Climate Action Summary for the Inflation Reduction Act of 2022
The Inflation Reduction Act is expected to help millions of Americans benefit from energy efficiency and renewable energy. But exactly when and how a lot of those benefits will be rolled out is still unclear.
Because of how the legislation was passed, there are a lot of details that still need to be determined, including rebate and tax credit amounts and the specific equipment that will be covered.
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Inflation Reduction Act - in brief
The Inflation Reduction Act, signed by President Biden on August 16, represents the most important federal climate legislation ever signed into law. It is estimated that the bill will reduce the country’s greenhouse gas emissions by about 40% below the nation’s previous peak. There are incentives you can get now while others will take effect on January 1, 2023.
The bill extends the $7500 tax credit for many EV cars, but the rules are complicated and change over time. Some EVs which qualify for incentives now may not qualify after the first of the year, while some that don’t qualify now will after January 1, 2023. So if you are considering getting an EV check out our EV project page now for the most up-to-date fact sheet on EV Financial Incentives.
The law includes many ways to reduce the greenhouse gas emissions from your home. Tax credits for rooftop solar are available immediately. After January 1, tax credits become available for home energy efficiency upgrades, heat pumps for space conditioning and hot water heaters, electrical panel upgrades, home weatherization, and battery storage–no matter one’s income. Additional tax credits are available for families with income thresholds.
These home electrification incentives can be substantial adding up to as much as $14,000 per household. Check out the list of incentives available and how much you may qualify for by using the Rewiring America calculator. and find more electrification tips on our Electrify LO page.
4th Annual Lake Oswego Tree Summit
On Saturday, October 22nd, a number of residents, members of the city staff, and other interested parties attended the 2022 Annual Tree Summit both in person and on Zoom to learn more about the state of our urban forest.
The Tree Summit is an annual event presented by the Oswego Lake Watershed Council in partnership with the Lake Oswego Sustainability Network. For more information about the Lake Oswego Tree Summit visit: oswegowatershed.org/2022-lake-oswego-tree-summit
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Check out your savings on a Heat Pump Water Heater
Take advantage of this terrific incentive offered through our partner, Electrify Now!
Your water heater is one of the biggest energy consumers in your home. It’s best to replace an existing water heater before it stops working to avoid being without hot water. If your water heater is more than 8 years old, consider replacing it today with an energy saving heat pump water heater.
A heat pump water heater can help you avoid 1-3 Tons of carbon emissions every year!
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Webinar: Cold Climate Heat Pumps December 14, 2022 12:00 pm - 1:00 pmSee more details
Topic: Cold Climate Heat Pumps - Warm homes on the coldest days
High efficiency Cold Climate Heat Pumps can heat homes even in sub zero temperatures. Learn more about this important clean energy tool.
For more information and to register, click here.
This webinar brought to you by the Electrify Coalition.