Solar Becomes More Affordable with Inflation Reduction Act of 2022

Have you been thinking about going solar but are worried about the cost? Not anymore! With the introduction of the Inflation Reduction Act (IRA) of 2022, solar energy is more affordable and easier to get than ever. The bill introduces tax credits, closing tax loopholes and strategic spending to support an increase in renewable energy in the most aggressive fight against climate change in U.S. history – a goal Green Alternatives has been working toward for years. Here’s a better breakdown of what the huge climate and energy package plans to accomplish and how:

Reduced Carbon Emissions 

By investing in clean energy, we can cut emissions that are harmful to our environment. The goal of the IRA is to reduce carbon emissions by nearly 40% nationwide in 2030. With the more rapid deployment of renewable energy sources (i.e. solar and wind), it is predicted that we will cut annual U.S. greenhouse gas emissions by about 1 billion metric tons. This shift will result in less air pollution, in addition to individual household savings from lower electricity rates. 

Tax Credits and Closing Loopholes

Americans will be incentivized to install solar panels on their roofs and switch to electric alternatives with a 30% tax credit on residential and commercial projects until the end of 2034. Millions of families who take advantage of clean energy, efficiency and electric vehicle tax credits will save more than $1,000 a year. For larger projects, there is a default tax credit of 6%; however, an additional tax credit is obtainable under certain conditions.

How’s this possible? The IRA tax bill accounts for $600 billion in spending which will be aided by closing tax loopholes on upper class Americans and wealthy corporations. More specifically, corporations will face a 15% minimum tax. One expert explains that closing this loophole and collecting a minimum tax from corporations who have previously escaped federal income tax is an effective way of raising government revenue without damaging impacts.

A Step Forward for Americans 

Switching to renewable energy is a big step toward sustainability for Americans in the fight against climate change. That’s why government officials are pushing to make it more affordable and widely adapted. With the IRA, our leaders plan to lower costs and strengthen American dependence on renewable energy in order to scale the solar industry. This will introduce hundreds of thousands of new jobs and improve grid stability… all while lessening the harmful impacts of climate change. Looking into the future, we expect to see more energy efficient homes equipped with solar panels, electric vehicles and greener home appliances.

Ready to Fight Climate Change? Green Alternatives Can Help!

It all comes down to this…we need to protect our environment and face the reality of climate change if we want our environment to survive. Our leaders agree that a huge part of the solution is a wide scale reduction of our carbon emissions through the adoption of renewable energy sources like solar. Now is the time for you to join the fight!

At Green Alternatives, we have been harvesting clean energy in Indiana for almost 14 years. We have the expertise and team strength to install solar panels on your next residential, commercial or agricultural project. Together, we can go solar for a brighter, more sustainable future (and do so with big savings!). For questions about solar energy and our services, call us at 765-480-2423, or send an email to gai@solargai.com.