In 2022, the U.S. took a monumental step towards a greener future with the introduction of the Inflation Reduction Act (IRA). This groundbreaking legislation aims to empower 100 million households to embrace solar energy and enhance their homes’ energy efficiency. But how are Americans reacting to this change?
Recent findings from a leading solar manufacturer’s survey shed light on the nation’s sentiments. The rising electricity bills have made Americans more energy-conscious than ever. A significant majority, 61%, expressed that they would transition to solar if the government provided incentives.
However, there’s a knowledge gap. A staggering 58 million Americans remain unaware of the IRA. Even among those in the know, over half are oblivious to the energy-saving tax credits it offers. Additionally, 39% mistakenly believe they don’t qualify.
But here’s the silver lining: once informed about the IRA, individuals are 50% more optimistic about affording solar energy and doubly keen on making energy-efficient home improvements.
Top 10 Perks of the IRA Simplified for You:
- Enjoy a 30% Solar Investment Tax Credit (ITC) for solar installations from 2022-2032.
- Avail a 30% Tax Credit for integrating solar storage.
- Incentives for home builders.
- Drive green with up to $7,500 Tax Credit on select EV purchases.
- Get a 30% Tax Credit for EV charger installations.
- Warm up with an $8,000 rebate on heat pumps.
- Save with a $1,750 rebate on heat pump water heaters.
- Cook smart with an $840 rebate on stoves, cooktops, ranges, and ovens.
- Rebates for essential electrical upgrades for solar system integration.
- Breathe easier with an anticipated 40% reduction in greenhouse gases from 2005 levels.
Empower Your Green Transition with These Tools:
- SEIA’s Solar Portal: Dive deep into solar power financing options and make the best choice for your household.
- Department of Energy’s EV Searcher: Explore electric vehicles that qualify for IRA tax credits and understand the prerequisites.
- Sierra Club’s IRA Fact Sheet: Uncover rebates and schemes for energy-smart home renovations.