The Inflation Reduction Act can help you save thousands on solar installation — here's how to claim your benefits before they go away.
The scoop
The Inflation Reduction Act of 2022 was a package of legislation designed to create more jobs, lower the price of prescription drugs, and make clean energy more accessible. For homeowners, this means tax credits and rebates for green home improvements. From solar panels to heat pumps to induction stovetops, the IRA makes it easier — and cheaper — than ever to upgrade your home.
How it's working
Solar panels are more affordable than ever before — as solar technology advances, homeowners are paying less and less for their solar installations. And with the rebates of the IRA, you'll find there's no better time than the present to capitalize on solar savings.
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Solar can save you hundreds of dollars each month. Your savings will depend on a few factors, such as where you live and your average energy consumption. With a bit of information, EnergySage can help you calculate just how much you'll save each month and even recommend local contractors for installation.
Plus, with the IRA, you could be eligible for up to $8,000 in rebates on your installation. These rebates are invaluable, but they might not be here to stay. President-elect Donald Trump has said he will dissolve the IRA, saying, "We will rescind all unspent funds under the misnamed Inflation Reduction Act."
So, if you're considering solar panels or other sustainable home upgrades, now is the time to act.
What people are saying
The IRA is a big deal. The Environmental Protection Agency called it "the most significant climate legislation in U.S. history."
Last year, President Joe Biden said the IRA is helping "families save thousands of dollars on energy bills every year through the tax credit and rebates to buy new and efficient electric appliances, weatherize their homes, install heat pumps, rooftop solar" and that he expects consumers will "save at least $27 billion in electric bills between now and 2030."
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