HOUSTON – President Joe Biden signed the Inflation Reduction Act in August and on Tuesday touted its potential. Now there’s a new online calculator that shows the law’s potential impact on your life.
As reported at the time, the law could save money for some Americans by lessening the cost of prescription drugs for the elderly, extending health insurance subsidies and reducing energy prices. It would also modestly cut the government’s budget deficit, which might slightly lower inflation by the end of this decade.
Rewiring America, a nonprofit that aims to work toward electric energy change in the nation, has shared a calculator that shows the potential benefits following the recent legislation.
Here’s how the calculator works. (It notes that it does not store your data.):
1. Enter household information including whether you are a homeowner or a renter, your household income and size, tax filing status and zip code.
2. Click “Calculate” and the calculator will show you three categories: upfront discounts, available tax credits and estimated bill savings per year. The calculator notes that the savings are available to American homeowners and renters over the next 10 years.
3. A total incentive amount is also given with a disclaimer: “This is an estimate. We do not yet know how or when upfront discounts will be implemented in each state, so we cannot guarantee final amounts or timeline. The geothermal tax credit is not included in these totals.”
4. The charts below the calculator show what purchases for savings are available now –including rooftop solar installation and geothermal heating installation – and when others will likely be available.
Did you try out the calculator? What did you think? Let us know in the comments.
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Read More: How much could you save? Inflation Reduction Act savings calculator shows tax credits, discounts