Despite its name, the Inflation Reduction Act is not just about taming high prices. The historic package was signed by President Joe Biden in August 2022, and it is The most important part of climate legislation in U.S. history, providing nearly $369 billion in tax credits and other incentives to Americans who invest in renewables and energy-efficient home improvements over the next decade.
But according to a new report, most Americans don’t know about these lucrative offers and are still thinking Installing solar panels out of their reach.
Read on: How the Inflation Act will fight climate change
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In a survey sponsored by SunPower, A.J Pioneer solar installer in the United StatesA quarter of respondents said they had never heard of the law.
Of those who did, more than half (51%) didn’t know it included energy-related tax credits.
Can solar panels save you money?
Are you interested in understanding the impact of solar energy on your home? Enter some basic information below, and we’ll instantly give you a free energy savings estimate.
One of the biggest environmental gains in historical legislation has been the expansion of Federal Solar Tax CreditThis allows taxpayers to deduct a significant portion of the cost of installing solar panels.
It was due to expire in 2024, but thanks to the IRA, the credit has not only been extended by a decade, but has also increased from 26% to 30% until 2032.
The White House says that with the expanded credit, another 7.5 million households will be able to install rooftop solar panels.
The good news is that most people understand The financial benefits of solar energysaid Susan Letta, SunPower’s chief policy and strategy officer. About 78% of those surveyed believe that it will reduce the monthly electricity bill.
“The tough challenge is showing these Americans that they can access those benefits, no matter what their income level is,” Letta said in a statement.
She added that many Americans believe that solar power is “only for the wealthy,” or that low-to-moderate-income Americans are not eligible for tax credits from renewables.
In the SunPower survey, 39% of respondents did not think they qualified.
Women, younger Americans, and those with low-to-moderate incomes in particular were less aware of IRAs’ less-energy incentives, according to survey data.
previous ballot 70% of Gen Zers (those born between 1997 and 2012) find they have gone over budget for a home with solar panels or other green upgrades. But only a third of Gen Zers in the SunPower study were aware of the inflationary law.
That sucks, especially since the incentives won’t be around forever.
“The most urgent action is to ramp up our education efforts,” Letta said. “It is critical that we address misconceptions on the drive home so that IRA benefits can be applied to all Americans.”
Curious about saving on solar energy? explore All energy savings rebates and tax credits In the Reducing Inflation Act, get the download incentives at the state level And calculate how long your solar setup will take to pay for it.
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