PAY DAY: Millions of Americans to get piece of $167 million rebate program to help with bills – when to apply for the savings

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According to The SUN USA, Millions of Americans are set to benefit from a $167 million rebate program in Tennessee, part of a broader federal initiative under the $8 billion Inflation Reduction Act. Tennessee is one of 26 states that will receive federal funding to support energy efficiency upgrades for homeowners.

New York and Wisconsin were the first states to begin distributing rebates in August, and Tennessee residents are expected to start receiving their rebates in the spring of 2025. The state submitted its application to the U.S. Department of Energy (DOE) in August, requesting over $167 million in funding. Tennessee is among 51 states and territories developing rebate programs, with nine states already having their funding approved by the DOE.

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Home Efficiency Rebates

The rebate program offers two types of assistance: Home Efficiency Rebates and Home Electrification and Appliance Rebates. The amount residents will receive through the Home Efficiency Rebates program will depend on the energy savings achieved from home upgrades and the household’s annual income.

Low-income single-family homes that achieve a 35% or more energy savings could receive up to $8,000, covering 80% of the upgrade costs. Households earning more than 80% of the area’s median income could receive $4,000 or 50% of the upgrade costs.

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Home Electrification & Appliance Rebates

Homeowners seeking rebates under the Home Electrification and Appliance Rebates program need to replace non-electric appliances or purchase a heat pump for the first time. Eligible replacements include water heaters, space heating or cooling systems, electrical wiring, insulation, air sealing, or ventilation.

Single-family households earning less than 80% of the area median income could receive a full rebate for their purchase. Those earning between 80% and 150% could receive up to 50% of the cost, with a maximum rebate of $14,000.

Tennessee’s 2025 rollout of the program will depend on how quickly the DOE approves the state’s application.

Medicare Prescription Reductions

In other news, Medicare recipients will soon see reduced prices on various prescription medications. Eligible recipients will pay less for 64 medications available through Medicare Part B, as announced by the U.S. Department of Health and Human Services. The reduced costs, part of the Medicare Prescription Drug Inflation Rebate Program under the Inflation Reduction Act, will be in effect from July 1, 2024, through September 30, 2024.

This program was introduced to counteract drug companies that raised medication prices faster than inflation. Thanks to these rebates, Medicare Part B recipients using the affected drugs could save between $1 and $4,593 daily during the program’s duration. The included medications are primarily outpatient prescription drugs that require professional administration in a medical setting rather than being self-administered at home.

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