May 19, 2023

Energy efficiency improvements could help senior living tap into $400 billion in federal funds through Inflation Reduction Act

McKnights Senior Living

Senior living communities could be able to cash in on energy efficiency improvements through last year’s Inflation Reduction Act.

Signed into law last August, the IRA ushered in more than $400 billion in new federal spending. The act aims to invest in energy production and manufacturing and reduce carbon emissions by approximately 40% by 2030. 

During an Argentum Advocates webinar on Thursday, representatives from tax specialists Foley-Hoag LLP in Boston reviewed the opportunities created by the IRA and considerations for senior living owners and operators in applying for those credits.

Among the tax credits and incentives potentially applicable to senior living are projects including solar power and lighting systems, hot water systems, clean vehicles and electric vehicle charging stations, and heating, ventilation and air conditioning systems.

The IRA included a “once-in-lifetime” expansion and extension of government programs aimed at promoting clean energy technology, manufacturing and innovation, according to Nicholas Romanos, a Foley Hoag partner.

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