The Inflation Reduction Act (IRA) passed in 2022, is by far the United States’ largest-ever investment in beneficial electrification and sustainable energy technology. Included is funding for rooftop solar, electric vehicles, charging stations, weatherization, appliances and more. It will take years for the funding to be distributed and its effects to come to fruition, but the most immediate affect will arguably benefit rural cooperative members the most.
Starting Jan.1, 2023, incentives for a plethora of energy-efficiency upgrades, once a $500 lifetime cap, become an annual $1,200 (more in some cases) tax credit with no lifetime cap. This is a huge help to homeowners who are continually and gradually investing in their home’s energy efficiency.
Instant rebates amounting to tens of thousands of dollars will soon become available through the State of Arkansas to low-income households for the purchase of high-efficiency appliances. Further tax incentives will become available for the purchase of new electric vehicles and, for the first time ever, USED electric vehicles. There are even incentives for the installation of home electric vehicle chargers, rooftop solar, and even the home electrical upgrades required to support both.
National nonprofit Rewiring America’s mission is to make electrification simple, and as such has published an online tool to help demystify the tangled web of generous, but confusing, IRA opportunities available to Americans starting next year. Visit the IRA Calculator and enter your ZIP code and household income. The savings calculator will estimate the value of your available upfront discounts, tax credits and even estimate your utility bill savings per year.
