Inflation Reduction Act of 2022

IRA 2022

What is the Inflation Reduction Act?

The Inflation Reduction Act of 2022 (IRA or Act) is a law that was in part designed to advance clean energy and reduce greenhouse gas emissions through investment in domestic energy production, energy efficiency, and electrification. The Act includes almost $8.6 billion in federal grants issued to individual state energy offices to develop and implement rebate and incentive programs.

The Act includes tax credits and rebates designed to reduce the cost of increasing your home's energy efficiency and of transitioning to clean energy sources. Specifically supported measures include weatherization, solar, batteries, and various forms of electrification including installation of high-efficiency heat pumps, heat pump hot water heaters and associated electrical upgrades.

What benefits does the IRA give to PMLP customers in Massachusetts?

Certain IRS Tax Credits and Deductions Under the Inflation Reduction Act of 2022  are available today!  Other rebates will be rolled out at a later date (likely in 2024) and will be announced by PMLP when available.  In addition, PMLP still offers rebates and incentives through PMLP's NextZero program.

Do I receive any money or credits from PMLP?

No, PMLP is not directly involved in administering the IRA incentives in any way. The opportunities currently available are accessible through your federal tax filing.

How much can I save on home efficiency upgrades?

Fill out this online IRA calculator to learn more about current tax incentives, future possible rebates and start saving!