There is a lot to unpack in the 730-page document, ranging from corporate tax law to drug price mandates to renewable energy incentives. The intricacies and sheer volume left a lot of people wondering, “what’s in it for me?” In fact, SunPower recently conducted a nationally representative survey about the IRA, and we found that more than 250 million Americans don't know it offers tax credits for making energy efficient improvements to your home.
Ensuring Americans extract value from the IRA is critical. Decisions people make on a regular basis about their home and in their daily lives can collectively have an enormous impact on our environment. It’s these kitchen-table choices that will help the U.S. make progress against its climate goals quickly. And the IRA effectively provides a bank account worth $10,600, on average, for Americans to electrify their homes — helping make the green choice a much easier one.
Now, people just need a little help accessing it. We read the Inflation Reduction Act so you don’t have to. For a quick look, here are top six ways you can use it to save money on electricity bills, make your home energy more reliable and reduce your carbon footprint:
New energy efficient homes tax credits for builders: In addition to consumer incentives, builders can get tax credits for constructing and selling single and multi-family homes that meet certain energy efficiency criteria. For example, there is a $5,000 per housing unit tax credit for single-family homes that meet Energy Star building program eligibility and become certified under the U.S. Department of Energy’s Zero Energy Ready Home program.
For a quick reference guide, Rewiring America created a savings calculator that can help determine what you, specifically, may be eligible for based on your location, income level and housing situation. It’s never been easier and more cost-effective to electrify your home – all thanks to the Inflation Reduction Act.
Publisher’s Note: This content is made possible by our Today’s Homeowner Campaign Sponsors. These companies take sustainability seriously, in both their products and their operations. Learn more about building and buying homes that are more affordable and less resource intensive.