The Inflation Reduction Act & Renewable Energy: How Much Can You Save?
The Inflation Reduction Act, also known as the IRA, includes great news for multifamily housing providers! While residential tax credits were already available to homeowners who installed solar panels or invested in other forms of renewable energy, rental property owners were excluded from those credits unless the owner lived on site. The IRA now offers investment housing providers the same credits – up to 30% of the price – that owners who occupy housing have been able to take advantage of for years. What does the IRA mean for multifamily and investment housing providers? The investment tax credit for solar energy jumps back to 30% for any system put in place after December 31, 2022, through the end of 2032. Homeowners were expected to be able to claim 26% as a tax credit thanks to a planned gradual reduction in the benefit, but they can now claim the original 30% instead. That can mean thousands of dollars on a solar panel installation. We are committed to conservation and to supporting both residents and housing providers,” says Dan Sharabi, CEO of Livable. “The IRA allows our multifamily and other housing investors to finally get the same benefits as homeowners who live on their properties, and we celebrate that incentive to expand our use of renewable energy, including solar. The investment tax credit for solar energy jumps back to 30% for any system put in place after December 31, 2022, through the end of 2032.
Powered by FlippingBook