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  • Melissa Deaver

Inflation Reduction Act Breakdown

The United States passed the Inflation Reduction Act in 2022. This act is packed full of incentives and tax credits that can help homeowners save money. This is the single largest investment in climate energy in American history. There's a lot to be found in the 730 page law, so here is a list of the top 10 things in the bill that affect homeowners.

30% Tax Credit on Solar Systems

This is the top incentive right now for homeowners to go solar. 30% of the cost of the system (including any necessary electrical upgrades needed for the system) will be given back to them through the federal tax credit.

Tax Credits for Home Builders

With green energy credits, we can expect to see more and more new homes equipped with clean energy.

Up to $7,500 Tax Credit on Electric Vehicles

Qualified taxpayers who purchase a car that meets certain criteria could receive this credit.

30% Tax Credit on Energy Storage Technologies

Battery back ups that are tied to solar systems qualify for this credit.

30% Tax Credit on EV Chargers

Qualified taxpayers can expect this credit on their in-home electric vehicle charging stations.

$8,000 Rebate on Heat Pumps

If you meet certain income requirements, you could be eligible for a rebate on a heat pump (which can be used for both heating and cooling your home).

$1,750 Rebate on Heat Pump Water Heaters

If you meet certain income requirements, you can receive this credit on a new way to heat your water in your home.

$840 Rebate on Electric Stoves, Cooktops, Ranges and Ovens

Now is the perfect time to make your kitchen energy efficient.

Up to $4,000 Rebate on Breaker Box Upgrades and $2,500 Rebate on Electrical Wiring

These upgrades that may be required for your solar system have some hefty rebates available.

Cleaner Air

With all these incentives in place, in addition to the countless others in the bill, the White House expects a 40% reduction in greenhouse emissions from 2005 levels by 2030

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