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Inflation Reduction Act Benefits

Inflation Reduction Act Proposals

The following proposals are included in the Inflation Reduction Act.

Increases the Solar tax credit to 30% for 10 years, then 26% for the 11th year and then 22% for the 12th year.
Adds an additional 10% tax credit (40% total) if the equipment is made in the US (the iAIRE Solar HVAC product(s) are made in the US).
Adds another 20% tax credit if the solar equipment is sold to a low-income housing entity (60% total).
The Combined Heat & Power (CHP) onsite power production systems can be combined with the Solar Heat Pump to use the heat and power from the CHP system creating a package that qualifies for the 40% ITC as an American Made and 60% ITC for Low Income projects.
Heat pumps are eligible for a 30% tax credit up to $2,000.
If a heat pump is sold to a taxpayer whose income is 80% or less of the area median income, then a rebate can be up to $8,000.
If a heat pump is sold to a taxpayer whose income is between 80% and 150% of the area median income, then a rebate can go to 50% of the costs of the equipment.
Taxpayers can use both tax credits and tax rebates from purchasing energy efficient equipment.
Tax credits can be transferred from an eligible taxpayer to a transferee taxpayer if certain conditions are met.
Tax exempt entities can get a tax refund for an amount equal to the credit they would have received if the entity was taxable.

None of the information above is to be construed as tax advice. Consult your tax professional to see how the new Tax Incentives effect your business.

Lowering Energy Costs

Families that take advantage of clean energy and electric vehicle tax credits will save more than $1,000 per year.
$14,000 in direct consumer rebates for families to buy heat pumps or other energy efficient home appliances, saving families at least $350 per year.
7.5 million more families will be able install solar on their roofs with a 30% tax credit, saving families $9,000 over the life of the system or at least $300 per year.
Up to $7,500 in tax credits for new electric vehicles and $4,000 for used electric vehicles, helping families save $950 per year.
Putting America on track to meet President Biden’s climate goals, which will save every family an average of $500 per year on their energy costs.

Building a Clean Energy Economy

Power homes, businesses, and communities with much more clean energy by 2030, including:
- 950 million solar panels
- 120,000 wind turbines
- 2,300 grid-scale battery plants
Advance cost-saving clean energy projects at rural electric cooperatives serving 42 million people.
Strengthen climate resilience and protect nearly 2 million acres of national forests.
Creating millions of good-paying jobs making clean energy in America.

Reducing Harmful Pollution

Reduce greenhouse gas emissions by about 1 gigaton in 2030, or a billion metric tons – 10 times more climate impact than any other single piece of legislation ever enacted.
Deploy clean energy and reduce particle pollution from fossil fuels to avoid up to 3,900 premature deaths and up to 100,000 asthma attacks annually by 2030.