How The Inflation Reduction Act Can Serve You and Your Home

Government Passes the Inflation Reduction Act of 2022

While we do not know how all our homeowners are battling the challenges inflation and climate change pose, we do know two things: inflation is impacting everyone, and homeowners could use help with energy-efficient upgrades!

So, did you know that with the Inflation Reduction Act of 2022 the government is helping homeowners purchase energy-efficient home upgrades that allow them to reduce their home energy costs? The Inflation Reduction Act of 2022 assists in lowering health care costs for essential medical needs and for reducing energy costs. This bill is a huge step for our community members. With an expensive health care system, the Inflation Reduction Act will help lessen the costs of housing along with the medical bills of those in our communities that need it most.

Climate Change

It is noticeably clear climate change is a widespread issue across the nation. Energy-efficient housing can be costly, with the Inflation Reduction Act, the government will make energy-efficient housing more affordable by providing loans and grants to owners of HUG-subsidized Section 202, 8111, Project-based section 8, and Section 236 properties that agree to an extended period of affordability. They will also provide rebates to cover the costs of energy-efficient upgrades for homeowners and multifamily building owners. Lastly, installing renewable energy can also come with bonus credit.

Why does this matter?

Allowing more accessible clean energy can decrease long-run- electricity costs and decrease negative externalities from emissions leading to air pollution and health problems. Learn more about the available programs below and don’t forget to read about our energy saving posts from earlier this year!

Healthcare

The Inflation Reduction Act 2022 will help by putting a cap on out-of-pocket costs and establishing a $35 cap for one month’s supply of insulin. Medicare will also be able to negotiate prices for drug costs for the first time in history.

Why does this matter?

Enabling community members to have more affordable healthcare will allow them more room to financially plan for their futures along with lessening the burden of unavoidable health challenges by providing lower costs for prescription drugs. While healthcare isn’t housing-related, we still found it beneficial to share the benefits as they have the potential to assist our community members.