Are We Damned Fools? - 269

 Are we going to leave free money on the table?

In a recent article in the Guardian Newspaper, Scientist James Hansen, the former head of the NASA Goddard Institute, spoke up…again. He is a recipient of over a dozen respected science awards. He was the first scientist to officially warn the United States about the danger of polluting the atmosphere with carbon dioxide. He did this by congressional testimony in 1988. In a recent interview, he reflected on the current heat waves over the Southern United States, Europe, and China, saying, "We are Damned Fools."

My rebuttal: "Not Yet. We can still use the Inflation Reduction Act to stop the looming climate disaster."

Let's look back at how we got into this mess. We have been victims of the most well-funded and irresponsible misinformation campaign in the history of the world. The disinformation campaign by the oil and coal companies has been a great success…for their profits. For 35 years, their successful propaganda has stalled the transition.

The simple fact is extreme weather events throughout the world have proven climate scientists to be truth-tellers. This revelation to us is of little satisfaction to them. Scientists, looking back, ask themselves how they could have convinced us of the dire threat sooner. In the interview, Dr. Hansen lamented "…a sense of disappointment that we scientists did not communicate more clearly and that we did not elect leaders capable of a more intelligent response". I do not think Dr. Hansen should take responsibility for today's predicament. The science community's funds to get information to the public are dwarfed by the resources of oil and gas companies.

For us, this is a "Water over the bridge" moment. While reflecting on how we were conned is instructive, it is time to focus on salvaging the situation. We must focus on solutions. The mechanism to transition to clean power is the Inflation Reduction Act (IRA).

The IRA incentivizes changes in our lifestyles by making transition affordable. The IRA has two paths. The first applies to everyone who pays taxes, and I will lay out what is available. The second path is in the process of being written now by each state. The states are creating ways to help low and moderate-income citizens make the transition, so do not despair if you do not qualify for the first path. I'll cover this second path in a future column.

Here is a short description of the IRA's first path, allowing us to take tax credits to offset costs:

Suppose you are in the market for a heat pump (they efficiently heat your home in the winter and cool it in the summer), or a biomass stove, or a heat pump water heater. In these cases, you can take 30% of the cost of the equipment and installation straight off your taxes up to $2000. If you choose a straight geothermal heat pump system, there is no 2000-dollar cap.

Or, you may want to create an independent home electric powerplant by erecting a wind turbine and/or solar panels. In that case, you can save 30% off the purchase/installation via the clean energy tax credit. To ensure you have power when the sun is not shining, or the wind is not blowing, you can add battery storage at 30% off the acquisition price via the same tax credit mechanism.

A high-efficiency heater, air conditioner, or water heating system also entitles you to a 30% tax credit, but the maximum for each is $600.

Many of these upgrades will require an electric panel upgrade. Here too, you can take a tax credit of 30% up to $600.

Insulation, windows, and exterior doors are eligible for the 30% tax credit to make homes more efficient. Doors are limited to $250 each, with a maximum of two exterior doors. The window credits top out at $600. There is no cap on insulation.

Do not feel left out if you have a small or zero tax burden. As I mentioned, each state will have a program coming out. I DO NOT have the details yet, but here are the basics we can expect described by RewiringAmerica.org, "The IRA offers households up to $14,000 in up-front discounts to switch over to electric appliances — covering up to 100 percent of project costs for low-income households and up to 50 percent of costs for moderate-income households. For the households who don't qualify for the up-front discounts, the IRA includes major tax credits for electrification and energy efficiency upgrades. Low-cost financing — which will bring down the monthly, financed costs of electric machines — will also become widely available in the months ahead."

Additionally, the State of Michigan is considering sweetening the deal.

I suggest you make a plan. A great way to start is by hiring an energy auditor. This audit is also eligible for the 30% tax credit up to $150.

The IRA covers a lot of potential upgrades. You may want to stagger them to match your needs now and in the next ten years. If the cost upfront is too high now, your bank may be able to help with a home improvement loan. The upgrades will improve efficiency and lower energy costs, making loan paybacks easier. Remember to let the bank know that.

Are we damned fools? James Hansen is one of my heroes, but I would like to see us prove him wrong. History will be our judge.

References:

Search: Making Our Homes More Efficient: Clean Energy Tax Credits for Consumers | Department of Energy or go to the www address: energy.gov/policy/articles/making-our-homes-more-efficient-clean-energy-tax-credit-consumers

An excellent website is rewiringamerica.org. When you get to the website, click "Ready to go electric."

If you wish, e-mail me at climatelynx@earthlink.net, and I will send you a long list of websites.

Stay positive and tell your friends and family! Let's not leave any money on the table.

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