NJ Residents: Save Money and Combat Climate Change Simultaneously
TL/DR –
The federal Inflation Reduction Act of 2022 offers funding for low- and middle-income families, community groups, schools, and more to invest in greener choices, which is projected to cut greenhouse gas emissions by 40% by 2030. Through tax credits, rebates, and lower energy bills due to improved efficiency, millions of New Jerseyans can afford electric vehicles, clean energy home heating systems, and other energy-saving upgrades. The Act also provides funding for projects aimed at environmental justice, with 40% of overall benefits directed to marginalized, underserved, or overburdened communities.
Want to Save Money & Help the Environment? New Federal Act May Help
The Inflation Reduction Act of 2022 provides opportunities for those seeking to cut home energy bills, combat climate change, and promote environmental justice in New Jersey.
The New Jersey League of Conservation Voters recently moderated a panel discussing how low and middle-income families, community groups, schools, and local governments can access funding under the act. Ed Potosnak, NJ League’s executive director, called it “the greatest investment in our history” for tackling climate change.
The Affordable Clean Energy Plan within the act creates financial incentives for greener choices. It encourages families to switch to geothermal home heating, and schools to move to electric buses. The Thriving Communities Program advances environmental justice for underserved communities through grants for pollution prevention, climate adaptation, and public health improvement projects.
Consumer incentives
Clean energy incentives come through a combination of tax credits, rebates, and lower energy bills due to improved efficiency.
New Jersey residents can already claim tax credits for purchasing electric vehicles, installing clean energy home heating systems, weatherizing homes, and upgrading to high efficiency appliances. Rebates are expected to be available by late 2024 or early 2025. Check your eligibility for these incentives at https://homes.rewiringamerica.org/calculator.
Environmental justice
The IRA programs can help communities reduce pollution and improve health. According to Jordana Vanderselt, director of operations for WeAct for Environmental Justice, 40% of the overall benefits of IRA must flow to marginalized communities.
WeAct helps community groups to find out what grants are available through the IRA, how to apply for them, and how to manage them. Funding is available for projects such as building community gardens, planting shade trees, and creating pooling zones to reduce flooding.
To find out how your community might benefit from the Thriving Communities Program funding, visit www.weact.org/tctac/training.
The IRA programs offer New Jersey a chance to reduce greenhouse gases, lower consumer energy bills, and promote environmental justice. You can review a recording of the NJ League of Conservation Voters’ panel discussion at https://youtu.be/Hp4POr0rEzg.
For preserving New Jersey’s natural resources, you can visit the New Jersey Conservation Foundation website at www.njconservation.org.
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