What is the Inflation Reduction Act?
By reducing the deficit and addressing some of the largest challenges the United States is facing in climate control and healthcare, the Inflation Reduction Act (IRA) seeks to limit inflation and lower the deficit. As part of the bill, homeowners can take advantage of the clean energy tax credits and other applicable tax incentives when they upgrade their homes to make them more environmentally friendly.
Energy Efficient Home Improvement Tax Credit
A key benefit of the IRA for homeowners is the Energy Efficient Home Improvement Tax Credit. Through the IRA, you can save on your energy-efficient upgrades by taking advantage of the new and improved Nonbusiness Energy Property Credit.
The purpose of this Act is to accelerate the adoption of all-electric HVAC equipment and lower utility bills for homeowners and businesses.