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Thinking of electrifying your home? Here’s why you may want to wait until next year

One goal of the Inflation Reduction Act, the massive climate and health care bill President Biden signed earlier this month, is to make it a whole lot cheaper to wean homes off of fossil fuels. 

The law marks the largest climate investment in U.S. history, with roughly $370 billion set aside for programs that reduce emissions. It includes $9 billion in home energy rebates to help residents make their homes more energy efficient and purchase new electric appliances like stoves and water heaters. 

The looming question now is when consumers might actually benefit. While an expanded solar tax credit takes effect immediately, many of the other incentives in the federal law are set to kick in after the end of the year.

Josh Lake is a co-founder of Elephant Energy, a Boulder-based start-up that renovates homes to run on electricity instead of natural gas and other fossil fuels. Since the federal legislation was enacted, many of his customers have called to ask about the possibility of steep discounts from Uncle Sam. He confesses his company is still sorting through the legislation itself.