The Inflation Reduction Act of 2022 (IRA)
On August 16, 2022, President Biden signed into law the Inflation Reduction Act of 2022 (IRA). The law lowers healthcare costs, closes corporate tax loopholes, and makes a historic investment in climate action in the US.
For Ann Arbor residents seeking to reduce the carbon intensity of their homes and transportation, the law includes robust incentives for energy efficiency, solar, electrification, and electric vehicles. Over the coming weeks and months, the Ann Arbor Office of Sustainability and Innovations will provide more details about the benefits of the IRA of 2022 and how Ann Arborites can access them. For now, we are happy to share some resources from collaborating organizations.
ReWiring America has created an online calculator based on region and household income, to denotate what rebates and incentives are available, some starting immediately and others in 2023. As you hover over each provision, more details become available.
IRA Savings Calculator:
IRA Savings Calculator
ReWiring America has also created a Policy Explainer that details many of the tax credits and provisions.
RMI has published a deeper look into the economic, jobs, and manufacturing implications of the law in this analysis.
The White House has also published a fact sheet highlighting some of the benefits of the IRA of 2022 for Michigan.
The National Housing Trust published this housing policy brief which reviews affordable housing and resilience measures; and Environmental Justice Programs and Investments can be found in this brief by the Harvard Environmental and Energy Law Program.
More details on the IRA of 2022 and what it means for Ann Arbor will be coming soon from the Ann Arbor Office of Sustainability and Innovations.