One of the best analyses of the impact of the IRA on sustainability and the mitigation of climate change was released on Aug. 31st by the Rocky Mountain Institute. Below is a graphic from that report summarizing the IRA’s biggest direct impacts. Click here to view the full report.
As reported by Fast Company, the report “finds that the IRA’s main rebates and tax credits could bring electrification and energy-efficiency upgrades to millions of homes. In total, the bill’s new rebates and expansions of existing tax credits will create more than $23 billion in funding to electrify homes, upgrade heating, cooling, and ventilation equipment, and develop entirely new buildings that meet the highest federal standards for efficient energy use.” The IRA provides funds or rebates for:
Electric heat pumps that can both heat and cool your home, which the Department of Energy estimates will save families $500 to $1,000 every year. There’s a rebate of up to $14,000 for installing them.
Induction cooktops, which replace dangerous and health-harming gas stoves that contribute to asthma and other respiratory diseases.
Insulation, windows, doors, and sealing ductwork, which will ensure a home’s heating and cooling systems don’t have to work as hard to keep families comfortable.
Upgraded electrical panels and wiring for homes that have older electrical service.
The tax credits provided for in the IRA are available immediately, but the rebate program will take some time to be implemented, since it requires the creation of rules and forms.