Inflation Reduction Act for Carrboro Residents

On August 16th, 2022, President Biden signed the Inflation Reduction Act (IRA) into law. The IRA will help Federal, State and Local governments reduce greenhouse gas emissions and advance renewable energy adoption. The Town of Carrboro will leverage every opportunity it can through the IRA to meet the goals of the Carrboro Connects Plan, the Community Climate Action Plan and the Energy and Climate Protection Plan. 

The IRA will also help Carrboro residents and businesses reduce their carbon footprint through tax incentives. While we provide these links for your convenience, we cannot provide tax advice and recommend you work with a qualified tax professional to see if you are eligible for the tax incentives that are part of the Inflation Reduction Act of 2022.

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Inflation Reduction Act for Individuals

  • Electric Vehicle Tax Credit including vehicles purchased in 2022 or earlier and used EVs 
  • Home Energy Efficiency improvements including:  
    • Home energy audits 
    • Insulation 
    • Air sealing 
    • Heat pumps 
    • Energy efficient air conditioners, water heaters and furnaces 
    • Home electrification 
  • Residential Clean Energy Credit for solar electric, solar hot water, geothermal heat pumps and other renewable energy property 
  • Rewiring America provides a summary of all potential benefits to individuals in English and Spanish including both instant rebates and tax credits

Inflation Reduction Act for Businesses

Inflation Reduction Act for Tax-exempt Organization

Tax-exempt organizations can also take advantage of Federal Solar Tax Credits through direct payments.