Electrification is Key
Say Some Climate Observers
Citizens Climate Lobby wants to highlight for U.S. households the options available to save money while helping the climate.
Signed into law by President Biden on August 16, 2022, the Inflation Reduction Act is the biggest climate bill ever passed in the U.S. Among other measures, the IRA includes electrifcation incentives, such as tax credits for electric vehicles, heat pumps, home efficiency upgrades and rooftop solar.
Incentives come in the form of Upfront Discounts – When you buy and install a new appliance, the discount will be taken right off the bill from the manufacturer or your contractor – and Tax Credits – A provision that reduces a taxpayer’s final tax bill, dollar-for-dollar. A tax credit differs from deductions and exemptions, which reduce taxable income, rather than the taxpayer’s actual bill.
Here are some resources to help navigate the possibilities:
- Visit Rewiring America — a pro-electrification non-profit — and try their Online Calculator to determine which incentives you may qualify for.
- Read Canary Media’s (canarymedia.com) online article, “Could You Get Home Energy and EV Incentives Under the Climate Law?” This website has various articles on clean energy & solutions to the climate crisis.
- Explore CCL’s April 21st piece on electrification at: citizensclimatelobby.org