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Preliminary Data on the IRA Residential Clean Energy Credit (CRS Report for Congress)

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Release Date Sept. 16, 2024
Report Number IN12423
Report Type Insight
Authors Nicholas E. Buffie
Source Agency Congressional Research Service
Summary:

In August 2024, the Internal Revenue Service (IRS) released preliminary 2023 data on the residential clean energy credit (RCEC) and the energy efficient home improvement credit (EEHIC). The credits were scheduled to expire at the end of 2023 and 2021, respectively, before being reinstated and expanded by P.L. 117-169 (commonly known as the Inflation Reduction Act of 2022, IRA). This publication describes the fiscal cost, uptake among high-income taxpayers, geographic distribution, and energy sources used to claim the RCEC. A companion Insight, CRS Insight IN12422, Preliminary Data on the IRA Energy Efficient Home Improvement Credit, provides similar analysis of the EEHIC.