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Sunday, July 14, 2024

What One Year of the Inflation Reduction Act Means for Us

What One Year of the Inflation Reduction Act Means for Us

At the U.S. Department of Energy (DOE), we have launched a series of vast collaborative efforts between public sector and private, with states, local and Tribal governments, with energy producers and large energy buyers and hopefully with you and other American energy consumers to bring to life the $356 billion Inflation Reduction Act. 

And there are already opportunities available now. For clean energy producers that means taking advantage of tax credits galore that can add up to 70% for projects in renewables. For American families, it means taking advantage of tax credits to save up to 30% on home upgrades like insulation, efficient windows, solar panels, and more.

For low-to-moderate income earners, the Inflation Reduction Act also includes a revolutionary consumer rebate program to help with purchasing home energy equipment like electric stoves, water heaters, and clothes dryers. Just last month, DOE announced it is accepting applications for states to its $8.5 billion home rebates programs. These programs, implemented by states, will increase energy efficiency in American homes and ensure more communities have access to affordable, reliable, clean electricity.

But that’s not all!

Through this historic law, commercial building owners can receive a tax credit up to $5 per square foot to support energy efficiency improvements that deliver lower utility bills. Small businesses can also benefit from tax credits that cover 30% of the costs to install low-cost solar power and purchase clean trucks and vans for commercial fleets. 

And woven into each of these new actions is a commitment to advancing equity in more communities, including for those that live in underserved, rural, and remote and traditional energy regions. By slashing emissions and reducing air pollutants, we believe this law can prevent an estimated 3,900 premature deaths and 100,000 asthma attacks by 2030.

It’s just year one, and we are just getting started. We look forward to working more with you and your communities to make sure next summer, and all the summers thereafter, are better. Climate change is no longer about future generations; it is about us. Now we must act.

Official news published at https://www.energy.gov/articles/what-one-year-inflation-reduction-act-means-us

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