The Inflation Reduction Act (IRA) is the largest climate bill in U.S. history. The federal Incentive Tax Credit was increased to 30% until 2034. It allocates over $4B of rebates towards home electrification, specifically for low and moderate-income households. Electric Vehicles are also a big winner of the IRA with tax credits for their purchase.
State solar incentive programs vary among states and utility companies. Many states offer solar rebates for home solar power systems, in addition to the federal solar tax credit. Other states offer SRECs (Solar Renewable Energy Credits) are an example of a performance based incentive.
Net metering is an electric billing tool that uses the electric grid to “store” excess energy produced by your solar panel system. Under net metering, the energy produced by your solar panels that you don’t use is credited back to you.
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