The Inflation Reduction Act At Work

The Inflation Reduction Act At Work
By D. S. Mitchell
In the Winter edition of “Solutions,” a publication of the Environmental Defense there was a brief article on the Inflation Reduction Act by Vanessa Glavinskas. Ms. Glavinskas explained five benefits to the average American to facilitate the transition to clean renewable energy. The new law allocates $369 billion to address climate change and promote lower-carbon living through rebates and tax credits. Listed below are five areas of your home where you can start saving money today.
The Roof: Time to add solar panels. The new law provides tax credits of up to 30% to households that invest in clean energy. The credit is retroactive to 2022. The typical cost for a residential solar set up is around $19,000. In that scenario a homeowner would save $5,700. The cost of the system is usually recouped within 12 years.
The Driveway: The new law gives tax credits of up to $4,000 for buying a used electrical vehicle and up to $7,500 for a new EV. The EV must have final assembly in North America to qualify. This means some brands won’t qualify. So if it is important to you to get those tax credits make sure you confirm that the EV you intend to buy was assembled in the U.S.A.
The Kitchen: Gas stoves leak the super pollutant methane, comparable to 500,000 gasoline powered cars. Furthermore gas stoves also release the carcinogenic benzene. If you want to transition to an electric stove, oven, or range there are rebates of up to $840.
The Laundry Room: Heat pump clothes dryers, rarely seen in the U.S. but popular in Europe take a bit longer to dry a load of clothes but are much more energy efficient than traditional models. Qualifying households can get a rebate of up to $840.
The Thermostat: A heat pump is an efficient way to heat and cool your home. With a heat pump the system transfers heat between your home and the outdoors and can save you hundreds of dollars annually. Most U.S. households can qualify for a tax credit up to $2,000. Low income families may be able to qualify for a tax credit of as much as $8,000 per installation.














































































































































