Still on the fence about upgrading your electrical services? These added incentives from federal, state, and local governments and utilities can dramatically lower the cost, sometimes to zero!

The funds mainly come from federal programs, but much is distributed through local sources, so taking full advantage means looking in several places.

Here’s a look at what’s available.

Federal Funds

According to a recent article in the Washington Post, most federal incentives are available as tax rebates and pass-throughs from governments and utilities, but others, such as discounts on electric vehicles (EVs) are offered by dealers at the time of purchase. Many are income-restricted, offered on a sliding scale, while others, such as income tax rebates, are most beneficial to households in higher tax brackets.

Tax Rebates

Using data from Rewiring America, an electrification nonprofit, the Post compiled the following table listing tax credits available for purchases made on or after January 1, 2023.

*Electric vehicle credit available to single filers making <$150,000 per year, or <$300,000 for married couples filing jointly. Amount depends on battery manufacturing. ** EV charger credit only available in rural areas.

Source: Rewiring America, THE WASHINGTON POST

Upfront Rebates

Starting in 2024, up-front rebates will be available as well.

*Maximum amount is for families making < 80% of the median area income. Those making between 80% and 150% of the median annual income will get half of the maximum amount. **Efficiency rebates available regardless of income.

Source: Rewiring America, THE WASHINGTON POST

For more details, read the entire article here.

Local Funds

Local utilities and organizations also offer discounts, rebates, and incentives. Some are passthroughs from the federal government, others are funded by customers and ratepayers. Below are offers to Colorado customers from Xcel Energy. Other utility companies may offer their own programs. Check with them for details.

Xcel Energy programs include:

• Smart Thermostat Rebates
• LED Bulb Discounts
• Heat Pump Water Heaters
• Heat Pump Heating and Cooling Units
• Conventional Heating and Cooling Equipment
• Evaporative Coolers
• Cellular Window Shades
• Insulation.

Additional programs include savings for home energy audits and using energy-saving options.

For full details, see the Xcel Energy website.

And There’s Even More

Denver and other municipalities offer incentives for weatherization, electric lawn equipment, electric bikes, and home environment improvements. You can learn more about them in this article published earlier on the Allstar Electrical Services website.

Let Allstar Help You Get the Best Bang for Your Buck

Going electric can be complicated and expensive. Your electrical service may need upgrading along with extra wiring to support the added loads. If not done carefully, it can cost more than money—it can pose serious risks to both your property and the precious things it houses.

If you’re considering investing in heat pumps, adding an EV charging station, or switching to electric appliances, let Allstar Electrical Services help you assess the costs and benefits of such a move.

Give us a call at 303.399.7420 or visit our website. We’re top-rated by the Better Business Bureau and a preferred contractor by Angi’s Home Advisor.

The pros at Allstar Electrical Services want to extend our best wishes to you and your loved ones for an electrifying new year. We look forward to serving your total electrical needs in 2024 and for many years to come.