President Biden signed the Inflation Reduction Act (IRA) effective August 16, 2022. This landmark bill covers several issues impacting the lives of Americans today, but is anchored by clean energy and climate-related investments totaling nearly $370 billion. dollars.
There’s a lot to unpack in the 730-page document, ranging from corporate tax law to drug pricing mandates to renewable energy discounts. The intricacies and sheer volume have left many people confused and wondering, “what’s in it for me?”
The good news? We read the invoice so you don’t have to! There is a lot of amazing benefits for people who want to save money on their electricity bill, make their home’s energy more reliable or reduce their carbon footprint. For example, do you already have a SunPower solar system but are considering adding a SunVault Storage system to protect your family against these power outages? From 2023, you can benefit from a 30% tax credit on a solar battery.
It’s probably no surprise that there are additional benefits and some limitations based on your income level, location, or other personal factors. To help illustrate how you can get the most out of the bill, we’ll feature real-life scenarios of people planning their own tax breaks, rebates and incentives over the coming weeks. Stay tuned!
For now, here are the top 10 things you need to know:
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