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12/5/2023
State
NYSERDA
Inflation Reduction Act: Home
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Save Money on Clean Energy Upgrades to Your Home, Business, or Vehicle New York residents and businesses are now eligible for energy-related savings through the Inflation Reduction Act (IRA) which was passed by the federal government in 2022. The IRA will provide $370 billion in funding for clean energy and environmental justice initiatives nationwide, representing the largest investment in climate action by the U.S. government.
A significant portion of IRA funding includes tax credits and rebates for residents (homeowners and renters) and businesses to make energy efficiency upgrades to their homes or buildings, or purchase clean energy equipment like solar panels, electric vehicles (EVs), and heat pumps. IRA incentives are set to be offered through 2032, providing ample time and opportunity for New Yorkers to plan for and take advantage of IRA savings to make the switch to EVs, heat pumps, and other low-carbon technologies. Often, IRA incentives can be combined with New York State tax credits or rebates to maximize savings. This guide will unpack how IRA incentives work, introduce eligible clean energy technologies, and provide tips for making the most of IRA savings for your home or business. |