Nonprofit’s Tools Estimate Savings from Inflation Reduction Act
TL/DR –
The Inflation Reduction Act, a $370 billion investment by Congress in climate action, is aimed at helping Americans afford home improvements for energy efficiency. A non-profit organization, Rewiring America, has developed a tool that can help individuals calculate possible savings from this fund. However, it is advisable to take advantage of these incentives soon, as there is a possibility they might be eliminated by incoming President-elect Donald Trump.
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The Inflation Reduction Act: A Guide to How You Can Benefit
The Inflation Reduction Act (IRA), with an allocation of nearly $370 billion, marks the U.S. Congress’s most significant commitment to addressing climate change to date. A substantial portion of these funds are dedicated to assisting American citizens with home improvements, with the ultimate goal of reducing their energy and fuel expenses.
With the Act spanning more than 700 pages, Rewiring America, a nonprofit organization, has created a tool to help individuals determine how much of the allocated $370 billion could potentially help them.
Navigating the IRA with Rewiring America
Among the tools developed by Rewiring America, the Incentive Calculator stands out for its simplicity and efficiency. By answering a few key questions, like your zip code or housing status, you can quickly calculate potential savings from home improvements. These improvements could not only save you money in the short term, but also in the long term, with the average homeowner able to shave off $1,550 per year by installing solar panels, according to Rewiring America’s estimates.
However, individuals, businesses, and nonprofits are urged to act fast and make the most of the available funds earmarked for appliance upgrades and building modernizations. President-elect Donald Trump has expressed interest in cutting large portions of the IRA, potentially impacting the availability of these incentives. Hence, taking initiative now could mean saving thousands of dollars while the window of opportunity remains open.
What Information Can Rewiring America Provide?
Upfront Discounts
Rewiring America’s resources guide users through different types of incentives – upfront discounts, rebates, and tax credits. After specifying the upgrades you’re interested in, the tool generates a list of potential discounts and their respective availability. These discounts could apply to a plethora of items, including electric and induction stoves, clothes dryers, heat pumps, breaker boxes, and home weatherization.
Tax Credits
The Incentive Calculator can also inform you about available tax credits based on your income and provide further details such as the timing, applicability, and amounts. Potential tax credits cover items like electric vehicles (up to $7,500) and solar panel installations (30%). For those interested in electric vehicle tax incentives, the tool offers information on qualifying models.
Other Details
Aside from this, Rewiring America offers a wealth of additional information regarding available incentives. The nonprofit can guide you on which electrification upgrades are worth considering, provide specifics on incentive eligibility, and direct you to further information. You can sign up to receive more resources from Rewiring America and The Cool Down on how to maximize the benefits of the IRA and contribute to a greener planet.
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