You can increase the value of your income tax refund this spring by spending it on improvements that keep more money in your pocket all year long.
Many people eagerly welcome income tax refunds with plans for major purchases or upgrades, including home renovations. If you are thinking about improvements to your house, consider upgrades that can keep you comfortable while lowering your home’s electricity use, saving on long-term energy costs. Some areas that can help improve your home’s energy use include:
Air sealing and insulation
One of the most overlooked home projects can significantly impact your comfort every day. Consider sealing the gaps and crevices throughout your home, which will prevent treated air from escaping. That can cause your heating and cooling system to work harder than needed, leading to higher energy costs. Once your home has been air-sealed, you can make sure it has the proper level of insulation.
Heating and cooling system
If you are upgrading your heating and cooling system, consider a cold climate air source heat pump or geothermal heat pump. While they cost more than some alternatives, they can save money in long-term energy costs. Your electric co-op even offers Power Moves rebates, and additional incentives may be available.
ENERGY STAR-rated appliances
Appliances and devices that earn the ENERGY STAR® certification use considerably less energy than their counterparts. This can save money in long-term energy costs over the appliance’s lifecycle. Your local electric cooperative may even offer rebates on some upgrades, such as heat pump water heaters and Wi-Fi thermostats.
You can plan your next major home project to incorporate improvements that make your house energy-efficient and more comfortable. Your local electric cooperative offers Power Moves rebates for a variety of qualifying upgrades, which can lead to more savings. You can contact your co-op’s energy advisor to learn more about your home’s electricity use. You can also visit PowerMoves.com to learn energy efficiency tips and advice and see what rebates are available.