What Is The Inflation Reduction Act For 2024. Lowering home energy costs through the inflation reduction act. The inflation reduction act created two new credit delivery mechanisms—elective pay (otherwise known as “direct pay”) and transferability—that will help enable state, local, and.

Most provisions of the inflation reduction act of 2022 became effective 1/1/2023. President joe biden signed the inflation reduction act into law two years ago on friday.