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Clean Energy Tax Incentives
Clean Energy Tax Incentives
Clean Energy Tax Incentives
Inflation Reduction Act
Inflation Reduction Act
The Inflation Reduction Act of 2022 (IRA)¹ was signed into law by President Biden in August 2022. Enacted to help mitigate inflation, reduce carbon emissions, and promote clean energy, the IRA amends credits for energy-efficient home improvements under US Tax Code 25C and residential energy property under Tax Code 25D.²
What Does It Mean for Homeowners?
What Does It Mean for Homeowners?
The Inflation Reduction Act of 2022 provides significant incentive for homeowners to invest in clean energy and energy-efficient equipment.
Under the IRA, homeowners investing in clean energy such as solar or wind power, geothermal heat pumps, fuel cells, and energy storage systems for their primary residence³ may be eligible for a 30% tax credit. Also referred to as an Investment Tax Credit, this incentive is expected to remain at its increased rate for residential solar systems throughout the next ten years. As of 2023, standalone storage systems may also be eligible for the credit.⁴
Under the IRA, homeowners investing in clean energy such as solar or wind power, geothermal heat pumps, fuel cells, and energy storage systems for their primary residence³ may be eligible for a 30% tax credit. Also referred to as an Investment Tax Credit, this incentive is expected to remain at its increased rate for residential solar systems throughout the next ten years. As of 2023, standalone storage systems may also be eligible for the credit.⁴
Track Eligible Investments
Track Eligible Investments
Planning a home improvement project? Contact your tax advisor for the latest guidance on Investment Tax Credits and eligible expenditures for energy-efficient equipment.
Explore Energy Storage
Explore Energy Storage
LG Electronics is a recognized innovator with 65+ years of experience in the consumer electronics industry. As a household name across the globe, LG is committed to designing and manufacturing products with energy-efficiency and environmental sustainability in mind that keep our customers saying, “life’s good.”
LG offers the Home 8 Energy Storage System—a whole home backup power system designed to store and provide up to 14.4 kWh of usable energy. Whether solar-fed or AC-coupled, the ESS Home 8 is engineered to keep your home running smoothly.
LG offers the Home 8 Energy Storage System—a whole home backup power system designed to store and provide up to 14.4 kWh of usable energy. Whether solar-fed or AC-coupled, the ESS Home 8 is engineered to keep your home running smoothly.