Biden Administration Inflation Reduction Act 2024. The inflation reduction act includes a $2,000 tax credit for new heat pumps, a 30% tax credit for residential solar systems and batteries, and $9 billion to support state energy. A key element in that push is offering up to $14,000 in rebates and.
The inflation reduction act allocated an estimated $369 billion in federal funding focused on combating climate change and building a renewable energy economy. On august 16, 2022, president biden signed the inflation reduction act (ira) into law, marking one of the largest investments in the american economy, energy security, and climate that congress has made in the nation’s history.