Inflation Reduction Act Individual Benefits Available

Lea Webb

September 7, 2023

The Inflation Reduction Act can help you with energy savings

Many working-and-middle-class households, as well as small businesses, qualify for up to thousands in tax breaks, rebates, and benefits for making eco-improvements to their properties and vehicles as part of President Biden’s Inflation Reduction Act (IRA), passed last summer. Check the guide below to see if you are eligible for these benefits under the IRA!

Many of these benefits can be attained during the tax filing process. For rebates and reimbursements, please see the Rewiring America calculator and the New York League of Conservation Voters’s guide for eligibility:

https://www.rewiringamerica.org/app/ira-calculator 

https://nylcv.org/wp-content/uploads/NYLCV_NY-IRAConsumerGuide_8.5x11_01b.pdf 

 

Tax Credits for Electric Vehicles and Drivers

 

Tax Credits for Electric Vehicles and Drivers: New Yorkers who purchased an electric vehicle, or anyone who invested in renewable charging infrastructure may be eligible for thousands in benefits: 

 

Available Rebates and Benefits for Homeowners

 

Rebates and Benefits for Homeowners: Homeowners throughout the state who made any energy efficiency improvements to their properties may be eligible for significant tax benefits and rebates: 

Ratepayer Benefits and Reimbursements: Most major energy providers in New York offer extensive benefits for installing energy efficient utilities, including furnaces, heat pumps, thermostats, cooling systems, and more. Check to see if your provider participates in these programs: https://nylcv.org/wp-content/uploads/IRAGuide_Utility-Bennefits.pdf 

 

Energy Efficiency Rebates

 

Energy Efficiency Rebates: In addition to numerous rebates for household energy improvements, the IRA provides tax benefits to keep homeowner and renter expenses low while property value increases thanks to energy efficient improvements: 

 

Heating, Cooling, and Ventilation

 

Heating, Cooling, and Ventilation Benefits: The IRA also provides tax credits for residential, multifamily, small business, and commercial entities who make temperature upgrades: 

 

Solar Benefits

 

Solar Benefits: For households and businesses that upgrade to solar, the IRA includes several tax credits and exemptions that significantly reduce costs: