New Energy Efficiency, Electric Vehicle & Renewable Energy Incentives available in 2023 through the Inflation Reduction Act (IRA)
Signed into law earlier last year, the Inflation Reduction Act of 2022 (IRA) has been hailed as the most significant climate legislation in U.S. history, offering funding, programs, and incentives to accelerate the transition to a clean energy economy.
The Act includes tax credits and rebates designed to reduce the cost of increasing energy efficiency through various measures, such as weatherization, distributed energy resources (solar PV and batteries) and various forms of electrification, including support for high-efficiency heat pumps, induction cooktops, heat pump hot water heaters and electrical upgrades.
The Act reinstituted and increased the Energy Efficient Home Improvement Credit, which allows households to credit up to 30% of the cost of energy efficiency home upgrades against their taxes. Starting in 2023, this credit can total up to $1,200 per year for weatherization and up to $2,000 for electric heat pumps and heat pump water heaters starting in 2023. In addition to these newly enhanced federal tax credits, National Grid customers can still take advantage of generous Mass Save incentives for energy efficiency improvements, such as $10,000 for air-source heatpump systems.
The Act also extended the Residential Clean Energy Credit, which allows households to credit up to 30% of the cost of installing solar panels, geothermal heat pumps, and batteries against their taxes. In addition, tax-exempt entities can now monetize tax credits by either applying for direct payments equal to the amount of tax credits, or transferring tax credits from eligible projects—such as installing solar panels or adding backup generators to emergency facilities—to a third party.
For more information on how to take advantage of state and federal incentives to improve your home's energy efficiency, thus lowering overall energy use, and enhancing comfort and indoor air quality, please visit Mass Save’s IRA webpage or contact Lauren Sinatra, Energy Coordinator at LSinatra@nantucket-ma.gov.
Mayflower Wind community engagement events: February-8th
On Wednesday, February 8th, representatives from Mayflower Wind will visit Nantucket to conduct a series of community outreach meetings, including displays of photosimulations, for their proposed wind turbine farm to be located approximately 20 nautical (23 statute) miles south of Nantucket.
The Mayflower Wind project, a joint venture between Shell Renewables and Ocean Winds (a global offshore wind collaboration of Engie and EDP Renewables), will consist of approximately 147 wind turbines, up to 1066 ft tall, with a name plate rating of 804MW. The project will occupy a 199-square mile (or over 127,000 acre) lease area, which was awarded through a competitive auction by the US Bureau of Ocean Energy Management (BOEM).
An community drop-in session is scheduled from 2-4pm at the Chamber of Commerce conference room, where the interested public is encouraged to come and learn about the Mayflower Wind project, meet the project team, ask questions and view photosimulations from key observation points on Nantucket.
A formal presentation will be delivered to the Nantucket Select Board at their weekly meeting, which begins at 5:30pm.
For questions about the Mayflower Wind project, please contact Kelsey Perry, Community Liaison Coordinator at firstname.lastname@example.org.
For questions about the Town of Nantucket’s approach to offshore wind development, please visit the Offshore Wind Work Group webpage.