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Advancing Ohio’s energy efficiency plans with IRA support / Public News Service
Massachusetts

Advancing Ohio’s energy efficiency plans with IRA support / Public News Service

Last Friday marked the two-year anniversary of the passage of the Inflation Reduction Act, a milestone for Ohioans seeking to make their buildings and homes more energy efficient.

IRA tax credits provided crucial financial incentives, and some Ohioans, both homeowners and businesses, took advantage of them.

But Marcus Hazelwood, head of building optimisation at EA Energy Solutions, says not everyone is aware that the initial costs of energy efficient upgrades can be offset through tax deductions, so it’s important to spread the word, especially among business owners.

“We help them understand that they can use their existing infrastructure to find a source of financing and capital to improve their buildings – which in the long run lowers their operating costs,” Hazelwood said. “That kind of supports the initial capital that’s needed.”

Ohio’s new energy law simplifies IRA tax deduction eligibility and, supporters say, also promotes economic growth by securing well-paying local jobs.

However, critics of the IRA say the costs are too high and the program does not help reduce the costs of energy-efficient products and services.

Ben Evans, director of federal legislation at the U.S. Green Building Council, said the IRA not only focuses on businesses but also offers benefits to individual property owners.

He explained that the variety of tax incentives, grants and affordable financing options allows homeowners to maximize their savings and make meaningful improvements to their property.

“And the beauty of the inflation mitigation act is that you can combine many of them,” Evans said. “You don’t have to choose just one. You can get several different tax incentives for the same project. Let’s say you renovate a building and also put a solar system on the roof. You can get tax incentives for both.”

The IRA consists of several programs to increase energy efficiency, such as the Greenhouse Gas Reduction Fund.

Evans said Ohio is well positioned to take a leadership role in this area and people have plenty of time over the next decade to take advantage of these incentives.

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