The Inflation Reduction Act, which was signed into law last summer, will work to reduce United States’ greenhouse gas emissions by up to 44% by 2030, compared to 2005 levels. Lucky for us, the IRA includes some substantial clean energy benefits for Montana residents and businesses to help us get there.
Accessible benefits for Montanans include a 30% investment tax credit for any new residential solar, geothermal, wind, biomass, or battery storage technology projects constructed until 2032, which can help homeowners save thousands of dollars on new clean energy projects. The REAP grant (Rural Energy for America Program) also received millions of dollars in funding to help support renewable energy systems and energy efficiency grants for agricultural producers and rural small businesses outside of cities with populations of 50,000 inhabitants or more. Grant funding has increased to 50% for energy efficiency projects, zero-emission renewable projects (which include solar, wind, geothermal, biomass, and some hydroelectric), and projects submitted by eligible tribal entities. REAP grant applications are now available four times a year, instead of the previous two, giving more people the opportunity to apply.
Energy efficiency upgrade tax credits have also increased to 30%, or up to $1200 annually, as of January 2023 for qualifying projects. This includes qualifying energy efficiency improvements, such as new doors (which can receive up to $500 in credit) and new windows (up to $600 in credit), and up to $150 for home energy audits.
For more information about energy opportunities in the IRA, take a look at the Inflation Reduction Act Summary: Energy and Climate Provisions.
For more information on the REAP grant and how to apply, click here.