NEWS

IRA in 2024: Go green & get money back

December 1, 2023

In 2024, the Inflation Reduction Act will offer middle- and lower-income individuals upfront rebates on climate-friendly appliances, such as induction stoves, electric panels, and heat pumps. In The Washington Post, Kara Saul Rinaldi explains:

"These are groundbreaking new rebates. These are federal rebates that have never existed before."

This article originally appeared in The Washington Post on December 1, 2023.

Since the beginning of this year, Americans hoping to switch to more climate-friendly heating systems, cars or stoves have been able to claim thousands of dollars from the U.S. government. Buy an electric car, and that’s $7,500 off your taxes — provided the car’s minerals and battery come from the right places. A heat pump, and that’s $2,000 off.

But in 2024, rebates for clean appliances will start coming down the pipe for lower-income individuals — meaning immediate cash back, with no need to wait until April to file taxes. And changes to the electric vehicle tax credit are also in the works, with the option of getting $7,500 off right at the dealership.

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