The Inflation Reduction Act is historic legislation that can have a tremendous impact on the home improvement industry nationwide — but only if homeowners know how to take advantage of its benefits. This guide can help contractors make the process easier for their customers to maximize their savings.
Step one: Inform customers of the savings possibilities
- Use our infographic to share what rebates and tax credits are available to homeowners.
- Help customers plan future projects around possible savings. For instance, if a customer is buying solar panels, tell them about the battery storage tax credit. If a customer is looking for a new heating/cooling system, inform them about the geothermal tax credit.
Step two: Share qualification regulations
- The IRA incentives are available to many, but there are limitations. Take some time to become familiar with these exclusions so you don’t mislead customers. When in doubt your customers can consult the Rewiring America calculator to see what they might be able to qualify for.
- Make sure your customers understand that no tax credit or rebate is 100% guaranteed. Recommend they find a tax professional to help them understand the more specific financial details. Remember, your job as a contractor is to educate customers on benefits and plan their projects, not file their taxes!
Step three: Help plan projects
- Keep the Inflation Reduction Act incentives in mind when proposing projects and helping customers figure out their budgets. For instance, maybe a customer would be more interested in windows and doors or heat pump upgrades after factoring in the $2,000 tax credit.
- Use financing options to make projects even more affordable and maximize customer savings. Flexible loan payments can help customers choose the best upgrades for them and take advantage of more incentives.
Step four: Be honest
- The Inflation Reduction Act is new legislation. There may be changes to the incentives down the line, and there will be a learning curve. Follow trusted resources, like the White House education coalition for IRA updates, and make sure your customers are up to date on the latest information.
This email does not constitute professional tax advice. It should not be used as the only source of information when making purchasing decisions related to residential energy or for tax filing. Consult a tax professional to determine what makes sense for you.
Financing applied for and processed through the Mosaic platform is originated by Solar Mosaic LLC or one of its lending/financing partners. Equal Housing Lender.