Yes. It’s like a giveaway.
As we know Joe has some success rolling over his fellow democrats and it looks as though this act which has massive financial incentives for green energy, both for consumers and the companies that provide green solutions may pass into law.
The best bits.
Households could receive $28,500 in up-front incentives to buy electric vehicles and household appliances
Using the tax incentives and rebates in the Inflation Reduction Act, a low- or moderate-income household could choose from a variety of incentives that add up to $28,500 to switch to efficient electric home appliances, install rooftop solar, and buy new electric vehicles.
The Inflation Reduction Act makes the transition to an all-electric home more affordable than ever by offering the following incentives, which would be available beginning this year if enacted:
- Purchasing electric vehicles: The Inflation Reduction Act offers up to $7,500 toward the purchase of a new electric vehicle or up to $4,000 toward the purchase of a used electric vehicle. Eligibility is capped so that these credits are not available to the wealthiest families—those earning more than $300,000 per year for new vehicles or $150,000 per year for used vehicles.
- Installing rooftop solar: The Inflation Reduction Act provides for 30 percent off the cost of rooftop solar, which amounts to average savings of $7,000, according to estimates from the Sierra Club. The bill also offers 30 percent off the cost of home batteries for the first time.
- Switching to electric appliances: The Inflation Reduction Act offers homes up to $14,000 in rebates to switch over to electric appliances—covering up to 50 percent of the costs for moderate-income households and 100 percent of the costs for low-income households. The total program is capped at $4.5 billion. This includes up to:
- $8,000 for a heat pump, which serves as an air conditioner in the summer and heater in the winter
- $1,750 for a high-efficiency, all-electric heat pump water heater
- $840 for an electric induction cooktop
- $840 for a high-efficiency all-electric heat pump clothes dryer
- Up to $9,100 for enabling improvements to the electric panel, wiring, and home insulation
- Improving energy efficiency: An alternative rebate option offers to cover more than 50 percent of the cost of whole-home energy efficiency retrofit or more than 80 percent in the case of homes occupied by low- or moderate-income households. Households that do not participate in either rebate program can still claim a variety of home energy tax credits, which are improved and extended for 10 years by the bill.
- Making major investments in affordable housing and multifamily rental units: The Inflation Reduction Act’s investment incentives aren’t just for individual homeowners; in fact, the bill provides rebates of up to $400,000 for whole-building energy efficiency retrofits in large multifamily apartment buildings as well as grants and loans worth $1 billion in total for improving efficiency and installing zero-emission equipment in affordable housing units.
Companies that stand to benefit are electric car makers PV makers. PV installers. Makers of energy efficient domestic appliances.
I’d just like to put the tickers that I’ve looked at:
As you can see. The crayons speak for themselves.
When this moves into law.
It’s gonna be a big mover.
Disclaimer: This information is only for educational purposes. Do not make any investment decisions based on the information in this article. Do you own due diligence or consult your financial professional before making any investment decision.