How the Inflation Reduction Act can help us reach our sustainability goals

Photo: Sunlight Financial

Editor’s note: This is a guest blog post from Sunlight Financial, a sustaining sponsor of Sustain Charlotte’s Biketoberfest in 2022. 

Renewable energy is a key element in ensuring our country grows in a sustainable way. Recently, the U.S. government took a monumental step forward in the fight against climate change when President Biden signed the Inflation Reduction Act of 2022 into law.

While there are many elements to the Inflation Reduction Act, this historic legislation is a huge win for clean energy in the United States and sets the stage for sustainable growth.

At Sunlight Financial, we’re excited to see how the law will benefit both solar installers and homeowners looking to make clean energy upgrades.

The Inflation Reduction Act is a multi-faceted piece of legislation that includes multiple wins for clean energy and helps the U.S. get closer to its climate change goals.

One of the key elements is that the Inflation Reduction Act provides security and confidence for our community members who work in solar as well as homeowners looking to make the switch to cleaner energy. With the extension of the 30% solar tax credit through 2033, the Inflation Reduction Act reduces the financial barriers for homeowners considering switching to solar. On the commercial side, solar installers and investors working in clean energy stand to benefit from various aspects of the law, such as the opportunity to receive grants.

President Biden signed the Inflation Reduction Act of 2022 into law on Aug. 16. (@WhiteHouse/Twitter)

The overall security and confidence the Inflation Reduction Act brings to the residential and commercial solar industry is something to celebrate.

The solar tax credit extension isn’t the only way the Inflation Reduction Act can boost sustainability changes among homeowners. Another way the act can help our community reach our sustainability goals is with the creation of rebates.

For homeowners looking to make clean energy upgrades, the Inflation Reduction Act’s economic incentives make the switch easier and more affordable. The rebates encompass various home upgrades ranging from heat pump water heaters to general electrical wiring. The law even provides for an electric vehicle rebate, which is sure to spur adoption. While the actual rebate amounts will vary by state, the maximum values set by the law will set the stage for homeowners to make sustainable home and lifestyle improvements.

The momentum the Inflation Reduction Act brings to sustainability is exciting. For commercial properties and homeowners, the tax credits, rebates, and grants can make a meaningful difference and will ultimately encourage positive change within communities across the country. The entire Sunlight Financial team is excited to see how this historic act will make an impact for our network of partners around the U.S. and especially for our neighbors in the Charlotte area.

Sunlight Financial is proud to work with Sustain Charlotte in its efforts to make the Charlotte area a more sustainable place to live. Click here to learn more about the Inflation Reduction Act.

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