WASHINGTON, Aug. 09, 2022 (GLOBE NEWSWIRE) — The Inflation Reduction Act (IRA), passed by the U.S. Senate on Sunday, contains funding for climate change action that the country – and the planet whole – were waiting . Tax credits for electric vehicles, clean energy incentives for utilities, support for heat pump and solar panel manufacturers, and billions to support disadvantaged communities. Together, these provisions are expected to reduce U.S. energy emissions by 40% from 2005 levels.
“Pearl congratulates the US Senate on passing this historic legislation,” said Pearl Chairman and Co-Founder Robin LeBaron. “The Cut Inflation Act is an important and visionary step toward reducing carbon emissions and strengthening the clean energy economy in the United States. It will benefit manufacturers, small businesses, workers across the country – and people around the world.”
Of the $386 billion spent in climate change and clean energy legislation, the Senate approved $9 billion to address a decades-old challenge: increasing residential energy efficiency and beneficial electrification. Studies indicate that if homeowners across the United States weatherproof their homes and install high-efficiency heating, cooling, and water heating equipment, the country’s carbon footprint could be reduced by 4 % or more – and homeowners would save billions of dollars in energy costs. These upgrades offer homeowners an impressive range of health, comfort, safety and energy saving benefits. However, very few owners make them.
The HOMES program in the bill will provide $4.3 billion in rebates ranging from $2,000 to $8,000 to homeowners who complete whole-home energy upgrades and achieve significant energy savings. The High-Efficiency Electric Home program will provide $4.5 billion in rebates ranging from $840 to $8,000 to homeowners for installing high-efficiency heat pumps, heat pump water heaters, induction cookers and other electrical equipment, as well as to make weatherization improvements. Rebates for income-eligible households will be significantly higher, and the bill incentivizes contractors to provide services in disadvantaged neighborhoods.
“IRA’s HOMES and residential electrification programs will transform millions of American homes and improve the lives and budgets of millions of American homeowners,” said Cynthia Adams, CEO and co-founder of Pearl. “It will also transform the manufacturing and contracting industries in the United States by generating immense new demand for high-performance equipment.”
A historic precedent: the bill requires that all homeowners who receive a HOMES rebate also receive a certification outlining the improvements and energy savings that help the homeowner understand the value of the improvement at the time of sale or renovation. refinancing.
“For the first time, homeowners who receive a rebate under this program will have documentation that will give them a crucial tool to explain to future buyers, realtors, appraisers and underwriters why their high-performance home is better. more expensive, efficient and more valuable than the regular house next door,” LeBaron said.
About Pearl Certification
Pearl Certification is the benchmark for high-performance home certifications, bringing visibility to the valuable features that make them healthy, safe, comfortable, and energy and water efficient. Pearl is the sole national sponsor of the U.S. Department of Energy’s Home Performance with ENERGY STAR® program and is a partner of the National Association of REALTORS® Green REsource Council. Pearl has certified and provided appraisal addenda on more than 90,000 homes in 44 states and Washington, D.C. Pearl-certified homes sell an average of 3.5-6% more than comparable homes, according to studies from independent evaluators. certificationperle.com/
Marketing Director, Public-Private Partnerships Division
The Reducing Inflation Act requires HOMES rebate recipients to receive certification that recognizes improvements and energy savings made to the home.
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