How much money can you get with the Inflation Reduction Act?
The Inflation Reduction Act, enacted in 2022, provides new tax credits to encourage U.S. households to transition to cleaner energy, addressing climate change and potentially lowering energy costs for millions. Key credits include a previously owned clean vehicles credit, offering a maximum of $4,000 for the purchase of used electric vehicles, and an energy-efficient home improvement credit, providing up to $1,200 per year for energy-efficient installations and upgrades in homes. Additionally, the residential clean energy credit supports the installation of clean energy units in homes. The Act protects households from energy price volatility while encouraging cost savings and job creation in the clean energy sector.
Several provisions in the Act synergize with other programs, increasing the benefits of transitioning to cleaner energy. The Act also ensures that disadvantaged communities benefit from these incentives, with a focus on outreach and technical assistance. The new credits lower costs for Americans, stimulate the creation of quality jobs in the clean energy industry, and promote the equitable distribution of benefits.
You can search for rebates at ENERGY STAR rebate finder.