What Can I Expect With The 2023 Electric Incentives Through The New Inflation Reduction Act (IRA)?

The Inflation Reduction Act of 2022 (IRA or Act) is a recently passed U.S. law designed to advance clean energy and reduce greenhouse gas emissions through support for investment in domestic energy production, energy efficiency and beneficial electrification. The legislation provides over $9 billion in rebates and tax credits to help households install important home upgrades, increase energy efficiency, and use renewable energy.

Inflation Reduction Act

Homeowners and landlords of single- and multi-family homes can benefit from savings with the Home Energy Performance-Based, Whole-House rebate program (the HOMES rebate program). Program eligibility is not income-based and instead measures the actual performance of your whole-home energy efficiency and electrification improvements.

Further details will be developed as the U.S. Department of Energy issues guidance to states and New Jersey Board of Public Utilities (BPU) announcements on program offerings.

If you have any further questions about the Inflation Reduction Act, we suggest you consult your CPA for more questions.