President Biden just signed the Inflation Reduction Act, which allocates hundreds of billions to fight climate change. Here’s how to get your share:
A notable exception to the Inflation Reduction Act’s $1,200 annual limit on tax credits is with heat pumps, which you can get $2,000 for. These appliances are: Instead of burning gas like a traditional furnace, they use electricity to extract heat from outdoor air and pump it inside, or extract heat from indoor air and pump it outside. “It’s a really efficient way of moving heat from one place to another,” says Lowell Ungar, director of federal policy at the.
You’d get an even bigger discount—$8,000—on a heat pump if you instead qualify for a rebate, the other way the bill hands out money to homeowners. This point-of-sale discount is aimed at lower- and middle-income households that can’t wait a year to get a tax credit, and may not even have a high enough tax liability to qualify for reductions in the first place.
The truth of the matter is that upgrading a home with better insulation or windows or electric appliances ain’t cheap. But if lower-income folks can get help from the Inflation Reduction Act, they can save on heating and cooling costs in the long run, easily recouping the costs of the investments and then some. Landlords, too, now have more incentive to climate-proof their properties.
, an energy and environmental policy strategy firm. “These higher-end products, more efficient products, products that make the home cheaper to run, are now more accessible to people with lower incomes.”, especially lower-income folks already living in neighborhoods with poor air quality thanks to pollution-spewing gasoline cars. For new EVs there’s a maximum credit of $7,500 in the bill, an extension of a previous incentive.
These credits extend all the way through 2032. “It’s great for consumers to have that long-term certainty to know that, OK, maybe I’m not ready to purchase a new vehicle tomorrow or next month, but sometime within the next 10 years,” says Katherine Stainken, vice president of policy at theWhere the Inflation Reduction Act gets tricky, though, is that to qualify for the tax credits, you may have to buy an EV that meets certain requirements.
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