Student 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.
Penwarden, Ann
Sustainability Steering Committee
06/13/2023