Experience the impact of inflation on your wallet? Citizens of the Hawkeye state will be glad to hear that there are many ways homeowners in Iowa are helped by the Inflation Reduction Act.
That includes a bunch of credits and rebates homeowners can receive simply for making their home more energy efficient.
The bill itself was over 700 pages, but don’t worry. We have the main points to be aware of below. Continue reading to find out what this Inflation Reduction Act means for Iowa.
Iowans Can Use This Inflation Reduction Tax Credit Now
Although some of the credits put in action by the Inflation Reduction Act may not be available until next year in 2023, there are still ways that Iowans can take advantage of the Inflation Reduction Act right now in 2022.
Across Iowa, there’s already a push towards a cleaner and more renewable energy source for the state in general. To help encourage states like Iowa to continue their great work towards a zero carbon future, there’s one big change. The Solar Investment Tax Credit was 26% and then by the end of 2022 it was supposed to decrease to 22%.
But with the Inflation Reduction Act, you can now save 30% for residential, commercial and agricultural solar projects!
This really makes a big difference for homeowners who want to go solar by getting a 30% return on their taxes next year.
Why Go Solar in Iowa Now?
With these new incentives, solar is even more attractive for the state of Iowa. But it’s important to know that in order to receive the 30% it does depend on your tax liability.
Homeowners in Iowa will need to make a certain amount to be able to save with the solar investment tax credit. But if you can’t claim it all at once, that might not be a problem. You can carry the solar investment tax credit forward each year until you’ve claimed your full amount.
Which is why it’s a good idea to go solar now, and have the full 10 years to work on claiming the solar tax credit.
But is solar in Iowa a good idea for homeowners? Yes! The Hawkeye state has on average about 200 sunny days, which is more than enough to take advantage of sunny summer days and net metering to power your home year round.
Iowa Saves with Energy Efficiency Credits
Have solar on your home, may not have a home, or planning on getting solar already? There are many other ways that the Inflation Reduction Act can help Iowans.
Here are some other credits that Iowans can receive in 2023:
Rebates can cover somewhere between 50-100% of the cost for installing new and energy efficient electric appliances like heat pumps, water heaters, dryers, stoves or ovens. Homeowners can see further savings for weatherizing their home and updating their electrical system!
This Inflation Reduction Act works for electric vehicles too, with $7,500 for new electric vehicles, and up to $4,000 for used electric vehicles.
Purelight Power of Iowa Saves You More!
Iowa needs solar to be designed in order to withstand intense winter storms, changeable spring weather, and so it can make the most of Iowa’s summer weather.
Your Iowa-based team of solar professionals at Purelight Power can help you save even more with solar. We’ll help you make the most of solar savings and the credits from the Inflation Reduction Act.
Take this 60 second survey today to find out if your roof qualifies for Purelight’s $0 down program.