The Inflation Reduction Act provides money for everyone to cut fossil fuels out of their lifestyle.
- $2000 Heat pump tax credit
- 30% Investment Tax Credit for Solar, Wind, and Batteries until 2033
- $7500 EV point of sale rebate based on domestic content
Nicole Kelner shows the main savings to expect beautifully in this image;
The $8,000 discount for heat pumps for low income folks will run out quickly. Washington state will get ~$100M over the next 10 years. Sounds like a lot, but that’s only 10,000 homes in Washington.
Electrify Now is a group of Portland engineers who have put together great resources for how to electrify your house. Their YouTube channel of webinars is a great source of information (love the induction stove webinar, but they get a little too excited about heat pump hot water heaters). Their webinar on the IRA includes a speaker from Rewiring America who goes into detail out the IRA tax credits and two Mitsubishi salesmen who describe some impressive heat pump performance and the IRA’s heat pump incentives.
The IRS updates a webpage about how the tax credits will work.