Can the IRA help me if I am a renter?
Do I need to spend a lot to get these incentives?
Yes! The up-front electrification rebates and electrification tax credits can all be used by renters.
Many of these upgrades (including window-unit heat pumps, electric stoves, and heat pump clothes dryers) are portable, so renters:
- Can bring them to their next homes
- Won't have to leave any savings behind
Renters are also eligible for the used and new EV tax credits. And although they are not exactly consumer-facing, renters will benefit from the:
- IRA’s $1 billion investment in affordable housing energy upgrades
- New tax deduction for efficiency upgrades in commercial buildings (including apartment buildings)
When can I access the IRA incentives?
In many cases, no! The IRA incentives are designed to increase access to clean technology.
Lower Income Households
- 100% of appliance and installation costs are discounted at purchase
- Could install efficient electric appliances at no cost, with no spending
Middle Income Households
- Have to spend in order to access savings
- Up to 50% of appliance and installation costs can be covered through upfront discounts
- Can use tax credits to cover some of the remaining gap
Highest Income Households
- Are not eligible for upfront discounts
- Will have to pay full price for appliances and installation
- Tax credits on the back end could recoup around 30% of your costs
For an overview of incentives you can use right now, see the full FAQ.
- Some incentives are available now, and others will become available in 2023.
- The tax credits marked “2023” will be available on January 1, 2023.
- The upfront discounts marked “2023” will depend on how each state rolls out its incentive program. (Our best guess is that those upfront discounts will be available mid-end of the year 2023.)