New Inflation Reduction Act (IRA) signed by President Biden helps homeowners’ energy transition to electrification and provides tax credits and rebates; eligible products include SPAN smart electrical panel

SAN FRANCISCO, August 18, 2022--(BUSINESS WIRE)--SPAN, the leading innovator in smart home electrical panels, commends President Biden for signing the new Inflation Reduction Act into law, which will provide all homeowners with financial incentives to electrify their homes.

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The SPAN Panel and Drive EV charger (Photo: Business Wire)

The historic legislation provides tax credits and rebates to millions of American homeowners to help them pay for clean energy equipment and energy efficient appliances – including smart home electrical panels, solar panels, batteries, heat pump water heaters, heat pumps for central air conditioning and heating, and more – that will reduce their energy costs, electrify their homes and make them more resilient, while also protecting the environment.

"The Inflation Reduction Act signed into law today provides Americans with the help they need to electrify their homes and transition to cleaner, lower cost home energy," said SPAN founder and CEO Arch Rao. "As homeowners transition from less efficient fossil fuel appliances to better performing electric versions and more renewable energy, SPAN products are natural complementary additions. The traditional electrical panel creates barriers and severely limits home electrification. SPAN reduces hurdles like electric service upgrades and provides homeowners complete control of their expanding home energy ecosystem."

Households that install a modern electric heat pump to replace their furnace, a heat pump for water heating, and convert to an electric vehicle and rooftop solar, will save $1,800 per year on energy bills, according to estimates from electrification think tank Rewiring America.

For SPAN customers, the High-Efficiency Electric Home Rebate Program (HEEHRA), Residential Clean Energy Credit, and Energy Efficient Home Improvement Credit (EEHIC) will provide incentives directly and indirectly that may reduce installed SPAN Panel costs.

All homeowners may be eligible for the increased 30 percent tax credit on a solar panel system and SPAN Panel or newly eligible standalone, grid-tied home battery and SPAN Panel. When SPAN is added to solar, homeowners get insights into their solar production in real-time and can control and monitor every circuit in their home. When SPAN is added to battery storage, homeowners get better whole home backup and 40% more backup time, with fully customizable circuit-level control to manage where and how backup power is used.

Electrification incentives in the Inflation Reduction Act for SPAN products range from 30 percent of installed costs, with tax credits ranging from $600 to $2,500, or up to $6,500 as a rebate for low-to-moderate income (LMI) households. Additional home electrification incentives include credits and rebates for heat pumps and space heating appliances (30% of installed costs up to $2,000 or up to $8,000 for LMI), heat pump water heaters (30% of installed costs up to $600 or up to $1,750 for LMI), induction cooktops (30% of installed costs up to $600 or up to $850 for LMI), and home insulation (30% of installed costs up to $600 or up to $1,600 for LMI). Annual limits and lifetime limits may apply. With SPAN’s smart panel load management capabilities, homeowners are provided the ability to electrify homes with less than 200-amp utility electrical service without the need for an often time-intensive, costly electrical service upgrade.

In reflection of the Inflation Reduction Act passing Biden’s approval, Rao comments, "This unprecedented law sends a clear signal to the nation and to the world that the United States leadership is serious about averting the climate crisis by prioritizing clean energy access for all Americans. SPAN will play a critical role in helping this legislation realize its full potential."

For eligibility of Inflation Reduction Act incentives, please consult your accountant or tax professional.

SPAN reinvented the 100-year-old electrical panel and is developing products that enable electrification and simplify the adoption of clean energy including solar, batteries, and electric vehicles. SPAN Panel gives customers circuit-level management, real-time monitoring, and actionable energy insights through the SPAN Home app’s intuitive interface. Designed with hardware innovation and purpose-built with intelligent software, SPAN Panel and SPAN Drive electric vehicle charger are an elegant, efficient, and integrated solution for any home. Backed by leading investors in the clean energy space, SPAN aims to decarbonize by building products that remove barriers to electrification while providing a holistic approach to managing increasing demands on household energy. To learn more, visit www.span.io.

For more information about the SPAN smart home electrical panel, please contact us at press@span.io

View source version on businesswire.com: https://www.businesswire.com/news/home/20220818005462/en/

Cassandra Sweet Antenna for SPAN span@antennagroup.com

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