Confused about the Inflation Reduction Act? Rewiring America has an online tool that can help people understand its benefits.
, has an amazing number of provisions that can help people decarbonize their lives and save money doing it. The problem is, there are so many of them and so many terms and conditions that have to be met to qualify for the benefits, most people are confused. Unfortunately, confused people often throw up their hands and decide to do nothing.
It uses different pieces of that information to determine your eligibility for different incentives. For example, your household income will qualify you for some incentives if it’s less than a certain absolute amount, and for others if it’s below a certain percentage threshold of the median income in your area. The calculator looks that up based on your ZIP code and household size using data from the US Department of Housing and Urban Development.
Your homeowner status comes into play because some incentives require you to be a homeowner or only make financial sense for property owners. Renters probably don’t want to foot the bill for an updated electric panel or geothermal heating system, for instance, so the calculator dismisses incentives for these types of items. Keep in mind that the final regulations for all these benefits have yet to be created by the federal government, but the online tool is still a great place to start.
Calisch calls the upfront discounts “game-changing” for low and moderate income households because they will help them access the long term benefits of electrification — healthier indoor air quality and lower, more stable bills. That stability “is really critical for these households with high energy burdens” that suffer from spikes in oil and gas prices, such as those caused by Russia’s invasion of Ukraine.
High income renters who earn above 150% of the area median income may still qualify for the new EV tax credit provided their income does not exceed $300,000 for married couples filing jointly.Now that we have simplified things for you, it’s time to complicate them again. A separate federal home energy efficiency program that used to be called the Zero Emissions Homes Act has been updated and folded into the IRA.
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