There has been a lot of excitement, and uncertainly, about the bill that was passed through Washington this month.
Clocking in at over 700 pages of riveting legalese, the Inflation Reduction Act is a behemoth of a bill covering many different sectors from healthcare to clean energy - all for the purpose of combating inflation.
Inflation has been a huge concern among Americans in 2022, so an act introduced by the government to combat long-term inflation comes as a relief to many, but many are still uncertain as to how this will affect them.
Heavy with tax reductions, incentives, and restrictions, the bill also aims to reduce harmful emissions by 40% through 2030, and breaks down the plan of action by micro-industries under the renewables umbrella, such as electric vehicles and solar panel manufacturing.
Fortunately, the investments of the Act directly impact homeowners, allowing for easier access to renewable energy investments for their homes, as well as making energy costs more manageable. It also holds promise for homes, businesses and institutions looking to get off of the traditional electric grid and become energy independent.
Additionally, the bill also plans to concentrate on the inclusion of disadvantaged communities to minimize the gap in accessing renewable energy resources, which oftentimes is disproportionally out of reach especially in states with no incentive programs.
It is no secret that energy prices are rising, and with hotter summer weather and intense winter storms, the strain on the electric grid along with the demand for stable power puts everyday homeowners at risk for higher bills and an uncertain future. The Inflation Reduction Act takes American homeowners and bill-payers in to great consideration, allowing for 10-years of tax credit to make investments in alternative and green energy. With an impetus to make consumers and homeowners optimize their homes for renewable, clean energy, rooftop solar and energy efficient appliances are cited in the bill as a focus for the stimulus.
Furthermore, $9 billion for lower-income in home energy rebates are also included, which expands to financing more eco-friendly appliances. The plan includes easier accessibility for purchasing electric vehicles in lower-to-middle income households, and a $1 billion grant that concentrates on making affordable housing more accessible to energy efficiency.
The bill also touches on other advances in clean energy technology, some that could be unheard of outside of the renewable energy industry. According to the Washington Post, extremely advanced technology such as ‘superhot rock energy’ and ‘direct air capture machines’ could benefit from the $370 billion in proposed incentives, as tax reductions assist in development of progressive, experimental technologies that could be impossible without government funding.
All-in-all, this multi-billion dollar package looks positive for the renewable energy sector, along with consumers, who up until now, might have felt that hope is falling in the wake of climate change, global inflation, and energy crises. This bill seems to put everyday consumers and the climate first. Perhaps this can be a shift for Americans and a step in the right direction when it finally comes to prioritizing the environment, our relationship with resources, and our future with renewable energy sciences.
For those who want to own their off-grid systems, rebates and tax relief can make purchasing the expensive equipment more realistic. For customers who would rather have OhmGrid own and maintain their home systems, flat monthly prices will decrease. This is all great, but only while the incentives are still available.
For those looking to get off the grid, the timing has never been better. For example, those who go off-grid with OhmGrid while incentives are available will be locking in a lower flat monthly price for the long-term. No pressure, but going off-grid now means you'll be paying less for life.
In many states (those without aggressive renewables incentives), things like home batteries and solar panels are luxury items. This is the power that incentives have - they make what was once a luxury accessible to the average resident.
The Inflation Reduction Act, however, takes accessibility a step further by breaking down this common barrier by offering substantial rebates and tax credits to families for renewables, saving on system/subscription costs. The bill also addresses the other side of climate change, energy usage, by offering $14,000 in direct rebates so that families can upgrade to energy efficient appliances.
Here is a snippet from the White House breaking down how the bill will lower energy costs:
Becoming energy independent is more accessible than ever. The new incentives introduced in the Inflation Reduction Act makes it more affordable, whether you want to purchase or lease your home power system.
While owning and maintaining your own infrastructure is possible, it also represents a major hurdle as most families and businesses don't want to commit to a big capital purchase, even with the new incentives.
Homeowners who want an easy transition from utility to off-grid power can do so with an all-in-one service that bundles your system, maintenance, service and monitoring under one flat monthly fee without the need to purchase anything. Yes, you can benefit from incentives even without owning your system!
Customers of OhmGrid receive a customized home system comprised of top-rated technologies, 24/7 service, guaranteed reliability + more for one flat monthly price.
The bill and the microgrid: https://microgridknowledge.com/microgrids-inflation-reduction-act-law/
Electric vehicle credits: https://electrek.co/2022/08/15/biden-will-sign-inflation-reduction-act-tomorrow-affecting-ev-credits/