The Earth and Climate Action Ministry Team (ECAM) wants to spread the GREAT news about the potential benefits of the Inflation Reduction Act (IRA) passed by federal government in July of 2022 to reduce America’s carbon emissions by 40% by 2030!
One aspect of the program will help folks electrify their homes. Replacing gas appliances and gas furnaces will help save on energy bills, reduce carbon emissions, and improve indoor air quality. It also covers solar panels, new electric panels, EV’s, and weatherization.
Rewiring American (leading national electrification nonprofit) has a handy IRA calculator for you to see how much money you might get as a rebate/discount to electrify your home. Here is the link: https://www.rewiringamerica.org/app/ira-calculator
There are some caveats: the benefits are on a sliding scale based on median average household income in your area with an upper limit. The calculator will figure all that in for you. Each state may implement program differently so many details to be worked out. Right now, the rebate program is to last 10 years or until IRA funding is exhausted. Final details of the program are being work out.
Your electrification expenditures may also qualify for energy tax credits. The IRA calculator will give you an estimate of tax credits as well. See your tax accountant for more information.
Other aspects of IRA will cover disadvantaged communities, nonprofits, cities, and rural communities. More about that later…….
Kristi Weir, ECAM