How to get Federal Inflation Reduction Act (IRA) $$$ Working for You
Island Way Workshop: September 6 @ 5 pm via Zoom
The new federal Inflation Reduction Act (IRA) provides billions in funding to help Americans prepare for a more affordable energy future! This virtual workshop will show you how to navigate the IRA funds to access cash rebates and tax credits for purchases including: electric cars and bikes, efficiency upgrades, appliances, weatherization, solar and other home improvements.
In the September 6th workshop via Zoom, Sustainable Connections will walk us through the new tax credits, cost shares and incentives for residential and commercial members. We’ll also cover the Energize San Juans program: grants and incentives for businesses and farms. Learn how to stack incentives to get your projects paid for. Register for the September 6th workshop (5:00 pm) online: https://www.opalco.com/event/new-for-your-projects-through-the-inflation-reduction-act-ira/.
The IRA has two main incentives for homeowners: tax credits and rebates. The tax credits for heating and efficiency upgrades are available now and apply to any improvements installed between 2023 and 2032. The tax credits have an annual maximum for heat pumps and other heating improvements, electric upgrades, insulation, and shell measures like windows and doors, meaning you can apply each year for new upgrades. These credits are available to anyone regardless of income, assuming you pay taxes.
IRA rebates for improvements like heat pumps, water heaters, electric upgrades, insulation, and appliances will be available late 2023. There are two rebate routes:
- The Homeowner Managing Energy Savings (HOMES) program is for anyone regardless of income and provides rebates for improved home performance and energy savings that result from efficiency measures.
- The High Efficiency Electric Home Rebate (HEEHR) program is for low- to moderate- income households and covers a portion of the installation cost for electric improvements.
To help identify what incentives you may be eligible for, the Rewiring America website estimates your rebates and tax credits based on a few questions. Your savings will increase exponentially as you stack available incentives including the IRA, OPALCO’s rebates and on-bill financing programs and other federal incentives and grants through the Opportunity Council (low-income households) and Sustainable Connections (businesses). Learn how to get the most out of your projects and get your questions answered at the Island Way Workshop on September 6th @ 5 pm via Zoom.
