How to Access Inflation Reduction Act Funds
Green Builder Media and Chris Castro, U.S. Department of Energy Chief of Staff at the Office of State and Community Energy Programs, discuss Inflation Reduction Act funding, rebates, and incentives.
The Inflation Reduction Act has been touted as the single largest infusion of federal cash aimed at tackling climate change in U.S. history. The bill allocates $369 billion to reduce domestic carbon emissions, boost renewable energy implementation, drive innovative technology adoption, electrify transportation, and provide incentives for sustainability upgrades in homes and buildings.
How can you access the flow of funds channeling down from the Federal Government through the Inflation Reduction Act?
Chris Castro will tell you how.
Incentives for homeowners under the Inflation Reduction Act include:
- Up to $8,000 in rebates and up to $2,000 in tax credits for heat pump technology for space heating and cooling.
- Up to $4,000 in rebates for smart electric panels.
- Up to $2,500 in rebates for updated electrical rewiring.
- Up to $1,750 in rebates for all-electric water heaters.
- Up to $1,600 in rebates for insulation, air sealing and ventilation upgrades.
- Up to $1,200 in tax credits for energy efficient windows and doors upgrades.
- Up to $840 in rebates for electric stoves and electric heat pump clothes dryers.
The bill extends the tax credit that provides $2,500 for homes that meet the eligibility standards of the EPA’s ENERGY STAR Single Family New Homes Program, and $5,000 for homes that are certified to meet the DOE’s Zero Energy Ready Home program.
The legislation also extends the federal Solar Investment Tax Credit (ITC), now called the Clean Energy Credit, and increases the tax credit amount up to 30% of the total cost of a home solar panel system or battery storage system if the installation occurs between January 2022 and December 2032.
$1 billion has been allocated to enhance the energy efficiency of affordable housing, and another $1 billion is earmarked for contractor training programs specifically focused on products and processes that make homes and buildings net zero, electric, and resilient.
The bill invests in solar, wind, battery storage, geothermal, hydrogen, and other renewables, and provides federal funding in the form of grants and loans to expedite the development of new grid infrastructure and transmission lines to deliver clean power to customers.
Billions of dollars in tax credits will also be offered for domestic manufacturing of photovoltaics, batteries, wind turbines, electric vehicles, and critical minerals, and the creation of clean jobs will be prioritized in fossil fuel producing markets.
And, the bill aims to make electric vehicles more accessible by offering $7,500 rebates for new EVs and $4,000 for used vehicles.
In the webinar, Castro will also delve into the DOE’s mission to deploy clean energy infrastructure, how DOE is reorganizing itself to meet the moment, insights about the new State and Community Energy Programs (SCEP) office that he is leading, and details about the grants, technical assistance and rebates that SCEP will be managing.