The Inflation Reduction Act (IRA) is directing an unprecedented $369 billion toward energy saving initiatives through tax credits. These tax credits will have numerous benefits including improved energy efficiency, reduced energy bills, and improved home comfort.
Below are some key points from the Act.
Residential Retrofit Incentives
- Previous law’s credit restored through 2022. Enhanced credit amount applies from January 1, 2023 to December 31, 2032
- 30% of insulation and air sealing materials up to $1,200 (per year)
- Credit available on a yearly basis
- Home energy audits covered up to $150
There are many components to this act and many ways you can save, and tax credits are subject to program changes. Our team is happy to answer questions. Contact our office to discuss your project and how tax credits can help.
