The government recently passed the Inflation Reduction Act of 2022, a groundbreaking piece of legislation that will significantly impact the nation’s economy in the coming years. Signed into law by President Joe Bide in August 2022, this act is designed to provide economic relief to individuals and families by reducing the rate of inflation across the board. 

In this blog post, we’ll explain what the Inflation Reduction Act of 2022 is, how it works, and how you can benefit from it.

What Is the Inflation Reduction Act?

The Inflation Reduction Act of 2022 is a piece of legislation designed to help families save money by reducing the cost of goods and services with easier access to loan programs. The act is set to reduce the deficit by $300 billion and spearhead the transition to cleaner energy. 

Under the Inflation Reduction Act, the Loan Programs Office (LPO) has received an approximate $11.7 billion boost to support issuing of new loans. An additional new program, Energy Infrastructure Reinvestment (EIR), guarantees loans to projects that retool, repurpose, or replace energy infrastructure.

Who Does the Inflation Reduction Act Benefit?

The Inflation Reduction Act of 2022 (IRA) is a major policy change that will benefit millions of American families. With this act, the federal government will be assisting families in the form of an inflation-adjusted tax break, resulting in substantial savings for those impacted. Experts project that individuals and families could end up saving anywhere between $6000 and $24,000 through the various programs.

The goal is to encourage the use of clean energy and avert the negative effects of climate change. By encouraging the purchase of electric vehicles and repowering or repurposing existing energy infrastructure, we’re all set to impact climate positively while lowering energy consumption. 

Do you know what else can help lower energy consumption by encouraging the repowering of existing energy infrastructure? – Repairing that broken AC, HVAC, refrigerator, or even your microwave. Yes, getting repairs done on your faulty appliances will not only increase their efficiency but may also reduce energy consumption. For any form of repair or installation assistance in Utah, Total Home Services has got you covered.