The Inflation Reduction Act (IRA) is a federal law passed on August 18, 2022. It provides billions of dollars in tax credits, rebates, and government programs to support things like healthcare, domestic energy production and manufacturing, and climate change-mitigation, to name a few.
Tax credits are available for:
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New or used electric vehicle
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Home weatherization upgrades (for example: improved insulation, better insulating exterior doors and windows)
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Home heating and cooling systems (Heat pumps, air conditioners, water heaters)
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Home energy audits
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Geothermal water heaters
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Residential battery storage
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Rooftop solar panels
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Solar water heaters
Because of recent changes in federal policy, many home energy-saving programs are ending sooner than expected. This includes tax credits for things like heat pumps, electric vehicle (EV) chargers, insulation, and solar panels.
To get these benefits, most projects must be finished by December 31, 2025. Planning now can help you save money and make things easier when it's time to do your taxes.
Rebates are available for some customers for:
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Heat pump water heaters, electric stoves, heat pump dryers, circuit panels, insulation, air sealing, wiring
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Home energy efficiency retrofits