Since President Joe Biden signed the so-called "Inflation Reduction Act" (IRA) into law last year, fuel retailers have been submitting questions to NEFI about the law's new or expanded home energy incentives.
NEFI is pleased to announce the availability of "Frequently Asked Questions (FAQ) on Home Energy Incentives under the Inflation Reduction Act." This resource to accessing billions of dollars in federal and state tax incentives and rebates is being made available at no cost to all NEFI members.
The FAQ Resource Document details four incentive programs included in the so-called Inflation Reduction Act, including the Energy Efficient Home Improvement Tax Credit, Residential Clean Energy Tax Credit, Home Efficiency Rebates and Home Electrification Rebates. Some questions addressed in the members-only document include:
- How much is each incentive worth?
- When does each incentive become available?
- Is there a minimum household income to qualify?
- What specific home improvements or equipment installations are eligible?
- Does the existing system need to be removed if heat pumps are installed?
- What documentation is needed for the taxpayer's records?
- How long is each incentive available?
- Can a homeowner receive more than one incentive?
- And much more.
NEFI dues-paying members will receive the FAQ via a separate email. If you did not receive the document or are a non-member interested in obtaining a copy, please call (617) 924-1000 or email email@example.com.
Note: Federal Rules on IRA rebate incentives are still being written for state implementation. The IRS tax credit guidance is out, but likely will be refined in the future. As these changes are made, NEFI will update the Member Guidance document.
The NEFI "Frequently Asked Questions (FAQ) on Home Energy Incentives under the Inflation Reduction Act" is provided at no charge to NEFI members. Click here to learn more about the mission of the National Energy & Fuels Institute and become a member.