1 00:00:00,080 --> 00:00:03,240 Speaker 1: Welcome to How to Money. I'm Joel and I am Matt. 2 00:00:03,360 --> 00:00:28,240 Speaker 1: Today we're talking about using energy tax credits to your advantage. Yeah, buddy. 3 00:00:28,320 --> 00:00:30,800 Speaker 1: So we don't categorize our episodes this way, but if 4 00:00:30,840 --> 00:00:33,040 Speaker 1: we did, this would definitely fall into the camp of 5 00:00:33,200 --> 00:00:36,839 Speaker 1: episodes that are going to help save you money. You know, 6 00:00:36,880 --> 00:00:39,680 Speaker 1: I don't think many folks get too excited about spending 7 00:00:39,680 --> 00:00:42,000 Speaker 1: money on their home when they don't get to see 8 00:00:42,000 --> 00:00:44,360 Speaker 1: the results of that money that they spend, Right, Like, 9 00:00:44,400 --> 00:00:47,320 Speaker 1: I don't think folks mind spending on paint, like having 10 00:00:47,320 --> 00:00:49,640 Speaker 1: your house painted. My parents actually they're in the middle 11 00:00:49,680 --> 00:00:53,320 Speaker 1: of getting quotes for painting the interior of their home. 12 00:00:53,360 --> 00:00:56,200 Speaker 1: It's not cheap, which they haven't done in like thirty years. 13 00:00:56,360 --> 00:00:58,640 Speaker 1: It's gonna make a big difference, it is. I was 14 00:00:58,680 --> 00:01:01,000 Speaker 1: shocked at the some of the numbers that Dad was 15 00:01:01,000 --> 00:01:02,920 Speaker 1: telling me. But even still, I think that's something that 16 00:01:02,920 --> 00:01:06,200 Speaker 1: folks can get behind. Or even like buying furniture or 17 00:01:06,240 --> 00:01:08,560 Speaker 1: something like that, right, but they kind of up or 18 00:01:08,560 --> 00:01:12,200 Speaker 1: a new rug which really ties the room together. That's right. 19 00:01:12,480 --> 00:01:15,280 Speaker 1: But what we are going to be discussing today are 20 00:01:15,280 --> 00:01:17,280 Speaker 1: the things, the upgrades that you can make that are 21 00:01:17,319 --> 00:01:19,760 Speaker 1: a little nerdier that that said that funny that are 22 00:01:19,800 --> 00:01:22,760 Speaker 1: a little nerdier because they're going to save you money. 23 00:01:23,040 --> 00:01:25,480 Speaker 1: That's what we're talking about today. Yeah, so we're talking 24 00:01:25,480 --> 00:01:27,679 Speaker 1: about specifically things you can do to your house that 25 00:01:27,920 --> 00:01:30,600 Speaker 1: most of them are unseen or and they're really all 26 00:01:30,600 --> 00:01:33,839 Speaker 1: about kind of energy efficiency. And so there are new 27 00:01:34,040 --> 00:01:37,360 Speaker 1: kind of rules in place, new some new incentive, new intended, 28 00:01:37,480 --> 00:01:41,160 Speaker 1: new perks for you to quiet these moves. Nerdy there 29 00:01:41,160 --> 00:01:43,559 Speaker 1: we go. Yeah, it's good that time. Well, we normally 30 00:01:43,560 --> 00:01:45,640 Speaker 1: when you like, we put these things off because we 31 00:01:45,680 --> 00:01:48,240 Speaker 1: know that they might save us money. But we're like, 32 00:01:48,520 --> 00:01:50,280 Speaker 1: it's just not as fun as like a new kitchen 33 00:01:50,280 --> 00:01:52,320 Speaker 1: faucet or something like that, or new countertops or whatever 34 00:01:52,360 --> 00:01:54,560 Speaker 1: it is there you go or ship lap like joint 35 00:01:54,600 --> 00:01:57,760 Speaker 1: against like kitchen fawcett. That's that's you're reaching out of 36 00:01:57,760 --> 00:02:01,280 Speaker 1: your own experience there, because you can make something you've got. 37 00:02:01,360 --> 00:02:03,320 Speaker 1: You've had that pass, I need to actually put it in. 38 00:02:04,280 --> 00:02:07,000 Speaker 1: It looks very nice, I bought it. It'll look awesome 39 00:02:07,080 --> 00:02:09,880 Speaker 1: having get installed it. So your plumbing situation is out 40 00:02:09,880 --> 00:02:12,359 Speaker 1: of control. Though you're the same, it's hard to get too. Yeah, yeah, 41 00:02:12,360 --> 00:02:13,880 Speaker 1: I mean we both got up under there, and you're like, 42 00:02:13,880 --> 00:02:15,440 Speaker 1: what do you think. I was just like, dude, I 43 00:02:15,480 --> 00:02:17,560 Speaker 1: have no idea how any human being would be able 44 00:02:17,600 --> 00:02:19,320 Speaker 1: to You need like a house elf to get up 45 00:02:19,360 --> 00:02:21,480 Speaker 1: in there to take care of that and see if 46 00:02:21,480 --> 00:02:23,800 Speaker 1: Dobby's available, so do that for him. But yeah, so 47 00:02:23,840 --> 00:02:25,280 Speaker 1: we're gonna talk to all about that today. But I 48 00:02:25,560 --> 00:02:27,320 Speaker 1: want to quickly mentioned before you get to that, Matt, 49 00:02:27,400 --> 00:02:30,760 Speaker 1: that just there was this like a really sad situation 50 00:02:30,919 --> 00:02:34,440 Speaker 1: in one of my kiddo's classes where one of her 51 00:02:35,320 --> 00:02:38,560 Speaker 1: classmates parents passed, I know exactly, and they had just 52 00:02:38,639 --> 00:02:40,200 Speaker 1: had what you're talking about, baby daughter. It was like 53 00:02:40,200 --> 00:02:42,680 Speaker 1: the saddest thing in the world to me. And so 54 00:02:42,760 --> 00:02:47,280 Speaker 1: the class was taking donations and everybody was so generous 55 00:02:47,520 --> 00:02:49,480 Speaker 1: and just giving money to this family and really like 56 00:02:49,560 --> 00:02:51,600 Speaker 1: supporting them in a bunch of other ways too. It's 57 00:02:51,680 --> 00:02:54,240 Speaker 1: nice to live in a community where people take care 58 00:02:54,280 --> 00:02:56,000 Speaker 1: of each other, right, And I feel like we live 59 00:02:56,000 --> 00:02:58,080 Speaker 1: in a place where that is true. And it just 60 00:02:58,120 --> 00:03:00,640 Speaker 1: made me think too that one of the person of 61 00:03:00,720 --> 00:03:03,519 Speaker 1: spending lesson you make of being diligent about savings is 62 00:03:03,560 --> 00:03:06,320 Speaker 1: that you can be like hyper generous in situations. Absolutely 63 00:03:06,360 --> 00:03:10,799 Speaker 1: man so, and I've seen that be the case. Our 64 00:03:10,800 --> 00:03:12,440 Speaker 1: family has been able to do that, but a lot 65 00:03:12,480 --> 00:03:15,080 Speaker 1: of families around us too. Yeah, so yeah, it just 66 00:03:15,160 --> 00:03:17,520 Speaker 1: kind of wanted to put that out there. Make sure 67 00:03:17,560 --> 00:03:21,720 Speaker 1: that you're using your means to, especially when it comes 68 00:03:21,720 --> 00:03:24,200 Speaker 1: to supporting communities, not just like, hey, let me donate 69 00:03:24,200 --> 00:03:26,919 Speaker 1: some money to the Red Cross, which is fine and dandy, 70 00:03:26,919 --> 00:03:28,800 Speaker 1: and I have no problem with you, but make sure 71 00:03:28,840 --> 00:03:30,480 Speaker 1: you set some aside too for just stuff like that, 72 00:03:30,520 --> 00:03:32,359 Speaker 1: because it breaks my heart. Absolutely. Yeah. I mean we 73 00:03:32,440 --> 00:03:34,280 Speaker 1: touched we actually touched on this a little bit last week. 74 00:03:34,320 --> 00:03:37,280 Speaker 1: But that is a great reason to be good with 75 00:03:37,280 --> 00:03:40,600 Speaker 1: your money, to prepare in advance for these different opportunities 76 00:03:40,800 --> 00:03:43,000 Speaker 1: that come up. But that's cool, man. Yeah, I'm glad 77 00:03:43,000 --> 00:03:45,320 Speaker 1: that y'all are able to give. We our kids go 78 00:03:45,360 --> 00:03:47,560 Speaker 1: to different schools, but even still, I had heard about 79 00:03:47,560 --> 00:03:49,960 Speaker 1: that that heartbreaking store. My heart definitely goes out to 80 00:03:49,960 --> 00:03:51,960 Speaker 1: that family. Maybe we'll reach out as well for sure. 81 00:03:52,040 --> 00:03:54,840 Speaker 1: Yeah so all right, Sorry started to start a downer, 82 00:03:54,960 --> 00:03:58,119 Speaker 1: but yeah, let's good job, buddy. Let's move on. Let's 83 00:03:58,120 --> 00:04:00,240 Speaker 1: get to the topic in hand. We're talking about using 84 00:04:00,280 --> 00:04:03,240 Speaker 1: these new energy tax credits to here, and we still 85 00:04:03,240 --> 00:04:04,520 Speaker 1: got to introduce the beer. Oh, we have a beer. 86 00:04:04,560 --> 00:04:06,800 Speaker 1: That's right, So maybe I kind of forgot about it 87 00:04:06,840 --> 00:04:08,160 Speaker 1: because it is a beer that we're having for the 88 00:04:08,160 --> 00:04:09,840 Speaker 1: second time of the show, the first time we've ever 89 00:04:09,880 --> 00:04:11,960 Speaker 1: repeated a beer. Yeah, we had nothing in the first 90 00:04:12,000 --> 00:04:13,920 Speaker 1: Now you're drawing all the attention to it. I was like, 91 00:04:13,920 --> 00:04:15,920 Speaker 1: do we kind of just skate by and just thought 92 00:04:15,960 --> 00:04:18,359 Speaker 1: we forgot to stock the beer fridge. So we've been 93 00:04:18,440 --> 00:04:20,800 Speaker 1: we've been kind of busy lately. Party found and uh 94 00:04:20,880 --> 00:04:24,000 Speaker 1: yeah next week next episode that we have a beer 95 00:04:24,000 --> 00:04:25,919 Speaker 1: oun So I guess next Monday we will most definitely 96 00:04:26,000 --> 00:04:28,680 Speaker 1: have something pressure a new an updated beer. Well, this 97 00:04:28,720 --> 00:04:31,800 Speaker 1: one is pilsner. It's called b Boats by Creature Comforts. 98 00:04:31,960 --> 00:04:33,680 Speaker 1: We'll give our thoughts on it at the end of 99 00:04:33,680 --> 00:04:36,440 Speaker 1: the episode. Yes, even though we've had it before. But yeah, 100 00:04:36,480 --> 00:04:38,400 Speaker 1: let's get to the let's do that topic. And even 101 00:04:38,400 --> 00:04:40,560 Speaker 1: though it is a Pilsner, it is a craft pilsoner. 102 00:04:40,560 --> 00:04:42,640 Speaker 1: I don't want people thinking that we, you know, there's 103 00:04:42,640 --> 00:04:44,800 Speaker 1: a good one that we're like grabbing just like a basic, 104 00:04:44,960 --> 00:04:47,840 Speaker 1: mass produced macrologger pilsner off the show. If you taste 105 00:04:47,839 --> 00:04:50,039 Speaker 1: test or something, if you take test this next to 106 00:04:50,040 --> 00:04:52,320 Speaker 1: one of the macros. It's a very big difference. So good, 107 00:04:52,400 --> 00:04:54,479 Speaker 1: very big gray beer. Yeah. So all right, but let's 108 00:04:54,480 --> 00:04:56,800 Speaker 1: talk about tax credits and how to make sure you're 109 00:04:56,800 --> 00:04:58,479 Speaker 1: getting the most bang for your buck, make sure you're 110 00:04:58,720 --> 00:05:01,440 Speaker 1: you know what cysts, and then how to use them. 111 00:05:01,560 --> 00:05:03,400 Speaker 1: And it made me think, Matt, there was this article 112 00:05:03,680 --> 00:05:06,800 Speaker 1: in the Free Press about folks that make money by 113 00:05:06,839 --> 00:05:10,640 Speaker 1: trying new medications to test their efficacy. And like, they're 114 00:05:10,800 --> 00:05:13,760 Speaker 1: they're getting injections, they're taking pills, and in some of 115 00:05:13,760 --> 00:05:16,479 Speaker 1: the studies they can't even leave the building, but they're 116 00:05:16,520 --> 00:05:20,160 Speaker 1: subject to under house arrest. Basically, basically they're subject to 117 00:05:20,200 --> 00:05:22,520 Speaker 1: large amounts of blood being drawn and this can happen 118 00:05:22,560 --> 00:05:25,280 Speaker 1: for weeks on end. And like, the question is why 119 00:05:25,320 --> 00:05:28,680 Speaker 1: would someone subject themselves to this? And the answer is 120 00:05:28,720 --> 00:05:31,960 Speaker 1: to make money, right, And the most fundamental reality of 121 00:05:32,040 --> 00:05:36,200 Speaker 1: economics is that incentives drive everything. Incentives matter. And I'm 122 00:05:36,240 --> 00:05:38,760 Speaker 1: not planning on going back to let's say, like my 123 00:05:38,880 --> 00:05:41,800 Speaker 1: pressure washing side hustle from twenty years ago, not a 124 00:05:41,800 --> 00:05:43,800 Speaker 1: bad job, not my favorite job of all time. Though, 125 00:05:44,160 --> 00:05:47,440 Speaker 1: unless let's say it were to become massively lucrative. Let's 126 00:05:47,480 --> 00:05:49,719 Speaker 1: say they were like we're going to start paying pressure 127 00:05:49,720 --> 00:05:52,320 Speaker 1: washers like four hundred K year, I'd be like, boom, 128 00:05:52,400 --> 00:05:55,119 Speaker 1: I'm done with podcasting. I'm all in on pressure washers 129 00:05:55,160 --> 00:05:57,680 Speaker 1: of the new influencer, right, And if it was like 130 00:05:57,720 --> 00:06:00,360 Speaker 1: everybody loved the pressure washer was like the cool job 131 00:06:00,360 --> 00:06:02,480 Speaker 1: in town, maybe I'll consider it. I guarantee there are 132 00:06:02,720 --> 00:06:05,640 Speaker 1: TikTok accounts out there dedicated to pressure washing. I'm sure 133 00:06:05,640 --> 00:06:07,400 Speaker 1: there are, and I'm sure they're like fun to watch 134 00:06:07,440 --> 00:06:09,280 Speaker 1: because there's got to be that that was the best 135 00:06:09,320 --> 00:06:12,760 Speaker 1: part about it. After So I say that knowing that 136 00:06:13,000 --> 00:06:16,800 Speaker 1: there Instagram knows you follow these people, knowing him, Well, 137 00:06:17,000 --> 00:06:18,960 Speaker 1: there's this one account in this guy he's got like 138 00:06:18,960 --> 00:06:21,000 Speaker 1: a long care business, and he sets up his phone 139 00:06:21,000 --> 00:06:23,080 Speaker 1: and does it time lapse and he goes and pro 140 00:06:23,120 --> 00:06:26,280 Speaker 1: bono cuts yards that haven't been touched that that are 141 00:06:26,360 --> 00:06:28,400 Speaker 1: kind of like abandoned or the houses are sitting there 142 00:06:28,400 --> 00:06:31,440 Speaker 1: empty and it is so satisfying while he gets in 143 00:06:31,480 --> 00:06:34,560 Speaker 1: there with the edger and cuts along the sidewalk, blows 144 00:06:34,560 --> 00:06:36,839 Speaker 1: it into the yard, hits it with the mower. Oh man, 145 00:06:36,880 --> 00:06:38,280 Speaker 1: I love that kind of stuff. I would be all 146 00:06:38,279 --> 00:06:42,960 Speaker 1: about watching some pressure washing going neighborhoods. One long care time, right, Yeah, 147 00:06:43,000 --> 00:06:45,840 Speaker 1: well yeah, so like not my favorite job, like I said, 148 00:06:45,880 --> 00:06:47,839 Speaker 1: but it was. I will say it was satisfying to 149 00:06:47,839 --> 00:06:49,839 Speaker 1: see the end result. But I'm just like, it's never 150 00:06:49,880 --> 00:06:52,000 Speaker 1: gonna happen. I'm never going back to that because the 151 00:06:52,040 --> 00:06:54,800 Speaker 1: incentive just isn't there sure, And I think like making 152 00:06:54,800 --> 00:06:57,160 Speaker 1: sure that your home is more efficient has never been 153 00:06:57,200 --> 00:06:59,640 Speaker 1: a bad idea, right, but now it's a better one 154 00:06:59,720 --> 00:07:02,760 Speaker 1: thanks to increased federal tax rebates. I think just the 155 00:07:03,320 --> 00:07:05,320 Speaker 1: incentive hasn't been there for a lot of people. Even 156 00:07:05,320 --> 00:07:06,880 Speaker 1: though they know they're going to save a little bit 157 00:07:06,880 --> 00:07:09,440 Speaker 1: of money when it comes to their energy bills, they're 158 00:07:09,520 --> 00:07:12,440 Speaker 1: just like, I don't know, it's not so enticing that 159 00:07:12,480 --> 00:07:15,440 Speaker 1: I'm going to make the leap and actually put insulation 160 00:07:15,520 --> 00:07:17,720 Speaker 1: in my house or something like this, or start installing 161 00:07:17,720 --> 00:07:20,400 Speaker 1: weather shripping. But if you're a homeowner, we would say 162 00:07:20,440 --> 00:07:22,000 Speaker 1: it makes more sense to think a little bit more 163 00:07:22,040 --> 00:07:24,600 Speaker 1: about which upgrades you make and when and how you 164 00:07:24,640 --> 00:07:27,040 Speaker 1: decide to make them. The incentives have changed, and I 165 00:07:27,040 --> 00:07:28,560 Speaker 1: think they're going to be pushing you in the direction 166 00:07:28,560 --> 00:07:30,560 Speaker 1: of doing some of these kind of behind the scenes 167 00:07:30,680 --> 00:07:33,480 Speaker 1: changes to your house to save yourself some money. That's right, Yeah, 168 00:07:33,520 --> 00:07:35,240 Speaker 1: so we're here to do some of that legwork to 169 00:07:35,320 --> 00:07:37,240 Speaker 1: let you know which ones make a little more sense, 170 00:07:37,240 --> 00:07:39,680 Speaker 1: which ones maybe don't. And you know, thinking back to 171 00:07:39,720 --> 00:07:42,840 Speaker 1: that article on human lab rats, a lot of it 172 00:07:42,880 --> 00:07:45,880 Speaker 1: I think kind of depends on their personal situations, right, Like, 173 00:07:45,920 --> 00:07:47,960 Speaker 1: so for some folks it might be just the best 174 00:07:48,000 --> 00:07:50,600 Speaker 1: paying gig that they can find. But then that that article, 175 00:07:50,640 --> 00:07:52,800 Speaker 1: they also have talked about how other folks who were 176 00:07:52,800 --> 00:07:56,520 Speaker 1: involved in those studies, how they actually enjoyed the community 177 00:07:56,760 --> 00:07:59,320 Speaker 1: that forms in some of these longer studies, and that 178 00:07:59,520 --> 00:08:02,800 Speaker 1: the participants they're actually sad when it's over. It's a 179 00:08:02,840 --> 00:08:06,520 Speaker 1: fascinating part of it. Yeah, Yeah. And so similarly, whether 180 00:08:06,600 --> 00:08:09,480 Speaker 1: these energy tax credits make sense, it partly depends on 181 00:08:09,640 --> 00:08:12,800 Speaker 1: you whether going green, whether conserving energy, if if that's 182 00:08:12,800 --> 00:08:15,800 Speaker 1: a high enough priority for you, whether that that cream 183 00:08:15,880 --> 00:08:17,800 Speaker 1: kind of rises to the top, if that makes sense 184 00:08:17,840 --> 00:08:20,760 Speaker 1: for you. But then of course there's the financial side 185 00:08:20,760 --> 00:08:23,040 Speaker 1: of it as well, because you may have heard about 186 00:08:23,040 --> 00:08:25,880 Speaker 1: these energy tax credits. We've even talked about them here 187 00:08:25,880 --> 00:08:28,600 Speaker 1: on the show, and we know that making our homes 188 00:08:28,640 --> 00:08:30,800 Speaker 1: more energy efficient, that that it's going to save us 189 00:08:30,800 --> 00:08:33,360 Speaker 1: money every single month, But how much money could we 190 00:08:33,480 --> 00:08:36,760 Speaker 1: actually save and how much money will we be able 191 00:08:36,800 --> 00:08:38,880 Speaker 1: to get in federal tax credits as well, and so 192 00:08:38,960 --> 00:08:40,959 Speaker 1: crunching the numbers that's going to help us to see 193 00:08:41,000 --> 00:08:45,280 Speaker 1: just how powerful or not perhaps that these incentives are. Yeah, 194 00:08:45,320 --> 00:08:50,199 Speaker 1: by the way, listener Lauren is the one who yet, Yeah. Absolutely. 195 00:08:50,240 --> 00:08:51,959 Speaker 1: She wrote us an email and was like, hey, guys, 196 00:08:52,000 --> 00:08:53,480 Speaker 1: can you do a deep dive on this? And normally 197 00:08:53,480 --> 00:08:55,680 Speaker 1: we would say, hey, toss us a listener question, but 198 00:08:55,720 --> 00:08:57,199 Speaker 1: we're like, wait a second, now, that's going to be 199 00:08:57,320 --> 00:08:59,120 Speaker 1: there's a lot of information, there's lots of cover that 200 00:08:59,120 --> 00:09:01,120 Speaker 1: would take the whole epit, so let's make it into 201 00:09:01,120 --> 00:09:03,560 Speaker 1: a whole episode. So thank you Lauren for absolutely email 202 00:09:03,559 --> 00:09:05,800 Speaker 1: and getting us started down this rabbit hole. But these 203 00:09:05,920 --> 00:09:10,040 Speaker 1: energy incentives, Matt. They were added to the Inflation Reduction Act, 204 00:09:10,120 --> 00:09:11,839 Speaker 1: which passed at the end of last year, which was 205 00:09:11,880 --> 00:09:16,480 Speaker 1: confusingly abbreviated to IRA right yes, which confuses anybody who 206 00:09:16,520 --> 00:09:18,920 Speaker 1: likes to say I hated that there is that overlap, 207 00:09:19,000 --> 00:09:20,880 Speaker 1: and I'm like, oh man, people are going to get confused. 208 00:09:20,920 --> 00:09:23,520 Speaker 1: I know, I know, but well it was also awkwardly named, 209 00:09:23,559 --> 00:09:25,600 Speaker 1: not just for that reason, but also because it wasn't 210 00:09:25,600 --> 00:09:28,840 Speaker 1: really doing much to reduce inflation, right, but it did 211 00:09:28,920 --> 00:09:31,120 Speaker 1: have a bunch of stuff in there on the home 212 00:09:31,160 --> 00:09:34,360 Speaker 1: improvement fronts and a lot of tax incentives to entire 213 00:09:34,440 --> 00:09:37,000 Speaker 1: some owners to start saving money on utilities by by 214 00:09:37,040 --> 00:09:38,880 Speaker 1: doing some of these things that we're talking about today. 215 00:09:39,160 --> 00:09:40,760 Speaker 1: And so basically some of the things that you can 216 00:09:40,800 --> 00:09:43,680 Speaker 1: save money on are like new installation in your home, 217 00:09:44,040 --> 00:09:47,240 Speaker 1: buying an electric vehicle new or used. Actually, interestingly enough, 218 00:09:47,280 --> 00:09:49,400 Speaker 1: that was one of the biggest changes in this bill, 219 00:09:49,600 --> 00:09:52,240 Speaker 1: Putting solar panels on your home, and more. And we'll 220 00:09:52,280 --> 00:09:54,560 Speaker 1: go over a lot of the specific upgrades that you 221 00:09:54,559 --> 00:09:57,360 Speaker 1: can make in this episode. You might be super interested 222 00:09:57,400 --> 00:10:00,240 Speaker 1: in some completely uninterested in others. That's fine. We're going 223 00:10:00,280 --> 00:10:01,920 Speaker 1: to do our best to outline the specifics and in 224 00:10:02,000 --> 00:10:05,239 Speaker 1: the broader strategy actually for how to approach this potentially 225 00:10:05,280 --> 00:10:08,760 Speaker 1: free money or yeah, incentivize money to do something that 226 00:10:08,880 --> 00:10:11,280 Speaker 1: might also be in your best interest over time. And 227 00:10:11,600 --> 00:10:13,560 Speaker 1: the way these rules work, by the way, there's some 228 00:10:13,600 --> 00:10:15,560 Speaker 1: hoops you're going to need to jump through in order 229 00:10:15,600 --> 00:10:17,840 Speaker 1: to get the most out of these new government incentives. 230 00:10:17,840 --> 00:10:21,040 Speaker 1: So we're kind of discussed all like the specifics, Hey, 231 00:10:21,080 --> 00:10:22,880 Speaker 1: here are the things that qualify, and then we'll kind 232 00:10:22,880 --> 00:10:25,040 Speaker 1: of talk about just a general approach too for how 233 00:10:25,080 --> 00:10:28,800 Speaker 1: you maximize your ability to get these tax incentives. That's right. Yeah, 234 00:10:28,800 --> 00:10:30,600 Speaker 1: we're going to get into how to actually pull the 235 00:10:30,600 --> 00:10:32,559 Speaker 1: trigger and make this happen, as well as just how 236 00:10:32,600 --> 00:10:35,240 Speaker 1: to think about some of these upgrades as well. And 237 00:10:35,360 --> 00:10:37,680 Speaker 1: you know, it's important to note that many of these 238 00:10:37,720 --> 00:10:40,880 Speaker 1: different incentives that they've been around for years, but this bill, 239 00:10:41,000 --> 00:10:43,400 Speaker 1: it just sort of sweetened the pot. And so last 240 00:10:43,480 --> 00:10:45,920 Speaker 1: year most of them only had a ten percent credit, 241 00:10:46,120 --> 00:10:50,520 Speaker 1: oftentimes with severely limited maximum amounts. But now it's a 242 00:10:50,920 --> 00:10:54,079 Speaker 1: thirty percent tax credit pretty much across the board. There 243 00:10:54,120 --> 00:10:57,320 Speaker 1: are still annual maximums, which we'll get into, but putting 244 00:10:57,360 --> 00:10:59,640 Speaker 1: in new installation in twenty twenty three, that's going to 245 00:10:59,679 --> 00:11:01,640 Speaker 1: come with all more perks than it did last year 246 00:11:01,679 --> 00:11:04,240 Speaker 1: in twenty twenty two. And you know, this is just 247 00:11:04,280 --> 00:11:07,480 Speaker 1: really another creative way to save money every single month. 248 00:11:07,520 --> 00:11:10,959 Speaker 1: It's not necessarily going to be sexy, like we're talking 249 00:11:10,960 --> 00:11:12,760 Speaker 1: about at the beginning of I feel like maybe the 250 00:11:12,800 --> 00:11:16,480 Speaker 1: sexiest thing is maybe solar in particular, these home energy upgrades, 251 00:11:16,800 --> 00:11:18,719 Speaker 1: especially when we get them at a solid discount like 252 00:11:18,760 --> 00:11:21,880 Speaker 1: this thirty percent off, it can decrease our energy usage 253 00:11:22,000 --> 00:11:25,200 Speaker 1: and therefore our energy bills, saving us money. That's going 254 00:11:25,240 --> 00:11:27,520 Speaker 1: to allow us to reach some of the different financial 255 00:11:27,520 --> 00:11:29,640 Speaker 1: goals that we've set for ourselves. Yeah, and it's just nice. 256 00:11:29,679 --> 00:11:32,760 Speaker 1: I don't know, there's something really satisfying about knowing that 257 00:11:32,840 --> 00:11:36,120 Speaker 1: when you're heating a room or cooling a house or 258 00:11:36,120 --> 00:11:38,120 Speaker 1: something like that, like we're basically starting to do now 259 00:11:38,160 --> 00:11:41,360 Speaker 1: in Atlanta, that those dollars aren't just dissipating through the ceiling, 260 00:11:41,480 --> 00:11:45,679 Speaker 1: right and having something like more insulation, beefing your insulation up. 261 00:11:46,040 --> 00:11:49,120 Speaker 1: Knowing that everything's just working more efficiently, that kind of 262 00:11:49,120 --> 00:11:50,920 Speaker 1: feels good. And maybe that's just like the adult in 263 00:11:51,000 --> 00:11:53,640 Speaker 1: me and my twenty something self would have been like whatever, idiot, 264 00:11:53,679 --> 00:11:56,600 Speaker 1: I don't even go buy beer. But there is something 265 00:11:56,640 --> 00:11:59,240 Speaker 1: really nice about knowing that your air conditioner is not 266 00:11:59,280 --> 00:12:01,640 Speaker 1: working as hard, that everything's just kind of a little 267 00:12:01,679 --> 00:12:04,120 Speaker 1: more optimized, and that that you're saving money actually every 268 00:12:04,120 --> 00:12:06,640 Speaker 1: month on your utility bills. And we will talk more 269 00:12:06,679 --> 00:12:09,160 Speaker 1: than just about insulation. Yeah, there's more. There's a lot 270 00:12:09,200 --> 00:12:11,240 Speaker 1: more too. But and you just mentioned Matt getting these 271 00:12:11,280 --> 00:12:13,920 Speaker 1: upgrades at a discount, so let's quickly touch on how 272 00:12:13,960 --> 00:12:18,000 Speaker 1: these credits work. Tax credits and tax deductions. They might 273 00:12:18,040 --> 00:12:20,600 Speaker 1: be on your brain right now because tax days next week, 274 00:12:21,480 --> 00:12:23,840 Speaker 1: and if you forgot about that, well your friendly reminder 275 00:12:24,000 --> 00:12:27,120 Speaker 1: to your taxes. But a tax deduction is basically a 276 00:12:27,160 --> 00:12:31,040 Speaker 1: reduction deduction, reduction of how much of your income is 277 00:12:31,040 --> 00:12:33,080 Speaker 1: subject to being taxed. And so let's say you have 278 00:12:33,120 --> 00:12:36,319 Speaker 1: an income of seventy five thousand dollars. Well, a ten 279 00:12:36,360 --> 00:12:39,719 Speaker 1: thousand dollars deduction means that you're only going to get 280 00:12:39,760 --> 00:12:43,240 Speaker 1: taxed on sixty five thousand dollars. That's what a deduction is. 281 00:12:43,240 --> 00:12:46,040 Speaker 1: But a tax credit is a dollar for dollar reduction 282 00:12:46,360 --> 00:12:49,040 Speaker 1: of the taxes that you owe, which makes this even 283 00:12:49,120 --> 00:12:52,600 Speaker 1: more lucrative, even more significant. So in this hypothetical example, 284 00:12:52,600 --> 00:12:55,640 Speaker 1: we're talking about a nearly eight thousand dollars difference in 285 00:12:55,640 --> 00:12:59,240 Speaker 1: your tax liability between a ten thousand dollars deduction versus 286 00:12:59,280 --> 00:13:01,360 Speaker 1: a ten thousand dollar our tax credit. And today we're 287 00:13:01,360 --> 00:13:03,640 Speaker 1: talking about tax credits, So don't get them confused. Know 288 00:13:03,720 --> 00:13:06,880 Speaker 1: that these are even even better. And by the way, 289 00:13:06,880 --> 00:13:09,920 Speaker 1: you don't have to itemize either in order to get 290 00:13:09,960 --> 00:13:13,880 Speaker 1: these tax credits, as outlined in the IRA. So if 291 00:13:13,880 --> 00:13:16,120 Speaker 1: you're like, but I don't itemize, I take the standard deduction, 292 00:13:16,280 --> 00:13:18,559 Speaker 1: you can still use these credits to your advantage. Yes, right, Yeah, 293 00:13:18,600 --> 00:13:20,840 Speaker 1: and don't forget that in addition to these federal tax 294 00:13:20,880 --> 00:13:23,800 Speaker 1: breaks that there might also be some incentives from your 295 00:13:23,920 --> 00:13:27,800 Speaker 1: state government and possibly from local utility companies as well 296 00:13:27,840 --> 00:13:30,840 Speaker 1: that can lead to additional savings. There's there's rebates available 297 00:13:30,880 --> 00:13:33,880 Speaker 1: depending on your state that reduces the cost of certain 298 00:13:34,080 --> 00:13:36,560 Speaker 1: new appliances. You can come almost like double dip. Really, 299 00:13:37,160 --> 00:13:38,960 Speaker 1: it's like a triple dip man. You've got you've got 300 00:13:39,040 --> 00:13:41,320 Speaker 1: the federal level, you're getting a benefit of the state 301 00:13:41,400 --> 00:13:43,480 Speaker 1: level from the with the rebates, but then you're saving 302 00:13:43,520 --> 00:13:46,120 Speaker 1: every single month in perpetuity. Yeah. And by the way, 303 00:13:46,160 --> 00:13:48,200 Speaker 1: we're gonna have a lot of links that we're gonna refuct. Oh, 304 00:13:48,559 --> 00:13:49,840 Speaker 1: so there's gonna be a lot up in the show 305 00:13:49,880 --> 00:13:51,600 Speaker 1: notes and how to money dot Com. But specifically when 306 00:13:51,600 --> 00:13:53,960 Speaker 1: it comes to all these state rebates, we'll link. We've 307 00:13:53,960 --> 00:13:55,640 Speaker 1: got a good resource in there that you can check 308 00:13:55,679 --> 00:13:58,559 Speaker 1: and very quickly see. Okay, I live in Massachusetts, where 309 00:13:58,600 --> 00:14:00,920 Speaker 1: I live in Maine, what what is my state offering 310 00:14:00,920 --> 00:14:03,600 Speaker 1: and what are my local utility companies offerings. There's a 311 00:14:03,600 --> 00:14:06,280 Speaker 1: lot that's being offered out there, and these insense they're 312 00:14:06,280 --> 00:14:09,880 Speaker 1: being offered to businesses, even other government agencies as well. 313 00:14:10,200 --> 00:14:12,200 Speaker 1: But of course we're here to address the impact that 314 00:14:12,240 --> 00:14:15,880 Speaker 1: it can have on us as homeowners, as residential customers. 315 00:14:15,920 --> 00:14:18,080 Speaker 1: And so we'll get to the best ways that you 316 00:14:18,120 --> 00:14:21,120 Speaker 1: can use these different energy tax credits to your advantage 317 00:14:21,440 --> 00:14:33,160 Speaker 1: right after this break. All right, Matt, let's keep rolling. 318 00:14:33,240 --> 00:14:36,120 Speaker 1: Let's talk about the energy tax credits are available to 319 00:14:36,240 --> 00:14:40,560 Speaker 1: all Americans, all American homeowners right nationwide, and they can 320 00:14:40,680 --> 00:14:44,400 Speaker 1: make a big difference in how much taxuo come April 321 00:14:44,520 --> 00:14:47,160 Speaker 1: of next year. But they can also make a big 322 00:14:47,160 --> 00:14:50,080 Speaker 1: difference in how livable your home feels in kind of 323 00:14:50,120 --> 00:14:52,520 Speaker 1: how big your utility bills are. And there's a bunch 324 00:14:52,560 --> 00:14:54,360 Speaker 1: of things across the spectrum that we want to touch 325 00:14:54,360 --> 00:14:56,360 Speaker 1: on today. We're gonna get to all a bunch of 326 00:14:56,400 --> 00:14:59,960 Speaker 1: the specific items that you can be looking to replace 327 00:15:00,280 --> 00:15:01,840 Speaker 1: in your home, and then we'll kind of give you, 328 00:15:01,880 --> 00:15:04,160 Speaker 1: like we said, kind of a way of thinking about 329 00:15:04,160 --> 00:15:06,880 Speaker 1: when and how you go about doing these repairs. And 330 00:15:06,960 --> 00:15:09,160 Speaker 1: there's a great chart from Energy dot gov that will 331 00:15:09,200 --> 00:15:10,840 Speaker 1: include in the show notes for this episode they can 332 00:15:10,880 --> 00:15:13,360 Speaker 1: give you just like a quick breakdown. But I guess 333 00:15:13,480 --> 00:15:15,480 Speaker 1: maybe it might make sense to talk about how much 334 00:15:15,760 --> 00:15:17,640 Speaker 1: somebody would stand to save if they do some of 335 00:15:17,640 --> 00:15:21,280 Speaker 1: these improvements. And this is going to vary widely by 336 00:15:21,440 --> 00:15:23,880 Speaker 1: the size of your home, by the climate where you 337 00:15:23,920 --> 00:15:27,040 Speaker 1: live in, and the number of holes in your walls, right, 338 00:15:27,640 --> 00:15:29,960 Speaker 1: and just kind of by the which of these actually 339 00:15:30,040 --> 00:15:32,160 Speaker 1: do you end up doing. Do you just replace your 340 00:15:32,160 --> 00:15:34,400 Speaker 1: air conditioner or do you put on rooftop solars like 341 00:15:34,440 --> 00:15:35,920 Speaker 1: those are all going to make a big difference. But 342 00:15:35,960 --> 00:15:38,680 Speaker 1: some estimates have said that the average American could save 343 00:15:38,720 --> 00:15:41,720 Speaker 1: like two hundred dollars a year on utility bills alone 344 00:15:41,760 --> 00:15:44,000 Speaker 1: if they implement a couple of these things, which again 345 00:15:44,040 --> 00:15:46,720 Speaker 1: that's a double win, right, because you're improving your home 346 00:15:46,720 --> 00:15:48,680 Speaker 1: and at the same time you're saving money. But some 347 00:15:48,760 --> 00:15:50,360 Speaker 1: of these are going to pay off more than others, 348 00:15:50,360 --> 00:15:52,560 Speaker 1: and there's a way to approach really how and when 349 00:15:52,600 --> 00:15:54,920 Speaker 1: you're making these improvements. But let's go ahead and Matt 350 00:15:54,920 --> 00:15:56,960 Speaker 1: and dive into some of the different equipment upgrades that 351 00:15:57,000 --> 00:15:58,880 Speaker 1: you can make in order to save money. Let's get 352 00:15:58,880 --> 00:16:01,880 Speaker 1: to the details, right, Yeah, So we've already mentioned a 353 00:16:01,920 --> 00:16:04,080 Speaker 1: couple times now. But let's just make sure we hammer 354 00:16:04,120 --> 00:16:06,360 Speaker 1: the point home and folks know that we're all about 355 00:16:06,440 --> 00:16:08,960 Speaker 1: insulating your home. It really is like the lowest hanging 356 00:16:08,960 --> 00:16:10,920 Speaker 1: fruit when it comes to is, and it always has been, 357 00:16:10,960 --> 00:16:13,440 Speaker 1: but now the incentives make it richer. And what's so 358 00:16:13,440 --> 00:16:15,120 Speaker 1: great about it too is that it really can be 359 00:16:15,200 --> 00:16:18,560 Speaker 1: like this diy job. Like I've done blow in insulation 360 00:16:18,600 --> 00:16:21,000 Speaker 1: before in my house. Ideally you've got a couple of folks, 361 00:16:21,120 --> 00:16:22,640 Speaker 1: you know, you got somebody else there to help you out. 362 00:16:22,640 --> 00:16:25,920 Speaker 1: They loaded in at the bottom, someone to cellulos. If 363 00:16:25,920 --> 00:16:28,000 Speaker 1: you're going for the blow in style, you can see 364 00:16:28,000 --> 00:16:30,400 Speaker 1: a little bit easier to do the bats that you 365 00:16:30,520 --> 00:16:33,880 Speaker 1: roll out. But there's a cap of twelve hundred dollars 366 00:16:33,920 --> 00:16:36,920 Speaker 1: a year, and so we're really talking about hopefully not 367 00:16:36,960 --> 00:16:39,360 Speaker 1: spending more than four thousand dollars in materials in a 368 00:16:39,400 --> 00:16:43,400 Speaker 1: given year, which would be a significant amount of material 369 00:16:43,720 --> 00:16:45,720 Speaker 1: But were you to hit that dollar amount, that will 370 00:16:45,760 --> 00:16:47,760 Speaker 1: help you to minimize your out of pocket and then 371 00:16:47,880 --> 00:16:50,560 Speaker 1: you would actually be fully maximizing the credit that's being 372 00:16:50,600 --> 00:16:53,280 Speaker 1: offered in this case. But how much we're putting in 373 00:16:53,320 --> 00:16:56,480 Speaker 1: additional insulation save you well, like you said, Jill, every 374 00:16:56,560 --> 00:16:58,440 Speaker 1: home is going to be different. But the Department of 375 00:16:58,520 --> 00:17:01,560 Speaker 1: Energy they say that insulating your home home well that 376 00:17:01,560 --> 00:17:03,560 Speaker 1: I can stay close to ten percent of the overall 377 00:17:03,760 --> 00:17:07,720 Speaker 1: energy costs of a home or fifteen percent of the 378 00:17:07,840 --> 00:17:11,640 Speaker 1: heating and cooling costs associated with keeping your home comfortable. 379 00:17:11,960 --> 00:17:15,119 Speaker 1: So a lot of this depends on your current installation situation. 380 00:17:15,240 --> 00:17:17,640 Speaker 1: But this, on one hand, you might be thinking, dude, 381 00:17:17,640 --> 00:17:21,240 Speaker 1: that's chump change, But just think about the compounding impact 382 00:17:21,240 --> 00:17:23,920 Speaker 1: that that has over the years, as that is something 383 00:17:23,920 --> 00:17:26,040 Speaker 1: that you're able to realize. That's the savings you're able 384 00:17:26,080 --> 00:17:28,439 Speaker 1: to personally realize for years to come. Yeah, so if 385 00:17:28,440 --> 00:17:30,679 Speaker 1: you're talking about saving twenty bucks a month, because you 386 00:17:30,720 --> 00:17:32,840 Speaker 1: toss that in, that could be you know, almost two 387 00:17:32,880 --> 00:17:35,879 Speaker 1: hundred fifty bucks a year. In addition to the fact that, 388 00:17:36,000 --> 00:17:38,920 Speaker 1: let's say, because of the federal tax rebait, really putting 389 00:17:38,920 --> 00:17:42,320 Speaker 1: that insulation in might only cost you like fifteen hundred bucks. 390 00:17:42,359 --> 00:17:44,679 Speaker 1: So you're talking about then a six year payback period. 391 00:17:45,000 --> 00:17:47,920 Speaker 1: And we'll talk more about payback periods in just a bit. 392 00:17:48,119 --> 00:17:49,760 Speaker 1: But the reason we want to start with insulation is 393 00:17:49,800 --> 00:17:51,359 Speaker 1: of course because it's one of the easiest things and 394 00:17:51,400 --> 00:17:53,720 Speaker 1: there's a ton of homes across this country map where 395 00:17:53,720 --> 00:17:56,719 Speaker 1: people just do not have an insulation, enough insulation, especially 396 00:17:56,720 --> 00:17:59,159 Speaker 1: if you're in an older home in the neighborhood that 397 00:17:59,200 --> 00:18:00,920 Speaker 1: we just moved from. Some of the houses even near 398 00:18:00,960 --> 00:18:03,960 Speaker 1: by us that were built in the thirties, forties, fifties, 399 00:18:04,280 --> 00:18:06,359 Speaker 1: there are a lot of homes that just don't have 400 00:18:06,600 --> 00:18:08,600 Speaker 1: very much and it's just costing you a ton of 401 00:18:08,640 --> 00:18:12,480 Speaker 1: money over time because that one little thing that's not 402 00:18:12,560 --> 00:18:14,880 Speaker 1: terribly difficult to put in and it's not terribly expensive either. 403 00:18:15,000 --> 00:18:17,439 Speaker 1: It's missing, that's right. Yeah, And you know, earlier I 404 00:18:17,480 --> 00:18:19,800 Speaker 1: was I was joking about having like holes in your walls. 405 00:18:20,000 --> 00:18:22,399 Speaker 1: I'm speaking from personal experience. At our old house, we 406 00:18:22,400 --> 00:18:24,920 Speaker 1: could literally stand there at the window and look out 407 00:18:25,040 --> 00:18:27,560 Speaker 1: through a hole between like the window panes and just 408 00:18:27,600 --> 00:18:31,320 Speaker 1: see the ground like they're directly. That can't be good, No, 409 00:18:31,400 --> 00:18:33,640 Speaker 1: it can't be good. Like literal cold air. I could 410 00:18:33,640 --> 00:18:35,520 Speaker 1: stand there and feel the breeze on my face. Well, 411 00:18:35,560 --> 00:18:38,720 Speaker 1: weather stripping counts right as part of this too, exactly. Yeah, yeah, 412 00:18:38,800 --> 00:18:40,400 Speaker 1: you could put some of that stuff in. We're not 413 00:18:40,560 --> 00:18:43,040 Speaker 1: just talking about hiring a crew, yeah, to show up 414 00:18:43,040 --> 00:18:46,479 Speaker 1: and you know, spray foam into that you're attic something truly. 415 00:18:46,560 --> 00:18:49,119 Speaker 1: Something as simple as weather stripping, or there's like this 416 00:18:49,160 --> 00:18:52,320 Speaker 1: special clock out there that's designed to like seal any 417 00:18:52,359 --> 00:18:55,159 Speaker 1: gaps where air might be sneaking through. These all qualify 418 00:18:55,200 --> 00:18:57,440 Speaker 1: as well, so I no longer have to take tilet 419 00:18:57,440 --> 00:19:01,040 Speaker 1: paper and shove it down into into this, which Kate 420 00:19:01,080 --> 00:19:04,439 Speaker 1: would be so mortified to hear me admitting that this 421 00:19:04,520 --> 00:19:06,760 Speaker 1: is something we actually did for a while there. And granted, 422 00:19:06,800 --> 00:19:09,000 Speaker 1: you know the credit that you're going to snag on 423 00:19:09,040 --> 00:19:10,920 Speaker 1: your taxes when you file next year, it's not going 424 00:19:10,960 --> 00:19:12,840 Speaker 1: to be something to write home about when it comes 425 00:19:12,840 --> 00:19:16,320 Speaker 1: to getting that thirty percent rebate that or not rebate 426 00:19:16,359 --> 00:19:19,600 Speaker 1: that tax credit on weather stripping. But every little bit helps, Yeah, 427 00:19:19,640 --> 00:19:21,280 Speaker 1: it really does, and I think it can just be 428 00:19:21,359 --> 00:19:22,879 Speaker 1: the kick in the pants to get this thing done 429 00:19:23,200 --> 00:19:26,240 Speaker 1: and that kind of stuff like it seals up from 430 00:19:26,280 --> 00:19:27,840 Speaker 1: the draftiness of a house and just makes your house 431 00:19:28,040 --> 00:19:30,200 Speaker 1: more comfortable. It has a major impact, and it's saving money, 432 00:19:30,200 --> 00:19:32,120 Speaker 1: which we care about. All right, Let's talk about something else, 433 00:19:32,160 --> 00:19:35,359 Speaker 1: Matt that's kind of on that was involved in that bill, 434 00:19:35,680 --> 00:19:39,000 Speaker 1: and that is when you replace an HVAC unit so 435 00:19:39,119 --> 00:19:41,720 Speaker 1: heating and cooling, replacing your ac or your furnace and 436 00:19:41,800 --> 00:19:43,679 Speaker 1: getting a more efficient one. It's going to cost you 437 00:19:43,800 --> 00:19:46,800 Speaker 1: less thanks to the federal government as well. Now they'll 438 00:19:46,800 --> 00:19:48,840 Speaker 1: call for thirty percent of the cost up to six 439 00:19:48,960 --> 00:19:51,800 Speaker 1: hundred dollars. You've got to meet the seer ratings by 440 00:19:51,800 --> 00:19:54,720 Speaker 1: the way, though, and in most units that are sixteen 441 00:19:54,840 --> 00:19:58,440 Speaker 1: seer or higher I believe should qualify. But should you 442 00:19:58,440 --> 00:20:00,440 Speaker 1: go out and replace your eight year old unit spending 443 00:20:00,480 --> 00:20:02,080 Speaker 1: six thousand bucks in order to get a ten percent 444 00:20:02,080 --> 00:20:04,800 Speaker 1: discount basically because the cap is six hundred bucks, probably 445 00:20:04,800 --> 00:20:07,399 Speaker 1: not right. You probably don't want to replace something that 446 00:20:07,560 --> 00:20:11,080 Speaker 1: is in perfectly good working order. And remember something we 447 00:20:11,119 --> 00:20:13,280 Speaker 1: haven't mentioned yet, but these credits are actually going to 448 00:20:13,280 --> 00:20:16,359 Speaker 1: be around for the next decade, so it's like there's 449 00:20:16,400 --> 00:20:19,000 Speaker 1: no need to rush because they're expiring anytime soon. I 450 00:20:19,040 --> 00:20:21,359 Speaker 1: don't believe they expired till twenty thirty two, So you 451 00:20:21,440 --> 00:20:23,159 Speaker 1: got a lot of time to kind of plan ahead 452 00:20:23,200 --> 00:20:26,000 Speaker 1: and think through replacing some of these items, waiting until 453 00:20:26,040 --> 00:20:29,560 Speaker 1: maybe they're a little bit longer in the tooth. But 454 00:20:29,600 --> 00:20:31,520 Speaker 1: if you got to replace your unit anyway, or if 455 00:20:31,520 --> 00:20:34,040 Speaker 1: it's really really old, like twenty years old or something 456 00:20:34,040 --> 00:20:37,200 Speaker 1: that it's malfunctioning, it's inefficient. Being proactive I think can 457 00:20:37,320 --> 00:20:40,439 Speaker 1: make sense. So hvacts are included in this it's important 458 00:20:40,440 --> 00:20:42,720 Speaker 1: to note if you're replacing one, just don't forget to 459 00:20:42,720 --> 00:20:44,360 Speaker 1: get the tax credit that's owed to you, and don't 460 00:20:44,359 --> 00:20:47,160 Speaker 1: forget to choose a unit that's going to actually qualify 461 00:20:47,359 --> 00:20:49,639 Speaker 1: for the tax credit. Makes me think of heat pumps too, 462 00:20:49,640 --> 00:20:51,840 Speaker 1: mat which you're gaining popularity. They were also included in 463 00:20:51,880 --> 00:20:54,320 Speaker 1: the bill. Yeah, and you know you might be bummed 464 00:20:54,320 --> 00:20:55,879 Speaker 1: to here there's a six hundred dollars cap on the 465 00:20:55,880 --> 00:20:58,919 Speaker 1: new AC unit. Well, the thirty percent tax credit for 466 00:20:58,960 --> 00:21:01,480 Speaker 1: heat pumps comes the two thousand dollars cap. Oh yeah, 467 00:21:01,480 --> 00:21:04,000 Speaker 1: wich means you can spend like sixty five hundred bucks 468 00:21:04,040 --> 00:21:06,760 Speaker 1: on one and still not fully exhaust the credit available 469 00:21:06,760 --> 00:21:08,800 Speaker 1: to you. So it's just important to know that those 470 00:21:08,840 --> 00:21:11,280 Speaker 1: exist because that's that's more money than we're talking about 471 00:21:11,280 --> 00:21:14,400 Speaker 1: with insulation even. Oh yeah, we're talking about a big 472 00:21:14,480 --> 00:21:16,680 Speaker 1: chunk of change on on something like that. Yeah. Notice 473 00:21:16,720 --> 00:21:18,760 Speaker 1: we're going up in the cost of some of these 474 00:21:19,200 --> 00:21:21,080 Speaker 1: upgrades that you can make. But okay, next one is 475 00:21:21,080 --> 00:21:23,480 Speaker 1: even bigger. Yeah yeah, but this isn't permission to be 476 00:21:23,520 --> 00:21:26,800 Speaker 1: like sweetie, we're gonna splurge on the nice heat pump 477 00:21:26,840 --> 00:21:29,159 Speaker 1: because of course you still want You're still having to 478 00:21:29,160 --> 00:21:31,160 Speaker 1: pay for this, and so make sure that you are 479 00:21:31,200 --> 00:21:33,359 Speaker 1: purchasing wisely. It's just like that. We don't want you 480 00:21:33,359 --> 00:21:35,400 Speaker 1: get in the Black Friday mentality where it's like, oh, 481 00:21:36,359 --> 00:21:38,080 Speaker 1: I guess I'll buy three TVs and I didn't need 482 00:21:38,160 --> 00:21:40,680 Speaker 1: It's it's certainly not like that, but it is like, 483 00:21:40,800 --> 00:21:43,280 Speaker 1: oh cool, Yeah, I was thinking about doing this anyway, 484 00:21:43,359 --> 00:21:45,000 Speaker 1: I probably need to do this to my home or 485 00:21:45,000 --> 00:21:47,520 Speaker 1: this unit does need to be replaced. Now it just 486 00:21:47,560 --> 00:21:50,120 Speaker 1: makes it make more sense than it did before. Totally. Yeah, 487 00:21:50,119 --> 00:21:53,400 Speaker 1: so AC units had that six hundred dollars CAP. Heat 488 00:21:53,440 --> 00:21:55,960 Speaker 1: pumps come about two thousand dollars CAP. Will guess what 489 00:21:56,520 --> 00:21:58,560 Speaker 1: solar panels. The cool thing about the Perks and a 490 00:21:58,600 --> 00:22:01,720 Speaker 1: solar install is that there is no cap on the disc. 491 00:22:01,800 --> 00:22:04,200 Speaker 1: On the thirty percent discount that they're offering. My neighbors 492 00:22:04,200 --> 00:22:06,359 Speaker 1: are gonna be shocked when I put solar across the 493 00:22:06,400 --> 00:22:08,200 Speaker 1: whole backyard, and my kids are gonna be bummed because 494 00:22:08,200 --> 00:22:10,000 Speaker 1: then they won't get to play in anymore. They're like, 495 00:22:10,240 --> 00:22:13,040 Speaker 1: why do we feel all that heat radiating didn't it 496 00:22:13,080 --> 00:22:16,359 Speaker 1: like reflect and I think about the solar farms and 497 00:22:16,359 --> 00:22:19,119 Speaker 1: there's always like, yeah, the story is about large numbers 498 00:22:19,160 --> 00:22:23,360 Speaker 1: of birds coming down because they're getting like glazered. Really yeah, yeah, 499 00:22:23,400 --> 00:22:24,800 Speaker 1: I don't know if that's Hey, we'll be able to 500 00:22:24,840 --> 00:22:26,480 Speaker 1: power the whole neighborhood and laser a bunch of birds 501 00:22:26,520 --> 00:22:31,880 Speaker 1: in the process. Yeah, well, we'll see who is actually 502 00:22:31,920 --> 00:22:34,320 Speaker 1: in favor of that. But what this means, so there's 503 00:22:34,320 --> 00:22:36,919 Speaker 1: no cap. That means that you are going to get 504 00:22:36,960 --> 00:22:39,800 Speaker 1: a tax credit for almost a third of your overall 505 00:22:39,800 --> 00:22:42,400 Speaker 1: outlay on solar panels, and so that it doesn't matter 506 00:22:42,480 --> 00:22:44,400 Speaker 1: if you put it in like a ten thousand dollars 507 00:22:44,440 --> 00:22:47,159 Speaker 1: system or one that costs forty or fifty thousand dollars. 508 00:22:47,400 --> 00:22:49,560 Speaker 1: Can't imagine that someone would spend that much, but I 509 00:22:49,600 --> 00:22:51,479 Speaker 1: guess there's the possibility. And on the side of your home, 510 00:22:51,520 --> 00:22:54,600 Speaker 1: I guess yeah, And maybe on the how nice of 511 00:22:54,640 --> 00:22:57,920 Speaker 1: a vehicle your contractors driving? Probably true, And you're still 512 00:22:57,920 --> 00:23:00,560 Speaker 1: gonna want to consider what the paybacks land is going 513 00:23:00,600 --> 00:23:03,040 Speaker 1: to be four installing solar before you go through with it, 514 00:23:03,080 --> 00:23:06,359 Speaker 1: because the average cost of solar installs after tax credits 515 00:23:06,400 --> 00:23:10,000 Speaker 1: is about twenty thousand dollars and that is not cheap. 516 00:23:10,080 --> 00:23:12,080 Speaker 1: This is still a significant amount of money that we're 517 00:23:12,080 --> 00:23:15,120 Speaker 1: talking about spending. But you might get that twenty thousand 518 00:23:15,160 --> 00:23:18,120 Speaker 1: dollars back into your life in the form of smaller 519 00:23:18,240 --> 00:23:22,359 Speaker 1: energy bills and possibly even less than a decade energy stage. 520 00:23:22,440 --> 00:23:24,879 Speaker 1: This is a great site to help you to research solar. 521 00:23:24,960 --> 00:23:27,560 Speaker 1: They'll get you quotes from a bunch of different installers, 522 00:23:27,600 --> 00:23:30,119 Speaker 1: will be emailing you and calling you, and takes you 523 00:23:30,119 --> 00:23:32,600 Speaker 1: out of the blue. I know this from personally. You 524 00:23:32,640 --> 00:23:33,840 Speaker 1: might not want to go that right because it can 525 00:23:33,880 --> 00:23:36,239 Speaker 1: be kind of annoying, but but you will get all 526 00:23:36,240 --> 00:23:38,880 Speaker 1: the information. I'll promise you that. But based on that site, 527 00:23:38,960 --> 00:23:42,480 Speaker 1: the average payback is eight point seven years, So that's 528 00:23:42,520 --> 00:23:45,200 Speaker 1: a good starting point if this is something you are considering, 529 00:23:45,240 --> 00:23:48,000 Speaker 1: if you're trying to decide if getting some panels on 530 00:23:48,040 --> 00:23:50,360 Speaker 1: your roof, if that's going to make sense, And while 531 00:23:50,400 --> 00:23:52,800 Speaker 1: you're at it, you might even throw in some battery 532 00:23:52,840 --> 00:23:55,520 Speaker 1: storage as well, because you know suntn't shine at night 533 00:23:55,680 --> 00:24:00,159 Speaker 1: and any electricity then too. But I love that he 534 00:24:00,240 --> 00:24:02,720 Speaker 1: said about taking that Black Friday mentality. I think the 535 00:24:02,760 --> 00:24:05,639 Speaker 1: average battery system install for a house is something in 536 00:24:05,640 --> 00:24:07,800 Speaker 1: the like the nine thousand dollars range. It's not cheap. 537 00:24:07,840 --> 00:24:10,400 Speaker 1: They can be so expensive, so just make sure you're 538 00:24:10,400 --> 00:24:12,480 Speaker 1: not getting too far out of your skis. You want 539 00:24:12,480 --> 00:24:14,679 Speaker 1: to make sure that you're overall making a smart decision 540 00:24:14,720 --> 00:24:17,440 Speaker 1: for you and your family and specifically with your finances 541 00:24:17,440 --> 00:24:18,919 Speaker 1: in mind. Yeah, and I don't know if you said this, 542 00:24:18,920 --> 00:24:22,000 Speaker 1: but the battery gets thirty percent tax credit as well, 543 00:24:22,040 --> 00:24:24,160 Speaker 1: which is sweet. So even though they're expensive, it's like boom, 544 00:24:24,200 --> 00:24:26,919 Speaker 1: thirty percent off that that's helpful. It doesn't necessarily make 545 00:24:26,920 --> 00:24:29,240 Speaker 1: it a slam donkey. Yeah, got to run the numbers. Basically, 546 00:24:29,200 --> 00:24:31,560 Speaker 1: it's it's like thirty percent off everything. It's like everything's 547 00:24:31,560 --> 00:24:35,359 Speaker 1: thirty percent of storewide sale for the next decade. And 548 00:24:35,400 --> 00:24:37,640 Speaker 1: so but that actually the fact that it's around so 549 00:24:37,680 --> 00:24:40,479 Speaker 1: long and is it going to impact how we talk 550 00:24:40,520 --> 00:24:42,240 Speaker 1: about whether or not you should do it too. So 551 00:24:42,280 --> 00:24:43,560 Speaker 1: we'll get to that in just a second. But let's 552 00:24:43,560 --> 00:24:45,840 Speaker 1: talk about electric vehicles as well, Matt. There were some 553 00:24:45,880 --> 00:24:49,480 Speaker 1: big changes made to EV tax credits in the IRA 554 00:24:49,640 --> 00:24:52,320 Speaker 1: the Inflation Production Act, and one of the biggest changes 555 00:24:52,720 --> 00:24:55,960 Speaker 1: is that buying some used evs now qualifies you for 556 00:24:55,960 --> 00:24:57,920 Speaker 1: a tax break. You can get thirty percent off the 557 00:24:57,960 --> 00:25:00,600 Speaker 1: sale price up to four thousand dollars, which is sweets. 558 00:25:00,640 --> 00:25:03,600 Speaker 1: If you buy a twelve thousand dollars ish EV, which 559 00:25:03,640 --> 00:25:06,159 Speaker 1: is probably going to be one of those cheaper Nissan 560 00:25:06,240 --> 00:25:09,240 Speaker 1: Leaf models, it's a few years old, like you're you're 561 00:25:09,280 --> 00:25:11,439 Speaker 1: basically getting it for eight grand, which is pretty sweet. 562 00:25:11,560 --> 00:25:13,879 Speaker 1: And that's just never been the case before. There was 563 00:25:13,920 --> 00:25:16,320 Speaker 1: never any sort of incentive for you to buy a 564 00:25:16,440 --> 00:25:19,280 Speaker 1: used electric vehicle, but now there is, and that used 565 00:25:19,440 --> 00:25:21,320 Speaker 1: EV now needs to be It basically needs to be 566 00:25:21,320 --> 00:25:23,119 Speaker 1: at least two years old and cost twenty five thousand 567 00:25:23,119 --> 00:25:25,040 Speaker 1: dollars or less. That's what's going to make it meet 568 00:25:25,040 --> 00:25:28,479 Speaker 1: the requirements, but also become harder to decipher which new 569 00:25:28,560 --> 00:25:31,119 Speaker 1: vehicles qualify for this tax credit in which ones don't, 570 00:25:31,440 --> 00:25:34,720 Speaker 1: So that's kind of tough. But there's this price cap 571 00:25:34,760 --> 00:25:37,920 Speaker 1: of eighty thousand dollars on new trucks and SUV's and 572 00:25:38,240 --> 00:25:41,600 Speaker 1: fifty five thousand dollar price cap on EV cars. And 573 00:25:41,640 --> 00:25:44,760 Speaker 1: that's Matt kind of why we've seen Tesla lowering prices lately. 574 00:25:44,880 --> 00:25:48,239 Speaker 1: They want their cars to qualify for this rebate. That's right, 575 00:25:48,359 --> 00:25:50,040 Speaker 1: they think you're going to sell a bunch more units 576 00:25:50,359 --> 00:25:52,359 Speaker 1: right if their customers can get the double wammy of 577 00:25:52,359 --> 00:25:55,000 Speaker 1: a lower price and a tax rebye a rebate. But 578 00:25:55,000 --> 00:25:56,960 Speaker 1: it's important to mention too that this is like one 579 00:25:56,960 --> 00:25:59,080 Speaker 1: of the only ones I think that there's like there's 580 00:25:59,240 --> 00:26:01,600 Speaker 1: a cap on earnings in order to get this rebate, 581 00:26:01,680 --> 00:26:05,160 Speaker 1: that's right. Yeah, you only qualify if you are married 582 00:26:05,160 --> 00:26:07,639 Speaker 1: filing jointly make three hundred thousand dollars or less, or 583 00:26:07,640 --> 00:26:09,640 Speaker 1: if you're a single filer making one hundred and fifty 584 00:26:09,640 --> 00:26:12,040 Speaker 1: thousand dollars or less. So make sure you know that 585 00:26:12,080 --> 00:26:15,119 Speaker 1: if you're a high income earner, you are likely going 586 00:26:15,119 --> 00:26:17,680 Speaker 1: to miss out on this tax rebate. And the cool 587 00:26:17,680 --> 00:26:19,560 Speaker 1: thing though, is that you can actually use your modified 588 00:26:19,600 --> 00:26:22,280 Speaker 1: AGI from the year you take delivery of the vehicle 589 00:26:22,440 --> 00:26:24,960 Speaker 1: or the year before, whichever is less, which is a 590 00:26:25,040 --> 00:26:27,440 Speaker 1: nice little perk. So so if you're kind of having 591 00:26:27,480 --> 00:26:29,320 Speaker 1: trouble figuring out how much am I going to make 592 00:26:29,320 --> 00:26:31,640 Speaker 1: this year, well, if you made enough to qualify last year, 593 00:26:31,760 --> 00:26:34,159 Speaker 1: you can still qualify for this rebate, that's right. But 594 00:26:34,240 --> 00:26:36,960 Speaker 1: that being said, it is important to point out that 595 00:26:37,000 --> 00:26:39,960 Speaker 1: this is a credit that is actually only good until 596 00:26:40,280 --> 00:26:43,720 Speaker 1: tax day, so April eighteenth, bad news for folks out there, 597 00:26:43,920 --> 00:26:47,040 Speaker 1: at least for most EV's available. So because of the 598 00:26:47,119 --> 00:26:51,080 Speaker 1: rules set forth by the government, they're incentivizing evy makers 599 00:26:51,119 --> 00:26:54,280 Speaker 1: to get their battery materials from country is basically not 600 00:26:54,400 --> 00:26:57,800 Speaker 1: named China. There So forty percent of the battery minerals 601 00:26:58,080 --> 00:27:01,000 Speaker 1: need to be mined or process process in the US 602 00:27:01,160 --> 00:27:04,480 Speaker 1: or in countries with which the US has trade deals, 603 00:27:04,480 --> 00:27:07,239 Speaker 1: like Japan, and so the requirement increases every single year 604 00:27:07,320 --> 00:27:10,000 Speaker 1: until twenty twenty eight, when one hundred percent of the 605 00:27:10,000 --> 00:27:13,480 Speaker 1: battery materials need to have battery parts from the US 606 00:27:13,760 --> 00:27:15,919 Speaker 1: or countries we like. So you know, this means that 607 00:27:16,000 --> 00:27:19,840 Speaker 1: only unfortunately, only a few of the ninety one electric 608 00:27:19,920 --> 00:27:23,000 Speaker 1: vehicle models currently for sale in the US are likely 609 00:27:23,040 --> 00:27:26,359 Speaker 1: to qualify for that full seventy five hundred dollars credit 610 00:27:26,520 --> 00:27:29,480 Speaker 1: starting April nineteen. Yeah, and a lot of the manufacturers 611 00:27:29,520 --> 00:27:31,280 Speaker 1: are like actually saying that on their website. You can 612 00:27:31,320 --> 00:27:33,800 Speaker 1: go to Tesla and they say, hey, the amount of 613 00:27:34,080 --> 00:27:36,480 Speaker 1: tax credit is set to be cut in half in 614 00:27:36,520 --> 00:27:39,000 Speaker 1: just a week or so, And so for many seventy 615 00:27:39,040 --> 00:27:41,719 Speaker 1: five hundred dollars is the difference between buying a new 616 00:27:41,720 --> 00:27:44,560 Speaker 1: EV or not, like, especially when the average price of 617 00:27:44,560 --> 00:27:47,920 Speaker 1: a new electric vehicle is somewhere close to sixty thousand dollars. 618 00:27:47,960 --> 00:27:50,840 Speaker 1: That is a big tax cut, and if it no 619 00:27:50,920 --> 00:27:54,159 Speaker 1: longer exists, it's going to influence whether people decide to 620 00:27:54,200 --> 00:27:56,440 Speaker 1: purchase a new car or not. And so if you're 621 00:27:56,480 --> 00:27:58,199 Speaker 1: not quite ready to pull the trigger in the next 622 00:27:58,240 --> 00:28:00,159 Speaker 1: few days, because really that's how much time you have 623 00:28:00,200 --> 00:28:02,560 Speaker 1: to get the full tax credit exactly. Yeah, you might 624 00:28:02,600 --> 00:28:05,159 Speaker 1: want to wait a few years actually, because it's going 625 00:28:05,200 --> 00:28:07,720 Speaker 1: to take a little bit for car manufacturers like GM 626 00:28:07,720 --> 00:28:11,320 Speaker 1: and some of these other other car electric car producers 627 00:28:11,480 --> 00:28:14,080 Speaker 1: to change their battery production locations. And many of these 628 00:28:14,119 --> 00:28:15,960 Speaker 1: companies they think they're going to be compliant by twenty 629 00:28:15,960 --> 00:28:18,440 Speaker 1: twenty five or twenty twenty six. But if you're planning 630 00:28:18,440 --> 00:28:22,240 Speaker 1: on purchasing an EV sometime this spring or even the summer, anyways, 631 00:28:22,600 --> 00:28:26,480 Speaker 1: either pounce immediately or maybe hold off for a little while, yes, right, yeah. 632 00:28:26,480 --> 00:28:29,640 Speaker 1: And in addition to electric vehicles, the actual chargers that 633 00:28:29,680 --> 00:28:32,160 Speaker 1: you can purchase and install, right like it's at level 634 00:28:32,160 --> 00:28:34,080 Speaker 1: two chargers. This is what folks can do that allow 635 00:28:34,080 --> 00:28:36,000 Speaker 1: you to charge up faster at home. So depending on 636 00:28:36,040 --> 00:28:37,960 Speaker 1: if you're driving a whole lot, that could make a 637 00:28:38,000 --> 00:28:40,640 Speaker 1: lot of sense, although you just you just plugged it 638 00:28:40,680 --> 00:28:42,160 Speaker 1: into the side of your house. Yes, so you didn't 639 00:28:42,160 --> 00:28:43,840 Speaker 1: have an actual charger. Less the thing, I think a 640 00:28:43,840 --> 00:28:45,400 Speaker 1: lot of these level two chargers are in the five 641 00:28:45,440 --> 00:28:47,680 Speaker 1: to six hundred dollar range. And yeah, thirty percent off 642 00:28:47,720 --> 00:28:49,920 Speaker 1: is great, but do you actually need it. It depends 643 00:28:49,920 --> 00:28:52,280 Speaker 1: on how much how much range you have on this car, 644 00:28:52,640 --> 00:28:54,520 Speaker 1: and yeah, how much you're driving, how much you're using it. 645 00:28:54,560 --> 00:28:56,360 Speaker 1: I had to leave with like eighty miles range, so 646 00:28:56,400 --> 00:28:58,880 Speaker 1: it wasn't great. But even still, I just by the 647 00:28:58,960 --> 00:29:01,360 Speaker 1: end of it was more like fifty. It gone down 648 00:29:01,640 --> 00:29:03,760 Speaker 1: a little bit over the six years of ownership, but 649 00:29:03,880 --> 00:29:06,160 Speaker 1: like it's it still was. I don't realize you had 650 00:29:06,160 --> 00:29:08,600 Speaker 1: it that long six years. Yeah, that's a chuck of time. Yeah, 651 00:29:08,640 --> 00:29:11,360 Speaker 1: and so it's better for the battery when you trickle charge. 652 00:29:11,600 --> 00:29:14,520 Speaker 1: And so if you don't actually need to get the 653 00:29:14,600 --> 00:29:17,040 Speaker 1: level two charger, save yourself, you know, three four hundred 654 00:29:17,040 --> 00:29:20,120 Speaker 1: bucks even with that thirty percent credit, and just trickle 655 00:29:20,200 --> 00:29:23,600 Speaker 1: charge every night, because yeah, if your lifestyle, if it 656 00:29:23,640 --> 00:29:25,200 Speaker 1: makes sense for your lifestyle and how you drive, I 657 00:29:25,400 --> 00:29:27,239 Speaker 1: don't think people need a level two charge. I think 658 00:29:27,280 --> 00:29:29,760 Speaker 1: people assume buying an ev it has to come with 659 00:29:29,760 --> 00:29:31,400 Speaker 1: that added expense, but I don't think it does. Yeah, 660 00:29:31,400 --> 00:29:32,960 Speaker 1: you just plug it into the USB port. You're good 661 00:29:32,960 --> 00:29:36,880 Speaker 1: to go, right, do that real slow trickle charge. It's 662 00:29:37,000 --> 00:29:39,040 Speaker 1: you know, if you do any of these improvements this year, 663 00:29:39,360 --> 00:29:42,239 Speaker 1: in the year of our Lord twenty twenty three, you 664 00:29:42,280 --> 00:29:45,120 Speaker 1: can claim these tax credits when you file your taxes 665 00:29:45,200 --> 00:29:48,200 Speaker 1: next year, of course, but again, don't let the tax 666 00:29:48,280 --> 00:29:51,200 Speaker 1: tail wag the dog here. And so if your insulation 667 00:29:51,280 --> 00:29:54,040 Speaker 1: situation is already on point, don't rip out perfectly good 668 00:29:54,360 --> 00:29:58,080 Speaker 1: blow in insulation, that cellulose and from insulation just so 669 00:29:58,120 --> 00:30:01,200 Speaker 1: that you can get that fancy spray foam installed, just 670 00:30:01,240 --> 00:30:03,480 Speaker 1: to get that thirty percent discount. Yeah, because that's I mean, 671 00:30:03,480 --> 00:30:05,280 Speaker 1: what do you think about? Spray from is really expensive too. 672 00:30:05,400 --> 00:30:07,240 Speaker 1: It can be like six or seven or eight grand 673 00:30:07,320 --> 00:30:09,960 Speaker 1: or whatever, and so you're getting thirty percent of only 674 00:30:10,000 --> 00:30:13,360 Speaker 1: a portion of that too, because of exactly. Yeah. So 675 00:30:13,520 --> 00:30:15,000 Speaker 1: all that being said, we kind of covered some of 676 00:30:15,000 --> 00:30:17,880 Speaker 1: the biggest ways in order for you to save on 677 00:30:17,960 --> 00:30:20,400 Speaker 1: you know, when it comes to heating and cooling your home, 678 00:30:20,480 --> 00:30:23,400 Speaker 1: just the different energy expenses associated with it. There might 679 00:30:23,440 --> 00:30:25,760 Speaker 1: be some different options that we didn't mention and again 680 00:30:25,800 --> 00:30:28,600 Speaker 1: will link to a full list of some of the 681 00:30:29,080 --> 00:30:32,600 Speaker 1: different equipment upgrades that you can make. Are the most 682 00:30:32,680 --> 00:30:35,320 Speaker 1: enticing things? Yeah, yeah, but it might be overwhelming, right, 683 00:30:35,320 --> 00:30:37,600 Speaker 1: And so if you're at a loss for what to do, right, 684 00:30:37,760 --> 00:30:40,880 Speaker 1: maybe you're not sure which energy efficient upgrades to prioritize. 685 00:30:41,160 --> 00:30:44,120 Speaker 1: It could actually make sense to hire someone to perform 686 00:30:44,200 --> 00:30:47,640 Speaker 1: a home energy audits. Good news on that front too. 687 00:30:47,640 --> 00:30:51,640 Speaker 1: There's a thirty percent tax credit also applies to getting 688 00:30:51,680 --> 00:30:54,080 Speaker 1: an energy audits up to one hundred and fifty dollars, 689 00:30:54,200 --> 00:30:56,400 Speaker 1: which will help maybe get you pointed in the right 690 00:30:56,400 --> 00:30:58,440 Speaker 1: direction so that you know what steps to take get 691 00:30:58,440 --> 00:31:00,160 Speaker 1: the pro to base. I think they usually hook up 692 00:31:00,200 --> 00:31:01,920 Speaker 1: one of those fans or something. They can see where 693 00:31:01,960 --> 00:31:04,240 Speaker 1: the league just leagages are happening in your home, and 694 00:31:04,280 --> 00:31:06,600 Speaker 1: they might say, hey, if you do these this, this 695 00:31:06,680 --> 00:31:08,920 Speaker 1: and that, oh for like the air Yeah, for the airflow, 696 00:31:08,960 --> 00:31:11,320 Speaker 1: they see, yeah, where it's where it's escaping. And so 697 00:31:11,480 --> 00:31:13,080 Speaker 1: I don't know, I've never done one, But they don't 698 00:31:13,080 --> 00:31:16,280 Speaker 1: walk around with a lit cigarette and see where. That's 699 00:31:16,280 --> 00:31:19,400 Speaker 1: all they did that like seventies from the seventies with 700 00:31:19,400 --> 00:31:21,240 Speaker 1: the mustaches, that's how they did it. But no that's 701 00:31:21,240 --> 00:31:23,240 Speaker 1: not how they do it anymore. I don't think so. Yeah, 702 00:31:23,520 --> 00:31:25,720 Speaker 1: it's it's nice. You might want to hire the person 703 00:31:25,880 --> 00:31:28,480 Speaker 1: to come in and and I think some local power 704 00:31:28,520 --> 00:31:31,280 Speaker 1: companies and stuff like that. Matt too, they offer a 705 00:31:31,360 --> 00:31:33,320 Speaker 1: rebate on home energy audits, so you might be able 706 00:31:33,360 --> 00:31:35,200 Speaker 1: to get it for even less than that and kind 707 00:31:35,200 --> 00:31:37,960 Speaker 1: of get that professional insight into what's going on with 708 00:31:37,960 --> 00:31:40,200 Speaker 1: your home energy wise and what upgrades are going to 709 00:31:40,240 --> 00:31:42,680 Speaker 1: be the most effective and impactful. Totally. Yeah, they show 710 00:31:42,720 --> 00:31:47,040 Speaker 1: up with those those infrared heat that's our whole monitor things. Yeah, 711 00:31:47,080 --> 00:31:48,560 Speaker 1: so they'll get you fixed up where you can kind 712 00:31:48,600 --> 00:31:50,800 Speaker 1: of see like Predator from a remember of Predator. I 713 00:31:50,800 --> 00:31:52,160 Speaker 1: don't think ever saw you never saw any of the 714 00:31:52,160 --> 00:31:56,280 Speaker 1: Predator movies either from the eighties Schwarzenegger or like the 715 00:31:56,600 --> 00:31:58,880 Speaker 1: Sigourney Weaver or was she an alien? That's alien? Okay, 716 00:31:59,120 --> 00:32:01,240 Speaker 1: I didn't see those either. Well there's the new ones too, 717 00:32:01,600 --> 00:32:04,000 Speaker 1: like Alien versus Predator. That's what you're thinking of alien 718 00:32:04,040 --> 00:32:07,680 Speaker 1: because of I haven't seen those either. A VP. Oh sorry, 719 00:32:08,640 --> 00:32:11,160 Speaker 1: I like movies, but not those. You're off playing and 720 00:32:11,200 --> 00:32:13,440 Speaker 1: maybe I would like playing basketball. No, you probably wouldn't 721 00:32:13,480 --> 00:32:16,200 Speaker 1: like I wouldn't like him today. Either, Okay, well, let's 722 00:32:16,240 --> 00:32:18,160 Speaker 1: let's keep going, Matt. Let's we got to talk about 723 00:32:18,320 --> 00:32:21,680 Speaker 1: kind of timeline and like which of these energy saving 724 00:32:21,760 --> 00:32:24,000 Speaker 1: maneuvers to tackle first, and then just kind of a 725 00:32:24,000 --> 00:32:25,560 Speaker 1: few other things you need to think through from a 726 00:32:25,560 --> 00:32:28,760 Speaker 1: financial perspective before you start start like calling contractors, going 727 00:32:28,760 --> 00:32:30,880 Speaker 1: to home depot. So we'll discuss a lot of those 728 00:32:30,880 --> 00:32:33,320 Speaker 1: considerations that you need to make. We'll get to that 729 00:32:33,440 --> 00:32:45,000 Speaker 1: right after this. All right, we are back from the 730 00:32:45,000 --> 00:32:47,240 Speaker 1: break and Joel, you know, now that we've covered some 731 00:32:47,240 --> 00:32:49,360 Speaker 1: of the more popular upgrades that we can all make 732 00:32:49,720 --> 00:32:52,240 Speaker 1: to our homes in order to save money, Let's run 733 00:32:52,280 --> 00:32:55,000 Speaker 1: through some questions that we think will be able to 734 00:32:55,040 --> 00:32:58,080 Speaker 1: help us to decide whether or not make sense to 735 00:32:58,080 --> 00:33:00,960 Speaker 1: make those purchases. And the first question is what is 736 00:33:00,960 --> 00:33:04,520 Speaker 1: the overall payoff timeline? And Dude, I think this is 737 00:33:04,560 --> 00:33:07,719 Speaker 1: likely the biggest question that we all need to ask ourselves. So, 738 00:33:07,760 --> 00:33:09,920 Speaker 1: for instance, like we were talking about the average payback 739 00:33:09,960 --> 00:33:13,480 Speaker 1: period for solar earlier being eight point seven years, and 740 00:33:13,520 --> 00:33:16,840 Speaker 1: so depending on the price of solar installs where you live, 741 00:33:17,040 --> 00:33:18,960 Speaker 1: a lot of that has to do with competition, how 742 00:33:18,960 --> 00:33:23,160 Speaker 1: many different installers there are buying for your business. It 743 00:33:23,200 --> 00:33:25,640 Speaker 1: could be plus or minus a few years on that 744 00:33:25,680 --> 00:33:27,480 Speaker 1: eight point seven years. Yeah. Plus. It depends on the 745 00:33:27,560 --> 00:33:29,320 Speaker 1: environment where you live too, Like you're like, oh, I 746 00:33:29,360 --> 00:33:32,200 Speaker 1: live in such and such a place Tucson where the 747 00:33:32,240 --> 00:33:34,680 Speaker 1: sun is bright and shiny, and you might pay off 748 00:33:34,680 --> 00:33:37,280 Speaker 1: a lot quicker than let's say you live in rural 749 00:33:37,280 --> 00:33:39,320 Speaker 1: Oklahoma or something like that you see in Oklahoma is 750 00:33:39,360 --> 00:33:41,280 Speaker 1: not sunny. I don't know, is it. I'm just making 751 00:33:41,280 --> 00:33:42,840 Speaker 1: it again like Portland or I don't know, somewhere where 752 00:33:42,840 --> 00:33:45,800 Speaker 1: it's like sunny is tuson super cloudy. But it's just 753 00:33:45,840 --> 00:33:49,760 Speaker 1: important to figure out the number for your specific situation 754 00:33:50,200 --> 00:33:53,200 Speaker 1: if you're going to drop potentially over twenty thousand dollars. 755 00:33:53,400 --> 00:33:55,160 Speaker 1: But yeah, like if you live out in the desert, 756 00:33:55,320 --> 00:33:57,040 Speaker 1: you love your home, and you're planning to be there 757 00:33:57,080 --> 00:34:00,480 Speaker 1: for years to come, this could be a really smart upgrade. 758 00:34:00,880 --> 00:34:02,680 Speaker 1: It would allow you to save a decent chunk of 759 00:34:02,720 --> 00:34:04,800 Speaker 1: money over the years. But dude, I wouldn't go through 760 00:34:04,840 --> 00:34:07,200 Speaker 1: the hassle of doing this if I was just planning 761 00:34:07,240 --> 00:34:09,160 Speaker 1: to be there for like another couple of years or 762 00:34:09,239 --> 00:34:11,200 Speaker 1: you know, like a year from now. So as you're 763 00:34:11,239 --> 00:34:14,120 Speaker 1: calculating the payoff timeline. Yes, you crunch the numbers and 764 00:34:14,160 --> 00:34:16,400 Speaker 1: figure out what the savings are going to be where 765 00:34:16,600 --> 00:34:19,200 Speaker 1: it's like theoretical savings right, like you're looking at it 766 00:34:19,239 --> 00:34:21,040 Speaker 1: on paper. But you also need to make sure that 767 00:34:21,080 --> 00:34:23,480 Speaker 1: you're considering how likely it is that you are going 768 00:34:23,520 --> 00:34:25,719 Speaker 1: to stay in that particular home. It needs to not 769 00:34:25,800 --> 00:34:28,399 Speaker 1: just makes sense from a utility standpoint, but it needs 770 00:34:28,440 --> 00:34:30,920 Speaker 1: to make sense for you and how long you are 771 00:34:30,960 --> 00:34:32,640 Speaker 1: planning to own that home. Just because there's a thirty 772 00:34:32,680 --> 00:34:35,440 Speaker 1: percent discount, if you can only use that item for 773 00:34:35,640 --> 00:34:37,959 Speaker 1: six months, then it's probably not going to make sense 774 00:34:38,120 --> 00:34:39,680 Speaker 1: to go ahead and buy that item, even if you're 775 00:34:39,680 --> 00:34:42,399 Speaker 1: getting the sweet discount on your taxes, right, even when 776 00:34:42,440 --> 00:34:44,200 Speaker 1: you go to solar stage and they're like, oh, your 777 00:34:44,280 --> 00:34:47,160 Speaker 1: roof is perfectly situated, like you get a like out 778 00:34:47,200 --> 00:34:49,279 Speaker 1: of one hundred, you get ninety nine, Like there are 779 00:34:49,360 --> 00:34:51,680 Speaker 1: very few homes that are as well situated for solar. 780 00:34:51,760 --> 00:34:54,000 Speaker 1: It doesn't really matter if you're not planning to stay 781 00:34:54,000 --> 00:34:55,759 Speaker 1: there for the long haul, yep, exactly. So you want 782 00:34:55,760 --> 00:34:57,080 Speaker 1: to take those things into account, but then you got 783 00:34:57,200 --> 00:34:59,960 Speaker 1: also take here your personal situation, that personal payoff timeline 784 00:35:00,160 --> 00:35:03,520 Speaker 1: into account simultaneously, and you also have to take into 785 00:35:03,520 --> 00:35:06,000 Speaker 1: account the perceived value of the upgrades, because while we're 786 00:35:06,000 --> 00:35:08,080 Speaker 1: talking about solar, it's also important to note that you 787 00:35:08,120 --> 00:35:10,080 Speaker 1: might be able to recoup some of your costs when 788 00:35:10,120 --> 00:35:11,960 Speaker 1: the time comes to sell. So that's a fact that 789 00:35:12,000 --> 00:35:15,240 Speaker 1: it's true to consider. I think homeowners value a solar 790 00:35:15,320 --> 00:35:19,560 Speaker 1: installation or home buyers value that solar install decently well. 791 00:35:19,680 --> 00:35:21,799 Speaker 1: But then other things that you might do they might 792 00:35:21,840 --> 00:35:24,560 Speaker 1: not value in nearly the same way. And so yeah, 793 00:35:24,600 --> 00:35:27,160 Speaker 1: depending on the buyer, an upgrade like insulation, it might 794 00:35:27,160 --> 00:35:29,920 Speaker 1: not net you any price increase when you're selling, but 795 00:35:30,000 --> 00:35:31,840 Speaker 1: solar is going to net you something. It might not 796 00:35:31,920 --> 00:35:33,560 Speaker 1: net you the full price. You know that you're paid 797 00:35:33,560 --> 00:35:36,120 Speaker 1: out of pocket, but it's at least going to it's 798 00:35:36,160 --> 00:35:37,839 Speaker 1: at least going to make a difference than the sales price. 799 00:35:38,160 --> 00:35:40,959 Speaker 1: But basically, if you do unexpectedly have to move before 800 00:35:40,960 --> 00:35:43,439 Speaker 1: you've had a chance to reap the financial benefit, you're 801 00:35:43,440 --> 00:35:45,200 Speaker 1: likely going to get some dollars back in the form 802 00:35:45,239 --> 00:35:47,160 Speaker 1: of a higher sales price with solar. But you want 803 00:35:47,160 --> 00:35:50,239 Speaker 1: to think about, okay, cool, which of these upgrades is 804 00:35:50,280 --> 00:35:52,400 Speaker 1: going to make is going to actually make a difference 805 00:35:52,560 --> 00:35:54,600 Speaker 1: in the value of this home. A lot of these 806 00:35:55,160 --> 00:35:57,480 Speaker 1: upgrades are not going to make a meaningful difference in 807 00:35:57,520 --> 00:35:58,879 Speaker 1: the value of the home. So you've got to really 808 00:35:58,880 --> 00:36:01,920 Speaker 1: think about it from more of like a personal standpoint, 809 00:36:02,640 --> 00:36:04,400 Speaker 1: thinking of it less than like, well, how much is 810 00:36:04,400 --> 00:36:06,359 Speaker 1: this going to improve the value of my home? And 811 00:36:06,440 --> 00:36:08,120 Speaker 1: more like how much is this going to improve the 812 00:36:08,239 --> 00:36:11,400 Speaker 1: energy efficiency lower my bills? And how much of that 813 00:36:11,440 --> 00:36:13,920 Speaker 1: savings am I actually going to benefit from? Because honestly, 814 00:36:14,120 --> 00:36:17,040 Speaker 1: I think it can be tough to forecast what buyers 815 00:36:17,040 --> 00:36:19,080 Speaker 1: are going to prioritize when it comes to buy in 816 00:36:19,080 --> 00:36:21,759 Speaker 1: certain homes, because I do think that when there's a 817 00:36:21,760 --> 00:36:25,000 Speaker 1: listing and you can see those nice panels facing south 818 00:36:25,680 --> 00:36:28,000 Speaker 1: like they're on the roof like, it has an impact 819 00:36:28,040 --> 00:36:31,160 Speaker 1: on the curb appeal, whereas something like installation, like nobody 820 00:36:31,160 --> 00:36:33,400 Speaker 1: sees that in the listening, like there you know, there 821 00:36:33,400 --> 00:36:37,320 Speaker 1: hardly is ever a picture of the attic. Right occasionally 822 00:36:37,640 --> 00:36:40,000 Speaker 1: that is the case. And I knew, like, not this 823 00:36:40,080 --> 00:36:41,600 Speaker 1: past house that we bought, but the one before that 824 00:36:41,880 --> 00:36:44,600 Speaker 1: I knew walking in there there was there was foam 825 00:36:44,640 --> 00:36:47,440 Speaker 1: insulation in the attica and under the floor. We had 826 00:36:47,440 --> 00:36:49,200 Speaker 1: a picture of it. Yeshn't there are in an actual 827 00:36:49,239 --> 00:36:50,880 Speaker 1: picture of it in the listing. I don't remember, but 828 00:36:50,880 --> 00:36:52,799 Speaker 1: all I feel like I remember I remember valuing that 829 00:36:52,920 --> 00:36:55,600 Speaker 1: highly as an individual, but as a homeowner absolutely. But 830 00:36:55,640 --> 00:36:57,160 Speaker 1: I know most people who are buying a home, they 831 00:36:57,160 --> 00:36:58,880 Speaker 1: don't see that they're looking at, like the color of 832 00:36:58,920 --> 00:37:01,920 Speaker 1: the walls. They're looking at, and they are noticing, Okay, 833 00:37:02,120 --> 00:37:04,520 Speaker 1: guess what the solar For some reason, it makes sense 834 00:37:04,680 --> 00:37:06,720 Speaker 1: for people that they're going to save money on bills 835 00:37:06,760 --> 00:37:08,880 Speaker 1: every month, but the insulation not nearly as much, and 836 00:37:08,880 --> 00:37:11,000 Speaker 1: so people just don't value it in the same way. Well, 837 00:37:11,560 --> 00:37:14,759 Speaker 1: essentially you're talking about here is focusing on like more 838 00:37:14,800 --> 00:37:17,279 Speaker 1: of the passive upgrades that we can make. And I 839 00:37:17,320 --> 00:37:21,279 Speaker 1: think the more passive, simple strategies make them a sense 840 00:37:21,320 --> 00:37:23,960 Speaker 1: because I mean, if if it's simpler, if there's less 841 00:37:23,960 --> 00:37:27,160 Speaker 1: technology involved, that less likely it is to break. Right, Like, 842 00:37:27,160 --> 00:37:29,160 Speaker 1: I'm not saying that solar panels break a lot, but 843 00:37:29,320 --> 00:37:32,000 Speaker 1: I guarantee that they break more often than foam insulation 844 00:37:32,000 --> 00:37:34,520 Speaker 1: to one they need be cleaned once a year, and yes, 845 00:37:35,560 --> 00:37:38,440 Speaker 1: it's required exactly, And so I think for that reason 846 00:37:38,440 --> 00:37:40,120 Speaker 1: it makes sense to kind of go with the lowest 847 00:37:40,120 --> 00:37:43,200 Speaker 1: hanging fruit first, Like These are the home modifications I 848 00:37:43,239 --> 00:37:44,840 Speaker 1: think that are going to provide the biggest bang for 849 00:37:44,880 --> 00:37:48,520 Speaker 1: your buck because though it may not be sexy, it's 850 00:37:48,520 --> 00:37:52,520 Speaker 1: also not as expensive insulation specifically, right, I guess I'm 851 00:37:52,520 --> 00:37:54,560 Speaker 1: still thinking about spray foam. It's not going to be 852 00:37:54,600 --> 00:37:57,120 Speaker 1: as expensive as like an electric vehicle or a brand 853 00:37:57,120 --> 00:38:00,799 Speaker 1: new AC unit, or like installing some skylight. So why 854 00:38:00,840 --> 00:38:03,920 Speaker 1: not get the most substantial savings first where you can 855 00:38:03,960 --> 00:38:06,719 Speaker 1: immediately see a return on your investment, and then you 856 00:38:06,719 --> 00:38:09,800 Speaker 1: can do some of those other upgrades in future years. Again, 857 00:38:09,880 --> 00:38:12,760 Speaker 1: these credits are going to be around for basically a decade, 858 00:38:12,800 --> 00:38:15,720 Speaker 1: so there is no rush, and these are different upgrades 859 00:38:15,719 --> 00:38:18,080 Speaker 1: that you can make strategically over time. Yeah. I think 860 00:38:18,120 --> 00:38:20,480 Speaker 1: one other consideration map because you just mentioned that, Yeah, 861 00:38:20,480 --> 00:38:22,080 Speaker 1: these credits are going to be around for a while, 862 00:38:22,480 --> 00:38:25,839 Speaker 1: is that waiting could mean you are able to buy 863 00:38:26,320 --> 00:38:30,120 Speaker 1: better technology at an even bigger discount. Yeah, that's another 864 00:38:30,400 --> 00:38:35,279 Speaker 1: another benefit. That's another pro to waiting is that installation 865 00:38:35,520 --> 00:38:38,000 Speaker 1: it's not gonna improve much from the technology side. But 866 00:38:38,040 --> 00:38:41,040 Speaker 1: guess what solar panels, battery technology, all of these things 867 00:38:41,080 --> 00:38:44,200 Speaker 1: are electric vehicles statistically improved. Yeah, so think about the 868 00:38:44,200 --> 00:38:46,359 Speaker 1: electric vehicles on the used car market that are going 869 00:38:46,360 --> 00:38:48,359 Speaker 1: to be available three, four or five years from now, 870 00:38:48,719 --> 00:38:51,600 Speaker 1: or the technology and solar panels, you might get solar 871 00:38:51,600 --> 00:38:54,320 Speaker 1: panels that just are better, perform a whole lot better 872 00:38:54,520 --> 00:38:56,640 Speaker 1: than the ones that like, you could currently buy. So 873 00:38:56,880 --> 00:38:58,960 Speaker 1: if you want to install solar, yes, you are missing 874 00:38:58,960 --> 00:39:02,640 Speaker 1: out on potentially years of the sun lowering those energy 875 00:39:02,640 --> 00:39:04,759 Speaker 1: bills month in and month out, But you might get 876 00:39:04,760 --> 00:39:07,760 Speaker 1: a superior system in a few years time for fewer dollars. Overall, 877 00:39:08,120 --> 00:39:10,319 Speaker 1: that's important to mention, and I really do think the 878 00:39:10,320 --> 00:39:12,480 Speaker 1: same thing is going to be true with electric vehicles. 879 00:39:12,480 --> 00:39:15,759 Speaker 1: Like battery technology continues to progress, continues to move forward, 880 00:39:15,920 --> 00:39:19,359 Speaker 1: and so yeah, so maybe even today's Rivian's matt might 881 00:39:19,400 --> 00:39:22,480 Speaker 1: be like discarded, It might be a whole lot cheaper 882 00:39:22,800 --> 00:39:24,480 Speaker 1: five years from now. We just don't know. So much 883 00:39:24,480 --> 00:39:26,600 Speaker 1: depends on what comes down the pike and how quickly 884 00:39:26,840 --> 00:39:29,400 Speaker 1: some of this new tech gets implemented into cars in 885 00:39:29,400 --> 00:39:32,680 Speaker 1: the near future. So yeah, just know that the technology 886 00:39:32,960 --> 00:39:36,880 Speaker 1: could change. And because these tax credits are going to 887 00:39:36,960 --> 00:39:40,320 Speaker 1: be around for basically a decade, there's no need to 888 00:39:40,400 --> 00:39:43,080 Speaker 1: rush into it and get something up on your roof 889 00:39:43,160 --> 00:39:45,799 Speaker 1: or get that new car in your garage immediately, totally. Yeah, 890 00:39:45,800 --> 00:39:49,960 Speaker 1: today's Rivians could be tomorrow's Leafs, depending on the technology. 891 00:39:50,000 --> 00:39:51,480 Speaker 1: I mean, I remember when those leaves came out and 892 00:39:51,480 --> 00:39:53,840 Speaker 1: people were in awe and eighty mile range even was 893 00:39:53,920 --> 00:39:56,160 Speaker 1: like nobody cared because it was this brand new thing, 894 00:39:56,320 --> 00:39:59,520 Speaker 1: and pretty quickly they were basically resigned to the junkie 895 00:39:59,560 --> 00:40:02,439 Speaker 1: and most people to lead. Yeah, because no car comes 896 00:40:02,440 --> 00:40:04,800 Speaker 1: with less than like a two hundred mile range now. Yeah. 897 00:40:04,840 --> 00:40:07,839 Speaker 1: So another maybe argument for just waiting a little bit 898 00:40:07,920 --> 00:40:10,000 Speaker 1: or at least not rushing things is if you don't 899 00:40:10,080 --> 00:40:12,279 Speaker 1: have the cash on hand in order to actually make 900 00:40:12,360 --> 00:40:16,239 Speaker 1: those purchases without incurring any debt. And for some of 901 00:40:16,280 --> 00:40:18,359 Speaker 1: these energy efficient upgrades, it's going to take a decent 902 00:40:18,360 --> 00:40:19,960 Speaker 1: amount of cash in the bank in order to make 903 00:40:20,000 --> 00:40:23,359 Speaker 1: this happen. Even with these healthy tax credits, do you 904 00:40:23,440 --> 00:40:26,760 Speaker 1: have the funds to dedicate towards these energy efficient upgrades. 905 00:40:26,880 --> 00:40:28,560 Speaker 1: We want to make sure that you just have, you know, 906 00:40:28,600 --> 00:40:31,799 Speaker 1: a solid savings and that they're healthy enough for you 907 00:40:31,880 --> 00:40:34,040 Speaker 1: to take on some of these expenses. Joe, we talked 908 00:40:34,040 --> 00:40:36,319 Speaker 1: about the money gears last week, and I don't know, 909 00:40:36,440 --> 00:40:38,680 Speaker 1: for you know, if we're going to say that there's 910 00:40:38,680 --> 00:40:41,720 Speaker 1: a hard line, like a hard point or a specific 911 00:40:41,760 --> 00:40:43,759 Speaker 1: money gear that you need to be in in order 912 00:40:43,840 --> 00:40:46,040 Speaker 1: to start thinking about some of these upgrades. But I'll 913 00:40:46,040 --> 00:40:48,040 Speaker 1: say if it was me, I would at least want 914 00:40:48,080 --> 00:40:50,440 Speaker 1: to be out of money gear number four, where you've 915 00:40:50,480 --> 00:40:52,879 Speaker 1: got that solid three to six months worth of living 916 00:40:52,880 --> 00:40:55,879 Speaker 1: expenses set aside. Like ideally, ideally you'd be in money 917 00:40:55,880 --> 00:40:58,839 Speaker 1: You're five, where you're investing a large percentage of your 918 00:40:58,880 --> 00:41:02,040 Speaker 1: income towards hirement before you're looking at some of these 919 00:41:02,320 --> 00:41:05,279 Speaker 1: more fun and interesting ways to get creative on the 920 00:41:05,280 --> 00:41:07,640 Speaker 1: home front in order to reduce your expenses. Yeah, it's 921 00:41:07,680 --> 00:41:09,600 Speaker 1: going to be different for everybody, because again it kind 922 00:41:09,600 --> 00:41:12,160 Speaker 1: of depends on how much you value having an energy 923 00:41:12,200 --> 00:41:15,400 Speaker 1: efficient home. But there are are there are some basics 924 00:41:15,440 --> 00:41:16,839 Speaker 1: that we want to make sure that folks are paying 925 00:41:16,880 --> 00:41:19,200 Speaker 1: attention to before they're looking at some of these more 926 00:41:19,239 --> 00:41:22,000 Speaker 1: creative ways to reduce their footprint. But then again, some 927 00:41:22,080 --> 00:41:23,960 Speaker 1: of them at print can be really really cheap, right, 928 00:41:23,960 --> 00:41:25,719 Speaker 1: and so exactly we're talking about some of that talking 929 00:41:25,719 --> 00:41:28,279 Speaker 1: about weather's dripping, go for it. Yeah, it's like you 930 00:41:28,280 --> 00:41:30,360 Speaker 1: can probably incorporate that into your budget now, even if 931 00:41:30,400 --> 00:41:33,040 Speaker 1: you're not kind of running on all cylinders. When it 932 00:41:33,040 --> 00:41:34,839 Speaker 1: comes to those money gears, if you haven't made as 933 00:41:34,880 --> 00:41:37,120 Speaker 1: much progress as you like, you could probably still prioritize 934 00:41:37,160 --> 00:41:39,200 Speaker 1: some of these. You probably don't want to necessarily plug 935 00:41:39,280 --> 00:41:41,920 Speaker 1: down for the brand new electric vehicle. You might want 936 00:41:41,920 --> 00:41:43,600 Speaker 1: to offer the used electric vehicle that you can pay 937 00:41:43,600 --> 00:41:45,560 Speaker 1: cash for or whatever. But these are the kind of 938 00:41:45,560 --> 00:41:48,440 Speaker 1: things where yet some of them are more expensive than others. 939 00:41:48,480 --> 00:41:50,480 Speaker 1: And how much money do you have on hand that 940 00:41:50,640 --> 00:41:52,839 Speaker 1: is going to impact whether or not or and when 941 00:41:53,080 --> 00:41:55,080 Speaker 1: you should actually be doing some of these things and 942 00:41:55,480 --> 00:41:57,439 Speaker 1: making some of these changes to your home in order 943 00:41:57,440 --> 00:41:59,040 Speaker 1: to hopefully save you money. And I do want to 944 00:41:59,040 --> 00:42:01,680 Speaker 1: also say, Matt, it doesn't always take money to save money. 945 00:42:01,680 --> 00:42:04,799 Speaker 1: I think sometimes we get to thinking that we got 946 00:42:04,800 --> 00:42:06,440 Speaker 1: to make these upgrades in order to save money. But 947 00:42:06,440 --> 00:42:08,799 Speaker 1: some just changing the setting on your thermostat you don't 948 00:42:08,800 --> 00:42:12,840 Speaker 1: even need necessarily the news sweet obviously coolness thermostat, you 949 00:42:12,840 --> 00:42:15,080 Speaker 1: don't necessarily have to have that. Yes, it can save 950 00:42:15,120 --> 00:42:17,400 Speaker 1: you money over time, but also your own actions can 951 00:42:17,440 --> 00:42:19,759 Speaker 1: save you money. And so I think sometimes we look 952 00:42:19,800 --> 00:42:23,120 Speaker 1: to replacing items or adding in new insulation, it's not 953 00:42:23,160 --> 00:42:25,440 Speaker 1: that Yeah, there's a lot of benefits now with these 954 00:42:25,480 --> 00:42:28,279 Speaker 1: additional tax credits that make them make more sense. But 955 00:42:28,320 --> 00:42:30,360 Speaker 1: there are other things we can do, like putting on 956 00:42:30,400 --> 00:42:33,200 Speaker 1: a sweater in the winter right to prevent turning on these. 957 00:42:33,320 --> 00:42:35,799 Speaker 1: But on those thermals, Yeah, it doesn't have to be 958 00:42:36,160 --> 00:42:39,719 Speaker 1: making actually proactive moves and spending more money in order 959 00:42:39,880 --> 00:42:44,919 Speaker 1: to save money. Those those marino wool thermals, I've never tried. 960 00:42:45,400 --> 00:42:47,480 Speaker 1: You probably have something, don't you. It actually does. I 961 00:42:47,880 --> 00:42:49,880 Speaker 1: don't like, I'm not out. Yeah that sounds like some 962 00:42:49,920 --> 00:42:52,000 Speaker 1: of you. This is a tangent that we don't necessarily 963 00:42:52,120 --> 00:42:54,480 Speaker 1: need to go down. Well, let's mention too annual caps 964 00:42:54,520 --> 00:42:57,080 Speaker 1: on these, because yeah, assuming you're good to go after 965 00:42:57,160 --> 00:42:59,279 Speaker 1: running through all the factors that we've just laid out 966 00:42:59,280 --> 00:43:01,359 Speaker 1: that you need to consider, you're still need to keep 967 00:43:01,360 --> 00:43:04,000 Speaker 1: in mind that there are annual caps on the amount 968 00:43:04,000 --> 00:43:07,400 Speaker 1: of deductions that you can take. So staggering upgrades across 969 00:43:07,520 --> 00:43:10,279 Speaker 1: multiple years it could be a good idea because it 970 00:43:10,400 --> 00:43:12,440 Speaker 1: might not take long before you hit the limit in 971 00:43:12,480 --> 00:43:15,200 Speaker 1: a single given year. And the goal is not to 972 00:43:15,239 --> 00:43:18,839 Speaker 1: maximize the tax savings in any singular year, but it's 973 00:43:18,840 --> 00:43:21,080 Speaker 1: really to maximize tax savings over the long haul, and 974 00:43:21,120 --> 00:43:24,680 Speaker 1: so the overall total limit for an efficiency tax credit 975 00:43:24,719 --> 00:43:27,480 Speaker 1: in one year is three thousand, two hundred dollars. So 976 00:43:27,680 --> 00:43:30,560 Speaker 1: the limit includes a maximum credit of twelve hundred dollars 977 00:43:30,800 --> 00:43:36,239 Speaker 1: for any combo of home energy improvements including windows, doors, skylights, insulation, 978 00:43:36,280 --> 00:43:38,319 Speaker 1: and electrical By the way, we didn't talk about some 979 00:43:38,360 --> 00:43:40,839 Speaker 1: of those specifics just because they really do get into 980 00:43:40,960 --> 00:43:43,520 Speaker 1: the weeds, but will link to that Department of Energy 981 00:43:43,520 --> 00:43:45,080 Speaker 1: graph in the shout up so you can see kind 982 00:43:45,080 --> 00:43:48,520 Speaker 1: of everything else that's included in this bill. But yeah, furnace, boilers, 983 00:43:48,800 --> 00:43:51,920 Speaker 1: central air conditioners, they're included in that too. The remaining 984 00:43:52,000 --> 00:43:54,600 Speaker 1: two thousand dollars credit is available with any combo of 985 00:43:54,640 --> 00:43:58,120 Speaker 1: electric or natural gas, heat pumps, heat pump water heaters, 986 00:43:58,120 --> 00:44:02,040 Speaker 1: and biomass stoves and boilers. So yeah, there's a lot 987 00:44:02,080 --> 00:44:04,880 Speaker 1: to dissect, but you really, when we're talking about saving 988 00:44:04,880 --> 00:44:06,320 Speaker 1: money on taxes, you want to make sure you're not 989 00:44:06,360 --> 00:44:08,080 Speaker 1: just like trying to match it out in twenty twenty 990 00:44:08,120 --> 00:44:09,920 Speaker 1: three do everything at once. You might want to do 991 00:44:09,960 --> 00:44:12,120 Speaker 1: some things in twenty twenty three, some in twenty four, 992 00:44:12,320 --> 00:44:14,520 Speaker 1: some in twenty five, and kind of pace yourself when 993 00:44:14,520 --> 00:44:16,799 Speaker 1: it comes to the improvements you're making. Yeah, yeah, I 994 00:44:16,840 --> 00:44:21,000 Speaker 1: like that idea pacing yourself, and so Form fifty six 995 00:44:21,160 --> 00:44:24,000 Speaker 1: ninety five that is the IRIS form that you're going 996 00:44:24,080 --> 00:44:27,279 Speaker 1: to need in order to take advantage and claim these 997 00:44:27,280 --> 00:44:31,160 Speaker 1: different tax credits. So just yeah, Form fifty six ninety five. 998 00:44:31,200 --> 00:44:32,799 Speaker 1: Store that on a way to your memory because you're 999 00:44:32,840 --> 00:44:34,719 Speaker 1: not going to be This isn't something you're necessarily going 1000 00:44:34,800 --> 00:44:37,360 Speaker 1: to be doing now. You'll be doing this next spring 1001 00:44:37,400 --> 00:44:40,719 Speaker 1: as you're filing your twenty twenty three taxes next year 1002 00:44:40,760 --> 00:44:42,920 Speaker 1: in twenty twenty four, But just make sure you tell 1003 00:44:42,920 --> 00:44:45,800 Speaker 1: your tax preparer you will want to enter it into 1004 00:44:45,880 --> 00:44:48,880 Speaker 1: your online tax prep service, whichever one you use. And 1005 00:44:49,000 --> 00:44:51,719 Speaker 1: on the note of mentioning tax forms before you start 1006 00:44:51,719 --> 00:44:53,640 Speaker 1: freaking out in Joel, you know, we kind of suched 1007 00:44:53,680 --> 00:44:57,160 Speaker 1: on this. You can take these energy tax credits while 1008 00:44:57,200 --> 00:44:59,759 Speaker 1: also taking the standard deduction, which is pretty sweet that 1009 00:44:59,800 --> 00:45:02,480 Speaker 1: you can get these incentives, take advantage of these. I 1010 00:45:02,480 --> 00:45:05,120 Speaker 1: don't want to call them rewards, but these these these 1011 00:45:05,160 --> 00:45:08,480 Speaker 1: tax credits or something tax credits, yeah, or something that 1012 00:45:08,520 --> 00:45:13,040 Speaker 1: you can be a part of without complicating your taxes. 1013 00:45:13,080 --> 00:45:15,040 Speaker 1: If you don't need to atomize your taxes, you can 1014 00:45:15,040 --> 00:45:17,440 Speaker 1: just take that standard deduction. And by the way, if 1015 00:45:17,440 --> 00:45:19,680 Speaker 1: you're looking for sort of like a one stop shop, 1016 00:45:20,160 --> 00:45:22,120 Speaker 1: that can be really helpful when it comes to figuring 1017 00:45:22,120 --> 00:45:25,120 Speaker 1: out which upgrades will kind of net you a tax credit, 1018 00:45:25,320 --> 00:45:28,880 Speaker 1: go check out Rewiring America will link to that in 1019 00:45:29,120 --> 00:45:31,319 Speaker 1: the show notes. But they've got this awesome calculator there 1020 00:45:31,560 --> 00:45:33,960 Speaker 1: that allows you to see what tax credits that you're 1021 00:45:33,960 --> 00:45:36,520 Speaker 1: going to be eligible for based on your specific situation, 1022 00:45:36,560 --> 00:45:39,640 Speaker 1: based on your income, based on your zip code where 1023 00:45:39,640 --> 00:45:42,200 Speaker 1: of dependence, Yeah, where it is that you live, and 1024 00:45:42,200 --> 00:45:44,520 Speaker 1: so we will most definitely link to that in the 1025 00:45:44,520 --> 00:45:46,480 Speaker 1: show notes. Yeah, that's really cool if you don't want 1026 00:45:46,520 --> 00:45:48,279 Speaker 1: to kind of dig through all of the Department of 1027 00:45:48,640 --> 00:45:50,879 Speaker 1: Energy stuff or i RS dot gov like, you could 1028 00:45:50,880 --> 00:45:52,440 Speaker 1: spend a lot of time on those websites trying to 1029 00:45:52,440 --> 00:45:55,080 Speaker 1: figure everything out, and Rewiring America has put put it 1030 00:45:55,120 --> 00:45:57,839 Speaker 1: all into a pretty helpful calculator that's definitely worth checking out. 1031 00:45:57,920 --> 00:45:59,440 Speaker 1: All right, So we talked about what's up with these 1032 00:45:59,440 --> 00:46:02,040 Speaker 1: different energy tax credits, Matt. We mentioned a lot of them, 1033 00:46:02,080 --> 00:46:04,200 Speaker 1: not all of them, but there are there are more 1034 00:46:04,239 --> 00:46:07,160 Speaker 1: that you can check out that all the fun ones 1035 00:46:07,200 --> 00:46:10,279 Speaker 1: that people are most likely to do, right, and we 1036 00:46:10,560 --> 00:46:12,840 Speaker 1: dove into some of the specific upgrades that people can make. 1037 00:46:12,880 --> 00:46:14,719 Speaker 1: We talked through some of the different questions that we 1038 00:46:14,719 --> 00:46:17,040 Speaker 1: can all ask ourselves to determine whether or not it's 1039 00:46:17,040 --> 00:46:18,799 Speaker 1: going to make sense for us as individuals to take 1040 00:46:18,840 --> 00:46:21,280 Speaker 1: the plunge and think some of that money into our homes. 1041 00:46:21,600 --> 00:46:24,440 Speaker 1: Banking on a comfort your house, but also the house. 1042 00:46:24,480 --> 00:46:26,560 Speaker 1: It's going to save us some money house. It's going 1043 00:46:26,640 --> 00:46:30,000 Speaker 1: to actually like give us some tax credits back at 1044 00:46:30,000 --> 00:46:32,560 Speaker 1: the same time. So hopefully this was informative and you 1045 00:46:32,600 --> 00:46:35,680 Speaker 1: can use some of the incentives that now exists that 1046 00:46:35,800 --> 00:46:39,800 Speaker 1: previously we're greatly diminished. Now they've gotten so much better, 1047 00:46:39,960 --> 00:46:41,680 Speaker 1: and just kind of the fact that we have a 1048 00:46:41,719 --> 00:46:44,600 Speaker 1: long horizon, a long outlook on how long these things 1049 00:46:44,600 --> 00:46:46,879 Speaker 1: are going to last. You can start to make plans right. 1050 00:46:47,000 --> 00:46:49,480 Speaker 1: There's no rush to do anything today, get on the 1051 00:46:49,520 --> 00:46:52,040 Speaker 1: phone with a contractor tomorrow, but you can start to 1052 00:46:52,120 --> 00:46:54,600 Speaker 1: use this timeline and plan out your home upgrades not 1053 00:46:54,640 --> 00:46:57,000 Speaker 1: only to make them more comfortable, but also to save 1054 00:46:57,080 --> 00:46:59,359 Speaker 1: us money. Wants you to kind of at least think through. 1055 00:46:59,520 --> 00:47:01,439 Speaker 1: Now that we know we know the timeline, we got 1056 00:47:01,440 --> 00:47:04,440 Speaker 1: basically a decade to think through when how where we 1057 00:47:04,480 --> 00:47:07,120 Speaker 1: make these We make these moves to our homes, and 1058 00:47:07,280 --> 00:47:10,040 Speaker 1: hopefully you can get the best bang for your buck 1059 00:47:10,120 --> 00:47:12,279 Speaker 1: over the long haul when it comes to these energy 1060 00:47:12,280 --> 00:47:14,880 Speaker 1: efficient upgrades that you're looking to make. Yeah. Yeah, And 1061 00:47:15,200 --> 00:47:17,040 Speaker 1: another quick thing too, I just thought of. I think 1062 00:47:17,040 --> 00:47:18,879 Speaker 1: it's just helpful to put these on a radar because 1063 00:47:19,000 --> 00:47:20,719 Speaker 1: I think there's a good chance that for all the 1064 00:47:20,719 --> 00:47:22,760 Speaker 1: homeowners out there, you might be in your home longer 1065 00:47:23,200 --> 00:47:24,759 Speaker 1: than you think this. We're not going to turn this 1066 00:47:24,800 --> 00:47:26,560 Speaker 1: into a real estate episode, but Joel, you know, you 1067 00:47:26,560 --> 00:47:28,920 Speaker 1: and I we've been talking recently how because of the 1068 00:47:29,000 --> 00:47:31,560 Speaker 1: higher interest rates, folks are likely going to stay put 1069 00:47:31,719 --> 00:47:33,800 Speaker 1: in the homes that they already have, And so what 1070 00:47:33,960 --> 00:47:37,000 Speaker 1: makes sense to be thinking ahead because the longer you 1071 00:47:37,040 --> 00:47:39,000 Speaker 1: stay in your home, the more some of these upgrades 1072 00:47:39,080 --> 00:47:42,520 Speaker 1: makes sense. Yeah, so that's another reason that maybe you 1073 00:47:42,520 --> 00:47:45,160 Speaker 1: should consider some of these different upgrades. But Joel, let's 1074 00:47:45,200 --> 00:47:47,920 Speaker 1: quickly talk about the beer you and I enjoyed, a 1075 00:47:48,000 --> 00:47:51,480 Speaker 1: Biebo Pills Nerve. This is a beer by Creature Comforts 1076 00:47:51,480 --> 00:47:55,839 Speaker 1: Brewing Company out of Athens, Georgia, home of my alma mater, 1077 00:47:56,160 --> 00:48:00,200 Speaker 1: and Creature Comvers specifically make some fantastic beers. Honestly, I 1078 00:48:00,239 --> 00:48:02,200 Speaker 1: really want to have more of their beers here on 1079 00:48:02,239 --> 00:48:03,839 Speaker 1: the show. But what were your thoughts on this one? 1080 00:48:03,880 --> 00:48:06,360 Speaker 1: All right, this one was clean, it was crisp, It 1081 00:48:06,440 --> 00:48:08,680 Speaker 1: was just like I remember it. Man, It's it's just 1082 00:48:08,760 --> 00:48:12,799 Speaker 1: like light and tasty, but without being without having too 1083 00:48:12,840 --> 00:48:15,239 Speaker 1: much flavor, Like a pilsner is really just kind of 1084 00:48:15,239 --> 00:48:17,120 Speaker 1: like beer that your uncle drank. But this is a 1085 00:48:17,239 --> 00:48:21,280 Speaker 1: much improved version. Yeah, it's had some nice biscuity flavors, 1086 00:48:21,280 --> 00:48:24,000 Speaker 1: but it drank like a clean biscuit. Yeah, and drink 1087 00:48:24,080 --> 00:48:26,840 Speaker 1: like a biscuit that's been like on a juice cleanse 1088 00:48:26,920 --> 00:48:31,320 Speaker 1: or something. But yeah, this is just again a craft pilsner, 1089 00:48:31,320 --> 00:48:33,160 Speaker 1: and so it's going to taste a lot better than 1090 00:48:33,239 --> 00:48:35,520 Speaker 1: the mass produced pilsners that you're going to find at 1091 00:48:35,520 --> 00:48:38,799 Speaker 1: your standard grocery store. But we would recommend you check 1092 00:48:38,840 --> 00:48:41,800 Speaker 1: out Creature Comforts because they really do make some amazing, 1093 00:48:41,800 --> 00:48:44,480 Speaker 1: world class beers. Plus, it's always fun to hit up 1094 00:48:44,520 --> 00:48:46,319 Speaker 1: a brewery in a college town as well, So if 1095 00:48:46,320 --> 00:48:48,120 Speaker 1: you're ever in Nathan's, you can swing by there and 1096 00:48:48,480 --> 00:48:51,279 Speaker 1: drink some of those beers there in person. Joel, that's 1097 00:48:51,320 --> 00:48:53,839 Speaker 1: going to be it for the specific episode. Listeners can 1098 00:48:53,880 --> 00:48:56,080 Speaker 1: find our show notes up on the website at howamoney 1099 00:48:56,160 --> 00:48:58,920 Speaker 1: dot com. We'll link to the many different resources that 1100 00:48:58,960 --> 00:49:03,239 Speaker 1: we mentioned during this episode and until next time. Best 1101 00:49:03,280 --> 00:49:05,040 Speaker 1: Friends Out, Best Friends Out,