Lumio Official Statement Regarding the Passing of the Inflation Reduction Act (IRA)

LEHI, Utah, Aug. 16, 2022 /PRNewswire/ -- Lumio, the preeminent leader in personalized renewable energy, issued an official statement today regarding the signing of the Inflation Reduction Act (IRA). The act revives a 30% tax credit for qualifying consumers who install residential solar panels before the end of 2034, and includes other rebates and tax credits for installing energy-saving home equipment—heat pumps, electric HVAC, and electric water heaters—which will lower energy bills for millions of Americans. The IRA, which has been referred to as one of the most significant, comprehensive, complete, and serious climate bills, was passed by Congress on Friday and signed by President Joe Biden today.

"Hundreds of thousands of individuals and families care deeply about their energy choice, independence, and sustainability options. With the passing of the IRA and its clean energy tax incentives, millions more will be able to keep their hard-earned money in their own pockets by switching to good clean sun power," said Greg Butterfield, CEO at Lumio. "This renewed commitment to renewables and long-term savings paves a path for homeowners to transition from centralized, outmoded power structures into cleaner, decentralized options like residential solar."

Lumio is committed to make power personal with solar technology which decentralizes the nation's power supply, reduces the ever-increasing demands on the power grid, and protects homeowners against power outages. Personal power generation and usage places the control back in the hands of the consumer through reduced electrical bills, reliable access to clean energy, and independence from aging power grids that are becoming exponentially more problematic and expensive.

"Residential solar is one of the fastest growing industries and innovation centers today, and the incentives in the IRA will make solar even more accessible for homeowners," said Carine Clark, chief innovation officer at Lumio. "Analysts point to a compound annual growth rate of 20.5% in solar and increasing demand. We're excited to help families across the country by meeting that demand with unparalleled customer experiences and revolutionary, personal power technology." 

Lumio changed the residential solar industry by merging four leading regional solar providers and a software company into a powerful national brand in December 2020. Today, Lumio leads the industry in customer experience, quality, and technological innovation. The company's vision to make power personal diversifies and decentralizes power production via good clean sun energy—making electricity cheaper, cleaner, and more reliable for homeowners across the country. Lumio's more than 5,000 team members are dedicated to their stewardship with nature and crafting earth's best home experience. For more information about Lumio, visit lumio.com.

SOURCE Lumio