The Inflation Reduction Act of 2022 is a massive tax, healthcare, and climate bill just signed into law. Excitement is swirling around this historic piece of legislation, and you’ve probably been hearing about it for the past couple of weeks. But what does it mean for you?
Keep reading for a breakdown of the Inflation Reduction Act (IRA) and how it will affect you, your solar panel installation, and the environment more broadly.
The Inflation Reduction Act is a new statute that aims to address inflation by reducing healthcare and energy costs, bringing down the federal deficit, and working to combat climate change. The legislation tackles some of the biggest issues our country is currently facing—including high prescription drug costs and increasing greenhouse gas emissions—by introducing new policies, tax credits, and incentives. The act will also create more than 9 million jobs and help strengthen the American economy.
The Inflation Reduction Act will invest more than $300 billion dollars in clean energy and climate reform. It is the largest clean energy investment in United States history and a massive step toward meeting our carbon reduction goals. The provisions set forth in the IRA:
The United States is currently on track to reduce greenhouse gas emissions by 24-35% by 2030, when compared to 2005 levels. The provisions outlined in the IRA put us on track for a 31-44% reduction in the same timeframe.
Solar energy production and solar storage are key to the United State’s climate and carbon reduction goals. To make solar panel installation more affordable, the Inflation Reduction Act allocates a significant amount of spending to tax credits and incentives for onsite clean energy production and battery storage.
Here’s how the Inflation Reduction Act will impact solar panel installation(s):
The Inflation Reduction Act and the solar tax credits it creates make now one of the best times to go solar, ever. Boston Solar can help you take advantage of the new 30% federal solar tax credit for your home or business. We’ve been empowering Massachusetts for more than 10 years and have installed more than 5,000 solar energy systems. If you’re looking for an experienced solar provider near you that can help you claim tax credits and incentives, give us a call today. We can get you on the path to clean, affordable energy production for your Massachusetts home or business!
Get a 30% tax credit when you go solar now. Call 617-858-1645 or contact us to learn more.