Department of Treasury and IRS release Inflation Reduction Act clean energy statistics

07 Aug 2024 10:49 AM | Anonymous

WASHINGTON — The Department of the Treasury and the Internal Revenue Service today issued statistics on the Inflation Reduction Act clean energy tax credits for tax year 2023. 

The Inflation Reduction Act, or IRA, extended and expanded tax credits that allow taxpayers to claim residential and energy efficient home energy credits. 

Taxpayers have claimed more than $6 billion in credits for residential clean energy investments—which include solar electricity generation, solar water heating and battery storage—and more than $2 billion for energy efficient home improvements — which include heat pumps, efficient air conditioners, insulation, windows and doors — on 2023 tax returns filed and processed through May 23, 2024.

Residential and Energy Efficient Home Improvement Credit

Credit

Number of returns

Credit value

Residential Clean Energy Credit

1,246,440

Total: $6.3 billion, Average per return: $5,084

     Rooftop solar

752,300

Up to 30% of cost

     Batteries

48,840

Up to 30% of cost

 

 

 

Energy Efficient Home Improvement Credit

2,338,430

Total: $2.1 billion, Average per return: $882

     Home insulation

669,440

Up to 30% of costc

     Windows and skylights

694,450

Up to 30% of cost or $600c

     Central air conditioners

488,050

Up to 30% of cost or $600c

     Doors

400,070

Up to 30% of cost, $250 per door, or $500 total

     Heat pumps

267,780

Up to 30% of cost or $2,000

     Heat pump water heaters

104,180

Up to 30% of cost or $2,000

 


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