In 2022, the U.S. made a monumental stride towards a greener future by passing the Inflation Reduction Act (IRA). This groundbreaking legislation aims to empower over 100 million households to embrace solar energy, ensuring homes are more energy-efficient and pocket-friendly. A recent study by a leading solar manufacturer dove into the American sentiment towards this bill and the general inclination towards clean energy.

The findings were enlightening. With electricity costs on an upward trajectory, many are becoming acutely aware of their energy usage. The allure of governmental backing for renewable energy, especially solar, is undeniable. A whopping 61% of respondents considering the solar switch stated that government incentives would seal the deal for them.

However, there’s a knowledge gap. Nearly 58 million Americans are in the dark about the IRA. Of those who know of it, 51% remain oblivious to the energy-efficient tax credits it offers, and 39% mistakenly believe they’re ineligible.

Navigating the IRA might seem like a daunting task, but the rewards are manifold. Knowledge is power; those acquainted with the IRA are 50% more convinced of solar affordability and doubly keen on energy-efficient home enhancements.

Top Ten Benefits of the IRA Simplified by Renova Energy:

  1. 30% Solar Investment Tax Credit (ITC): Get a tax break for solar installations from 2022-2032.
  2. Solar Storage Tax Credit: A 30% tax credit for integrating solar storage.
  3. Builder’s Incentive: Tax credits for eco-conscious home builders.
  4. EV Purchase Tax Credit: Save up to $7,500 on qualifying electric vehicle purchases.
  5. EV Charger Tax Credit: A 30% tax credit for installing EV chargers.
  6. Heat Pump Rebate: An $8,000 rebate for heat pump installations.
  7. Heat Pump Water Heater Rebate: Save $1,750 on heat pump water heaters.
  8. Kitchen Appliance Rebate: Get a rebate of $840 on eco-friendly stoves, cooktops, ranges, and ovens.
  9. Solar System Infrastructure Rebates: Discounts on breaker box upgrades and rewiring essential for solar systems.
  10. Cleaner Air for All: Anticipate a 40% reduction in greenhouse gasses from 2005 levels.

Resources from Our Esteemed Partners:

Keen on harnessing the power of the sun with Renova Energy? Discover how the IRA can light up your solar journey. Get started with a FREE Quote!

By Published On: October 20, 2023

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