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