SPAN & the Inflation Reduction Act
We’ve heard about Solar Panel tax credits, and the Clean Vehicle Credit, but The Inflation Reduction Act, signed into law August 16, 2022, has a climate goal to reduce carbon emissions by 40% by 2030, and SPAN will play a critical role in helping the legislation realize its full potential.
Energy Efficient Home Improvement Credit This credit covers a wider range of electrification upgrades. A Load Center is now eligible for 30% of the costs up to $600, which SPAN® Panel qualifies. While the old credit could be applied toward just 10% of the costs of energy efficiency upgrades like air-sealing, insulation, and new doors and windows, the new Energy Efficient Home Improvement Credit is equal to 30% of the costs for eligible home upgrades, with incentive limits varying by appliance upgrade from up to $600 to as much as $2,000 for heat pumps and space heating appliances.
“We believe today’s homeowners want more efficient homes that perform better and offer a level of control that allows them to power their lives more intelligently. The Inflation Reduction Act provides significant new incentives to help millions of American homeowners electrify.” = Arch Rao, SPAN FOUNDER & CEO
Highlights of the Inflation Reduction Act
- Lowers energy bills: cuts energy bills by $500 to $1,000 per year
- Makes historic climate investment: reduces carbon emissions by roughly 40% by 2030
- Creates manufacturing jobs: more than $60 billion invested will create millions of new domestic clean
- $369 Billion Total investment for Energy Security and Climate Change
We see that California is moving toward phasing out the sale of gas-powered vehicles by 2035, and they do typically set the trend that sweeps across the nation. The next generation may embrace this even more. Imagine preparing your home for the future. That’s what SPAN® can do for you! Electrification is not fantasy – it’s the future and it’s now!
Tax Credits for Residential Energy Efficiency
All across Texas, homes are not yet prepared to accommodate SMART electric appliances, such as EV chargers, heat pumps, and solar and battery storage. Installing SPAN® upgrades your home to have full control. These tax credits and Incentives for Energy Efficiency in our homes are earned with products like heat pumps, small wind turbines, solar energy, fuel cells, and smart appliances.
SPAN® Electrical Panels are at the core of all of these energy efficient upgrades. For eligibility of Inflation Reduction Act incentives, Energy Efficient Home Improvement Credit, or Residential Clean Energy Credit please consult your accountant or tax professional.
*Disclaimer: The tax credit information contained within this website is provided for informational purposes only and is not intended to substitute for expert advice from a professional tax/financial planner or the Internal Revenue Service (IRS).
Credits for Sources:
“Alternative Fuels Data Center: Inflation Reduction Act Of 2022”. Afdc.Energy.Gov, 2022, https://afdc.energy.gov/laws/inflation-reduction-act.
“Federal Income Tax Credits And Other Incentives For Energy Efficiency”. Energystar.Gov, 2022, https://www.energystar.gov/about/federal_tax_credits.
Rao, Arch. “SPAN And The Inflation Reduction Act”. Span.Io, 2022, https://www.span.io/span-and-the-inflation-reduction-act.
SUMMARY: THE INFLATION REDUCTION ACT OF 2022. 2022,
https://www.democrats.senate.gov/imo/media/doc/inflation_reduction_act_one_page_summary.pdf, Accessed 27 Aug 2022.