PAY DAY Millions of Americans to get piece of $167 million rebate program to help with bills
According to The SUN USA, Millions of Americans, including residents of Tennessee, are expected to benefit from a $167 million rebate program as part of the United States government’s $8 billion Inflation Reduction Act. Tennessee is one of 26 states slated to receive federal funding for this initiative.
The program provides financial assistance to homeowners who invest in energy efficiency upgrades for their homes. While New York and Wisconsin were the first states to distribute rebates to residents in August, Tennessee homeowners are expected to begin receiving rebates in the spring of 2025.
In August, Tennessee submitted its application to the US Department of Energy (DOE) for more than $167 million to support the state’s rebate program. Tennessee is among 51 states and territories working to establish similar rebate programs. To date, nine states have already had their funding approved by the DOE.
Home Efficiency Incentive
The Inflation Reduction Act provides two types of rebates: Home Efficiency Rebates and Home Electrification and Appliances Rebates.
For the Home Efficiency Rebates, the amount homeowners receive will depend on the energy savings generated from the upgrades they make to their homes. Household income will also play a role in determining the rebate amount.
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Low-income households that save 35% or more on energy costs through upgrades could receive up to $8,000 or 80% of the total cost of the improvements. In contrast, households with incomes above 80% of the area’s median income may receive $4,000 or 50% of the cost of their upgrades.
Electric Home Upgrades & Appliance Discounts
The Home Electrification and Appliance Rebates are designed to assist homeowners who replace non-electric appliances or purchase heat pumps for the first time. Eligible upgrades can include replacing water heaters, space heating or cooling systems, electrical wiring, insulation, air sealing, and ventilation systems.
Low-income households (earning less than 80% of the area’s median income) are eligible for a full rebate, while those earning between 80% and 150% of the median income can receive up to 50% of the rebate. The maximum rebate amount under this program is capped at $14,000.
Tennessee’s timeline for rolling out the rebate program in 2025 will depend on how quickly the DOE approves the state’s application.
Medicare Price Reduction
In other news, Medicare recipients can expect lower prices for various prescription drugs starting next year. The US Department of Health and Human Services announced that eligible Medicare Part B recipients will see reduced costs for 64 medications from July 1, 2024, through September 30, 2024.
The price cuts are part of the Medicare Prescription Drug Inflation Rebate Program, which is also a component of the Inflation Reduction Act. The rebates were introduced to counter the rising cost of medications, as some drug companies had increased prices faster than inflation.
Medicare Part B recipients who rely on these 64 medications, which are primarily outpatient drugs administered by healthcare professionals, can save anywhere from $1 to $4,593 daily during the rebate program’s duration.
