$858 Billion in Inflation Reduction Act Benefits Are Available Over Decade to Help Purchase EVs, and Install Heat Pumps, Induction Stoves and Other Clean Efficient Machines
Boston, MA, Wednesday, November 2, 2022 – Today, the first seven U.S. companies joined nonprofit Rewiring America in a new consumer outreach and education campaign to connect American households with Inflation Reduction Act (IRA) rebates and tax incentives to go electric. With high-profile online platforms and deep connections to their customers, the companies estimate that they will reach more than ten million households in America through this campaign. More companies and national partners are expected to join the campaign in the coming months – alerting U.S. households to benefits to help them purchase and install efficient electric heat pumps, heat pump water heaters, induction stoves, heat pump dryers and other home appliances needed to lower their energy costs and the greenhouse gas emissions that are driving the climate crisis.
This electric education campaign brings together Airbnb, Redfin, Lyft, Duquesne Light Company, Mosaic, Arcadia and Propel with Rewiring America and its suite of online tools to help people understand how to use IRA benefits to go electric in their homes and lives. Rewiring America has a Go Electric Guide to the IRA with explainers on each machine the new law can be used to purchase, guidance on how to make a plan to replace these machines over the next decade and an online calculator to immediately get a sense of how much every household can qualify for.
The campaign coalition is expected to be announced in Boston today by Vice President Kamala Harris. The larger White House announcement is here.
There are 121 million households in the U.S. and the average American household will receive $10,600 in IRA benefits to fully electrify, and save on average $1,800 each year going forward on energy costs by phasing out fossil fuels. Even renters can get in on the action with electric vehicles, and appliances and tools that can be transported to their next home, like countertop induction cooktops, portable mini split heat pumps, heat pump dryers and battery-powered yard equipment. If used to its full potential, Rewiring America analysis shows that the IRA could pay out $858 billion into the U.S. economy through residential electrification alone, creating 1.4 million direct new jobs and 5 million total new jobs.
“We know Airbnb Hosts in the U.S. are interested in learning how they can adopt more sustainable practices for their homes, and are proud to partner with Rewiring America to help Hosts take advantage of energy incentives that can save them money and reduce their carbon footprint,” said Ameet Konkar, Airbnb’s Head of Sustainability.
“There are 50 million people looking for a home via Redfin each month,” said Glenn Kelman, Redfin CEO. “Our role is to guide them toward more sustainable choices about where to live, and how to renovate their homes to emit fewer greenhouse gasses.”
“To reach our collective climate goals, we must electrify our vehicles and homes and transition to clean energy. The benefits included in the IRA will help more Americans, including many who drive with Lyft, finally afford an electric vehicle. This campaign is an important step in ensuring that households across the country are aware of the funds available to them to go electric and lead the way to a sustainable future,” said Paul Augustine, Director of Sustainability, Lyft.
“As Pittsburgh’s electric utility provider, Duquesne Light Company is committed to building strong, resilient and sustainable communities where our region’s residents can thrive,” said Kevin Walker, president and CEO, Duquesne Light Company (DLC). “We are at an exciting crossroads today and utilities across the nation have an important role to play by ensuring the safe, reliable and affordable supply of electricity through a grid that is increasingly fed by renewable energy sources. We look forward to serving as a trusted partner with our customers and community to ensure an equitable transition to a clean energy future.”
“Mosaic’s vision is 100% clean energy for all. As a leading financing platform for sustainable home improvements, we work with our nationwide network of thousands of contractors to leverage these incentives to help more American families electrify their homes and save money,” said Billy Parish, Mosaic founder and CEO.
Jimmy Chen, founder and CEO of Propel, shared, “The IRA clean energy initiatives are a unique opportunity for low income households to utilize $14,000 in point-of-sale rebates and make energy improvements to their home. We’re excited to connect millions of SNAP recipients with the resources to take advantage of this new electrification funding.”
“Community solar allows consumers to access clean energy from local sources with guaranteed, risk-free savings on their monthly bill,” said Kiran Bhatraju, CEO of Arcadia. “We’re excited to continue to drive awareness, serve as a resource and help connect people to projects in their area.”
Rewiring America also today released Making the Electric Bank Account Go Further, a report underscoring how much federal funding is available to go electric, and offering specific recommendations on how another part of the IRA could be deployed to bridge the gap between tax credits, point-of-sale rebates and the rest of purchase and installation costs, depending on household income. The IRA’s Greenhouse Gas Reduction Fund—also known as the Accelerator—is uniquely positioned to address these problems and make Americans’ electric bank accounts more accessible. The Accelerator received $27 billion in the IRA, most of which will fund Green Banks run by state and local governments or nonprofit financing institutions, including community lending institutions (e.g., credit unions, community development financing institutions or minority-serving institutions). These financing institutions could offer low-cost, flexible financing for families, multifamily building owners, businesses and nonprofits to install clean technologies.
Original article posted here.