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Saturday, March 2, 2024

Ways to save with the Inflation Reduction Act

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Winter weather is quickly descending upon Indiana, and thanks to the Inflation Reduction Act, Hoosier families can save on energy costs.

The Inflation Reduction Act (IRA), signed into law by President Joe Biden in 2022, was one of the largest climate action investments made by the federal government. The IRA is aiding the federal government in building renewable energy infrastructure needed to transition away from fossil fuels — which have been attributed to speeding up the warming of the planet. However, the IRA also created new ways for families across the country to reduce energy costs at home, according to a newsletter from Andre Carson. 

“I’m proud of the progress that House Democrats have made together on climate, especially since the clean energy transition can help lower costs at a time families really need the breathing room,” Carson said in the newsletter. “And don’t think Congress is done here — my Progressive Caucus colleagues and I will continue to push for transformative legislation to protect our planet and our people.”

A few of the benefits available now include 30% back for the cost of clean energy upgrades to a home — including solar panels, water heaters and battery storage; up to $1,200 for improvements that increase the energy efficiency of the home — such as adding insulation and installing new exterior windows and doors; up to $2,000 for improvements that improve the efficiency of heating and air conditioning — such as a new heat pump or heat-pump water filter. 

Additionally, beginning Jan. 1, 2024, Carson said up to $7,500 in savings will be available at the point of sale when residents purchase a new electric vehicle and up to $4,000 will be available for a used electric vehicle. Customers can receive these credits directly at the car dealership, which means the discount will come right off the sticker price.

For more information and a full list of benefits, visit irs.gov/credits-and-deductions-under-the-inflation-reduction-act-of-2022.

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