Inflation Reduction Act will offer hefty subsidies for low- and moderate-income shoppers
By Alan Wolf, YSN
Buried within the Biden administration’s sweeping Inflation Reduction Act is a new sales incentive for buyers and sellers of electric appliances.
The initiative, which was signed into law last summer, represents the largest federal outlay ever to fight climate change, with $369 billion earmarked for tax credits, rebates and other policies that promote efficient and earth-friendly energy consumption.
A lesser-known provision within the law, called the High-Efficiency Electric Home Rebate Act (HEEHRA), will provide point-of-sale rebates of up to $840 to low- and moderate-income buyers of electric and induction ranges and electric heat-pump clothes dryers, which operate more cleanly and efficiently than their gas counterparts.
See: Why Gas Ranges May Be Running Out of Steam
But don’t start loading up on inventory just yet. The $4.5 billion program, which is funded by the feds but managed by individual states, still has a ways to go: the Department of Energy must issue new rules for running it before states can apply for federal grants and build an administrative infrastructure. Best guess: next summer at the earliest before dealers can begin issuing range and dryer rebates.
Hat tip to NRDC, Consumer Reports and CNBC.
