President Biden signed the Inflation Reduction Act (IRA) into law on August 16, 2022. This historic bill covers several issues impacting American lives today but is anchored by clean energy and climate related investments totaling nearly $370 billion.
There is a lot to unpack in the 730-page document, ranging from corporate tax law to drug price mandates to renewable energy rebates. The intricacies and sheer volume left a lot of people confused and wondering, “what’s in it for me?”
The good news? We read the bill so that you don’t have to! There are a lot of amazing benefits for people that want to save money on their electricity bills, make their home energy more reliable or reduce their carbon footprint. For instance, do you already have a SunPower solar system but are thinking about adding a SunVault storage system to protect your family against those ever-increasing power outages? Starting in 2023, you can get a 30% tax credit on a solar battery.
It's probably not surprising that there are extra benefits and some limitations depending on your income level, location or other personal factors. To help illustrate how you can get the most out of the bill, we'll be showcasing real-world scenarios of people planning their own tax breaks, rebates and incentives over the next few weeks. Stay tuned!
For now, here are the top 10 things you should know: