The Inflation Reduction Act (IRA) passed by congress and signed into law by President Biden in August 2022 has many provisions that consumers can take advantage of. Many of these provisions apply to renters as well as homeowners, so you should review all your options to take advantage of as many incentives as you’re eligible for. If you were to take advantage of all of the IRA’s tax credits and rebates, you could receive more than $10,000. The only catch is you probably don’t qualify for all the credits and rebates at once, so as you develop your electrification plan, note that there is some overlap in what qualifies, and how much you can get per year. Here are some of our favorites:

1. $2000 per year tax credit for the purchase of heat pumps (central systems as well as in-window models), heat pump water heaters, biomass stoves, and electric boilers. 
2. $7500 per new electric vehicle and $4000 per used electric vehicle tax credit.
3. 30% tax credit on rooftop solar, wind, or geothermal systems that produce electricity or heat/cool your home. There is no cap on your total spend, and even if you spend more than you owe in taxes, the credit rolls over to the next year all the way until September 2031!
4. Don’t own your home? You can still get 30% back for doing thing like adding insulation or purchasing some energy-efficient electric appliances, such as AC units, induction stoves, and the like. Not sure what you need? Uncle Sam will give you a $150 tax credit for a home energy audit.
5. If you’re in a low- to medium-income household, you can get as much as $14,000 per year in point-of-sale discounts for electrification, including up to $8,0000 for heat pump space heaters/coolers, $840 for an electric stove, and $1600 for insulation.

So hop on over to our Platform today and get that plan in place so you’re ready to start saving once your state announces the start of these IRA programs. You’ll be saving money and the planet at the same time!