Focus on incentives
One factor to consider is home electrification incentives. Thanks to the Inflation Reduction Act, there is either aFor solar and battery, the 30% tax credit is the same regardless of income, but the value of incentives for EVs, heat pumps, electric stoves, and other appliances depend on your income level.
For example, there is a rebate worth up to $1,750 for heat pump water heaters available to households making less than 150% of the area median income . Meanwhile, households with income at or above 150% AMI qualify for a 30% tax credit.Upgrade as neededTraditional gas water heaters typically last 10-15 years and gas furnaces have a lifespan around 15-20 years.
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