The Inflation Reduction Act became a law on 8/16/2022.
American families have claimed more than $6 billion in credits for residential clean energy investments on 2023 tax returns filed and processed through May 23, 2024. Over 3.4 million American families saved a total of $8.4 billion on clean energy and energy efficiency upgrades in 2023 due to tax credits.
- Weatherization
- Nearly 700,000 families claimed investments in insulation and air sealing
- Residential solar
- Residential solar electricity tax credits was claimed by over 750,000 families
- Household installing residential solar have saved a median of $2,230 annually
- Heat Pumps
- Heat pump water heaters were claimed by over 100,000 families
- Households that installed efficient heat pumps and improved building efficiency are expected to save up to $600, $1,200, or $3,100 per year, based on the type of heating and cooling system that was being replaced
- Electric Vehicles
- American consumers saved over $1 billion in upfront costs on over 150,000 clean vehicle purchases since January 1, 2024
- The U.S. witnessed around 1.5 million clean vehicle sales in 2023, a 50% increase from 2022, marking the highest ever
- Jobs
- The IRA has incentivized the creation of higher-quality and higher-paid jobs in the clean energy sector
- 334,000 and counting jobs created, with an economic value of $265 billion
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