The Green Corner: The Inflation Reduction Act

This Green Corner article is written by Kip Coerper, member of the St. James’, Skaneateles and the Creation Care Team in the Episcopal Diocese of Central New York.   Image from unsplash.com. 

Our Federal Government is now providing opportunities for transitioning to renewable energy and for being responsible stewards of the natural resources we are blessed to have.  The Inflation Reduction Act signed into law on August 16 has many financial incentives and rebates for us to reduce our energy use.  As gas prices rise, and pollution from carbon continues, we should all consider ways to better insulate our homes, and transition to renewable energy sources.  Bills from Congress are typically extremely wordy and hard to understand.  So here is brief summary from friends at the Sierra Club:

There are a lot of amazing benefits for people to save money on their electricity bills, make their homes more energy efficient, or reduce individual carbon footprint.

Here Are the Top 10 Benefits1

  1. 30% tax credit on solar systems. The solar Investment Tax Credit (ITC) means you get back nearly a third of the cost of your system if purchased between 2022 and 2032.
  2. 30% tax credit on energy storage technologies. This credit covers batteries that run on solar energy that can be used to power your home in a grid outage.
  3. Tax credits for home builders. With these credits for builders, we can expect to see more clean-energy homes on the market.
  4. Up to $7,500 tax credit on electric vehicles (EVs).
  5. 30% tax credit on EV chargers.
  6. $8,000 rebate on heat pumps.
  7. $1,750 rebate on heat pump water heaters.
  8. $840 rebate on electric stoves, cooktops, ranges, and ovens.
  9. Up to $4,000 rebate on breaker box upgrades and $2,500 rebate on electrical wiring.
  10. Cleaner air. With all these incentives in place, the White House expects a 40% cut in greenhouse emissions from 2005 levels by the end of the decade.

To qualify for the rebates your income must be less than 150% of the median where you live.  To get more information on the opportunities and how to access them, go to the Natural Resources Defense Council at
https://www.nrdc.org/stories/consumer-guide-inflation-reduction-act

These opportunities are available for many of us to help conserve natural resources, protect our air and water, and save money.  Did you know that the cost of solar cells has dropped 70% in the past decade!  It is now cheaper to get energy from solar power than from coal power.  So consider installng high efficiency heat pumps, solar panels, or buy an electric car – all opportunities to get significant rebates from the Inflation Reduction Act.  You may save money, you will bless our abundant creation, and you will be making a positive difference in ongoing opportunities to breathe clean air, drink clean water, and save resources for the 7th generation beyond each of us.

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