Inflation Reduction Act Savings - Green Energy 360 - Proudly serving the Washington Metro Area, including DC, Northern Virginia, Baltimore and Annapolis

Here is an overview of how the Inflation Reduction Act works and how you can take advantage of rebates and incentives.

Through the Green Energy 360 process, we can accurately diagnose the issues with your home or building, and work with you on a plan to implement energy-saving improvements. Then, we’ll help you to take advantage of commercial rebates and tax credits.

The Inflation Reduction Act of 2022 (IRA) dedicated a large sum of money to the same thing Green Energy 360 is directly devoted to here in the Washington Metro area, including DC, Northern Virginia, Baltimore, Frederick, and Annapolis: Reducing the amount of energy we use to run our homes and buildings.

Energy Efficiency Rebate Programs

There are two buckets of money dedicated to the state of Maryland:

Home Energy Performance-Based, Whole-House Rebate Allocations
$68,611,060

+

High Efficiency Electric Home Rebate Allocations
$68,212,540

=

$136,823,600 in total rebates available

Tax Credits for Energy Efficiency

There are also federal tax credits available for homeowners and businesses that are making energy improvements to their homes and buildings. These tax credits are The Energy Efficiency Home Improvement Tax Credit, Energy Efficient Commercial Buildings Deduction, Energy Efficient Home and Multifamily Credit, and more. Contact us to learn if your upcoming project will qualify for these lucrative tax credits!

More details about how these funds will be disseminated at the state level are yet to be determined, and they won’t be available until late 2023 or early 2024. One of these programs called the HOMES rebate (Homeowner Managed Energy Savings) will require modeled energy audit in order to qualify, and others are income-dependent, though there are rebates available for any homeowner, regardless of income.

Commercial Energy Efficiency Rebates and Savings

Companies and businesses that invest in upgrades to the efficiency of a building or property can claim a deduction of up to $5.00 per square foot on their taxes using the commercial energy efficiency tax credit that was expanded thanks to the IRA. This means an investment in energy efficiency will reduce monthly operating costs and taxes! The incentive ranges from $0.50-$1.00 per square foot based on efficiency improvements of 25% to 50%. With compliance to prevailing wage and apprenticeship requirements, the incentive increases to $2.50-$5.00 per square foot.