This week marks the one-year anniversary of President Biden’s Inflation Reduction Act (IRA), known for its major investments in clean energy, protections from climate change, and quality jobs. But IRA isn’t just about big money projects. Many New York State consumers may not realize there are some direct financial benefits they could receive under the law.
Say you’re planning to weatherize your home this fall, or upgrade to a new heat pump, buy an electric car, install solar panels, or simply get more efficient appliances. According to the New York League of Conservation Voters, the IRA may help you save thousands of dollars on some upfront costs and as well as lower your bills.
To celebrate IRA’s anniversary, the League just released the New York IRA Consumer Benefits Guides, which can help you understand exactly what you are eligible for under the IRA. They have an overview guide–in both English and Spanish–as well as a series of guides that focus on specific benefits, including:
- The Energy Efficiency Home Improvement Credit,
- Clean vehicle credits,
- The Residential Clean Energy Tax Credit,
- The HOMES Rebate Program,
- The High Efficiency Electric Home Rebate Program,
- Electric vehicle and infrastructure credits and rebates.
In addition, provisions in the IRA will help lower prescription drug prices for consumers on Medicare and reduce drug spending by the federal government. A useful summary of the prescription drug provisions in the IRA and how they may affect consumers is provided by KFF.org here.
The most recent general information on the Inflation Reduction Act is at CleanEnergy.gov, which is updated as new funding announcements and program details become available. The White House also has provided a detailed Guidebook on the IRA.
