A recent article at Bloomberg points out some of the big advantages of the recent Inflation Reduction Act for people considering home solar. When it comes to the recently passed law, EV tax credits have
points out some of the big advantages of the recent Inflation Reduction Act for people considering home solar. When it comes to the recently passed law, EV tax credits have gotten much of the attention, largely due to controversies in how they’re structured. But the new law also offers a 30% federal tax credit for solar systems on homes, with no cap. That’s a pretty big deal, but it goes far beyond that, with other tax credits to electrify your home as well, giving solar an even bigger edge.
While battery storage and electric vehicles make your home solar array more valuable and useful, while reducing the time it takes to achieve “break-even” with the cost of solar vs grid power, that’s only the beginning of what the bill does. I know that many American families are in the same spot, with homes built for a bygone era when burning up fossil fuels and paying for a trickle of electricity was perfectly OK. Now, it makes better sense to electrify homes for several reasons.
Not only was electricity a problem , but so many people were using natural gas that there just wasn’t enough to go around. This meant that most people couldn’t get heat in their homes unless they had some sort of backup, like a fireplace.