The IRA modifies and extends existing tax credits through 2032 for residential homeowners. Such a long window provides ample opportunity to take advantage of all the ways to save. For example, the Energy Efficiency Home Improvement Credit has increased to a 30% credit (up to $1,200 per year) that can be applied to projects such as rooftop solar, home energy audits, efficient water heaters and heat pump water heaters, central air conditioning and more. 

 

There are also additional tax credits for both commercial and residential electric vehicles (EVs). A full breakdown of the tax credits included in the IRA can be found in this summary by the Bipartisan Policy Center.