Builder's Innovation Group Logo

How the Inflation Reduction Act May Positively Impact the Home Improvement Industry

Jordan Box • Aug 24, 2022

The Inflation Reduction Act is Expected to Create Jobs in the Home Improvement Industry

Builder's Innovation Group

If you're planning a few home improvements that will boost the energy efficiency of your house, you may save some money on your projects.


Recently, the Inflation Reduction Act — which was signed into law by President Joe Biden — contains provisions aimed at improving health care and climate change.


It also could benefit people who purchase energy-efficient water heaters, heat pumps, and HVAC systems.  Plus, the legislation includes a 10-year extension of the homeowner credit for solar projects, like rooftop solar panels. 


What is the purpose of the act and how does it save money?


Overall, the inflation reduction act is a piece of legislation that was passed in order to help reduce inflation in the United States. This act will have a positive impact on the home improvement industry, as it will allow homeowners to take advantage of more tax credits that have been extended. 


The legislation extends and enhances two tax credits that reward "green" upgrades to your home. 
According to experts, It will make home efficiency upgrades more affordable.  The Inflation Reduction Act will make it more affordable for families to purchase energy efficient and electric appliances when they need to replace everyday home appliances and equipment.


Households can save up to 30% with tax credits for home construction projects on windows, doors, insulation, or other weatherization measures that prevent energy from escaping homes.


How will it impact the construction and building industry


In addition, the inflation reduction act will also create more jobs in the home improvement industry, as builders will need to hire more workers to meet the demand for their services. This is good news for the economy as a whole, as it will help to boost growth and create new opportunities for people across the country.


This is good news for builders, who will be able to pass on the savings to their customers.  If you're planning on undertaking any home improvement projects in the near future, it's worth keeping an eye on the inflation rate, as it is likely to fall as a result of the inflation reduction act. This will save you money on your project, and it will also be good for the economy.  If you are interested in starting your next project,
contact Builders Innovation Group today!



Sources:


https://www.kiplinger.com/taxes/605081/ev-tax-credit-inflation-reduction-act-2022-changes


https://www.washingtonpost.com/business/2022/08/16/inflation-reduction-act-save-money/


https://www.whitehouse.gov/briefing-room/statements-releases/2022/08/16/fact-sheet-how-the-inflation-reduction-act-builds-a-better-future-for-young-americans/



By Jordan Box 19 Aug, 2024
Discover how investing in a pool can enhance your property value and lifestyle. Learn about costs, maintenance, and the benefits of owning a pool. Builder's Innovation Group in Murrieta, CA offers insights into making the best decision for your home.
By Jordan Box 18 Aug, 2024
Upgrade your bathroom affordably with these tips: update fixtures, paint walls, and enhance lighting. DIY projects like repainting, changing hardware, and adding decor can transform the space. Consider affordable fixture replacements to boost style and efficiency. Utilize intelligent storage solutions like floating shelves and vanity organizers to maximize space. These strategies from bathroom remodeling contractors offer a cost-effective way to refresh your bathroom. Budget-Friendly Bathroom Design Ideas Integrating budget-friendly design elements can significantly enhance the aesthetic appeal of a bathroom renovation project without breaking the bank. One economical idea is to focus on updating the fixtures in the bathroom. Swapping out old faucets, showerheads, and drawer pulls with modern, stylish alternatives can give the space a fresh look without a hefty price tag. Another tip is to paint the walls a new color or add a trendy wallpaper accent wall. This simple change can transform the entire feel of the bathroom without the need for a complete renovation. Additionally, updating the lighting fixtures can significantly impact the overall design of the bathroom. Installing energy-efficient LED bulbs or stylish sconces can add a touch of elegance and modernity while keeping costs low. Lastly, integrating new accessories such as towels, rugs, and artwork can tie the design together and give the space a coherent and polished look. A bathroom renovation can be affordable and visually appealing by focusing on these budget-friendly design elements. DIY Bathroom Renovation Tips To further improve your bathroom renovation project while reducing costs, consider implementing DIY bathroom renovation tips. These tips can add a personal touch and save money. DIY projects allow for customization and provide a sense of accomplishment. Start by repainting the walls or cabinets to give the bathroom a fresh look. Changing the hardware, such as drawer pulls and faucet handles, can also significantly impact at a low cost. Installing new light fixtures or updating the mirror frame can modernize the space. Consider tackling small tiling projects like a backsplash or accent wall, which can elevate the bathroom's aesthetic appeal. Replacing old caulk and grout can make the area look cleaner and more polished. Moreover, creating your decor pieces, like shelving or artwork, can add personality without breaking the bank. Remember to research techniques and gather the necessary tools before starting any DIY project to ensure a successful and cost-effective bathroom renovation. Affordable Fixture and Fittings Upgrades Consider cost-effective ways to upgrade fixtures and fittings in your bathroom to enhance its overall look and functionality without overspending. When upgrading fixtures on a budget, consider replacing old faucets and showerheads with newer, more efficient models. Fixtures like these not only improve the bathroom's aesthetic appeal but can also help save on water usage in the long run, reducing utility costs. Another affordable upgrade is replacing worn-out cabinet hardware with stylish and modern alternatives. This simple swap can instantly revamp the look of your bathroom vanity or storage cabinets without needing a total replacement. Additionally, updating lighting fixtures can significantly impact the ambiance of the space. Consider energy-efficient LED bulbs or stylish fixtures that complement the bathroom's overall design. Maximizing Storage in a Small Bathroom Efficient use of available space is crucial when maximizing storage in a small bathroom. In a limited area, every inch counts, making clever storage solutions essential. Consider installing floating shelves above the toilet or next to the sink to store toiletries and towels without occupying precious floor space. Using the back of the bathroom door with an over-the-door organizer can provide extra storage for items like hair tools, cleaning supplies, or extra toiletries. Opting for a vanity with built-in storage or adding baskets underneath the sink can help keep the countertop clutter-free. Vertical storage solutions, such as tall cabinets or ladder shelves, can maximize space while drawing the eye upwards, creating the illusion of a larger bathroom. Moreover, incorporating mirrored cabinets adds storage for medicines and cosmetics and reflects light, making the space feel brighter and more open. Other Kitchen Remodeling ideas: How Long Does a Bathroom Remodel Take? Steps to Successfully Remodel Your Bathroom
By Jordan Box 18 Aug, 2024
Upgrade your bathroom affordably with these tips: update fixtures, paint walls, and enhance lighting. DIY projects like repainting, changing hardware, and adding decor can transform the space. Consider affordable fixture replacements to boost style and efficiency. Utilize intelligent storage solutions like floating shelves and vanity organizers to maximize space. These strategies from bathroom remodeling contractors offer a cost-effective way to refresh your bathroom. Budget-Friendly Bathroom Design Ideas Integrating budget-friendly design elements can significantly enhance the aesthetic appeal of a bathroom renovation project without breaking the bank. One economical idea is to focus on updating the fixtures in the bathroom. Swapping out old faucets, showerheads, and drawer pulls with modern, stylish alternatives can give the space a fresh look without a hefty price tag. Another tip is to paint the walls a new color or add a trendy wallpaper accent wall. This simple change can transform the entire feel of the bathroom without the need for a complete renovation. Additionally, updating the lighting fixtures can significantly impact the overall design of the bathroom. Installing energy-efficient LED bulbs or stylish sconces can add a touch of elegance and modernity while keeping costs low. Lastly, integrating new accessories such as towels, rugs, and artwork can tie the design together and give the space a coherent and polished look. A bathroom renovation can be affordable and visually appealing by focusing on these budget-friendly design elements. DIY Bathroom Renovation Tips To further improve your bathroom renovation project while reducing costs, consider implementing DIY bathroom renovation tips. These tips can add a personal touch and save money. DIY projects allow for customization and provide a sense of accomplishment. Start by repainting the walls or cabinets to give the bathroom a fresh look. Changing the hardware, such as drawer pulls and faucet handles, can also significantly impact at a low cost. Installing new light fixtures or updating the mirror frame can modernize the space. Consider tackling small tiling projects like a backsplash or accent wall, which can elevate the bathroom's aesthetic appeal. Replacing old caulk and grout can make the area look cleaner and more polished. Moreover, creating your decor pieces, like shelving or artwork, can add personality without breaking the bank. Remember to research techniques and gather the necessary tools before starting any DIY project to ensure a successful and cost-effective bathroom renovation. Affordable Fixture and Fittings Upgrades Consider cost-effective ways to upgrade fixtures and fittings in your bathroom to enhance its overall look and functionality without overspending. When upgrading fixtures on a budget, consider replacing old faucets and showerheads with newer, more efficient models. Fixtures like these not only improve the bathroom's aesthetic appeal but can also help save on water usage in the long run, reducing utility costs. Another affordable upgrade is replacing worn-out cabinet hardware with stylish and modern alternatives. This simple swap can instantly revamp the look of your bathroom vanity or storage cabinets without needing a total replacement. Additionally, updating lighting fixtures can significantly impact the ambiance of the space. Consider energy-efficient LED bulbs or stylish fixtures that complement the bathroom's overall design. Maximizing Storage in a Small Bathroom Efficient use of available space is crucial when maximizing storage in a small bathroom. In a limited area, every inch counts, making clever storage solutions essential. Consider installing floating shelves above the toilet or next to the sink to store toiletries and towels without occupying precious floor space. Using the back of the bathroom door with an over-the-door organizer can provide extra storage for items like hair tools, cleaning supplies, or extra toiletries. Opting for a vanity with built-in storage or adding baskets underneath the sink can help keep the countertop clutter-free. Vertical storage solutions, such as tall cabinets or ladder shelves, can maximize space while drawing the eye upwards, creating the illusion of a larger bathroom. Moreover, incorporating mirrored cabinets adds storage for medicines and cosmetics and reflects light, making the space feel brighter and more open. Other Kitchen Remodeling ideas: How Long Does a Bathroom Remodel Take? Steps to Successfully Remodel Your Bathroom
Share by: