation, air sealing, and ventilation: $1,600
- Electric wiring: $2,500
- Electrical panel upgrades: $4,000
- Heat pump water heater: $1,750
- Heat pump clothes dryer: $840