Inflation Reduction Act

Solar Energy and Energy Storage Provisions

As of August 16, 2022, the Inflation Reduction Act (IRA) has passed in both the Senate and the House of Representatives and has been signed by the president. The Inflation Reduction Act includes some very significant incentives (almost $375 billion) for homeowners, businesses, and governments to invest in solar, storage batteries, and electric vehicles.

The goal of the Inflation Reduction Act is to reduce the country’s greenhouse gas emissions by 40% in the next decade. The Inflation Reduction Act increases the current solar and battery storage tax credit to 30% and extends it for 10 years, with the step-down beginning in 2033 when it drops to 26%. This is great news for the solar industry as the increased tax credit will release billions of investment dollars in new solar, storage, EV technologies, and projects. 

Electric Vehicle Incentives

The IRA also offers $7,500 tax credits on many new electric vehicles, $4,000 on used EV’s, and additional incentives to offset the infrastructure costs associated with installing EV Charging equipment. You may also be eligible for more EV savings through the Duke Energy EV Charger Prep Credit program which aims to reduce the financial burden of installing residential Level 2 charging. The program provides a one-time credit of up to $1,133 per household for inserting outlets, improving electrical wiring, upgrading electrical panels and performing other electrical enhancements needed to support home charging.

Direct Pay Option for Non-Profits

Before now, tax-exempt organizations, states, and municipalities have been unable to take advantage of the tax credit making solar inaccessible. The new provision allows for those organizations to opt for a direct pay grant from the federal government, which opens up many more opportunities. If a non-profit is in Duke Energy utility service area, there is also another application for the surplus rebate Duke is offering.

Contact Yes Solar for More Info On Our Solar and EV Solutions

Yes Solar Solutions has been the leading local solar company for 13 years, founded and owned by Stew and Kathy Miller. With over 1,000 projects installed, and as the only NABCEP accredited solar company in North Carolina, Yes has earned a reputation for integrity, quality, and responsiveness. Yes Solar is also a certified installer of the Tesla Powerwall home battery backup system, and certified to install EV charging systems for Tesla, ChargePoint, and other solutions.

Take a look at some of our 400+ rave reviews here, and contact us for a free, no-obligation Solar Consultation. Call us at (919) 925-4707 today, and let’s start working together on getting you to a place of energy independence!

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