MCC Daily Tribune

Green Tip: Inflation Reduction Act of 2022 and the Climate

The Inflation Reduction Act of 2022 is a 10-year plan which aims to curb inflation by reducing the deficit, lowering prescription drug prices, and investing into domestic energy production while promoting clean energy. 

The Act includes numerous investments in climate protection, including tax credits for households to offset energy costs, investments in clean energy production, and tax credits aimed at reducing carbon emissions. According to a document from the U.S. Senate democrats, it will lower energy costs, increase cleaner production, and reduce carbon emissions by roughly 40 percent by 2030. Locally, the Citizens’ Climate Lobby highlights some of the incentives for solar installation, home energy upgrades and electric vehicles. Some of the incentives offered are income tax credits (with various qualifications relating to income and items) and other are upfront discounts for low to moderate-income households. New York State Energy Research and Development Authority (NYSERDA) has a summary that links potential IRA tax credits with New York State incentives.As with any major purchase, consumers should do research on the products to be sure they are purchasing something that meets their needs and fits within their budgets for upfront and ongoing costs. Individuals should also consult with their tax advisor to determine IRA and NYSERDA incentive eligibility. NYSERDA offers free home energy assessments to all New York residents. HeatSMART Finger Lakes offers unbiased advice and guidance and is a NYSERDA funded initiative program of the Climate Solutions Accelerator of the Genesee-Finger Lakes Region intended to jump-start the rate of homeowners and others adopting building envelope and heat pump technologies in the region. There is no charge and no obligation to receive a no-cost energy assessment of your home or business.

Ann Penwarden
Sustainability Steering Committee
06/13/2023