Article Summary –
President Biden’s Inflation Reduction Act offers tax credits to lower the cost of installing clean energy technologies and housing costs by reducing monthly energy bills. Several states are set to launch home energy rebate programs, helping low- and middle-income families acquire cost-saving electric appliances and make energy efficiency improvements. The President’s administration is convening federal partners, nonprofits, and consumer lending organizations to drive consumer education and outreach efforts about the Act’s consumer home energy savings tax credits and rebates, focusing on helping more low- and middle-income families afford to install cost-saving clean energy at home.
Biden-Harris Administration Cuts Costs with Investing in America Agenda
President Biden’s Investing in America Agenda is significantly reducing costs for American families. The President’s Inflation Reduction Act, a historical investment in clean energy and climate action, is already lessening the cost of clean energy installation and promoting housing affordability through reduced energy bills and increased efficiency. Tax credits offering families up to 30% off home energy technology costs are now available, with Americans claiming enhanced credits on Tax Day.
- Families installing efficient electric heating pumps can receive up to $2000 tax credit and save an average of $500 per year.
- Families making other energy efficiency improvements can gain tax credits worth up to $1200 annually.
- A 30% tax credit on the installation cost of rooftop solar, geothermal or battery storage can save families an average of $7500 on installation and $400 per year on energy bills.
Several states are preparing to launch home energy rebate programs funded by the Inflation Reduction Act. These programs aim to assist low and middle-income families with the purchase and installation of electric appliances and energy efficiency improvements.
The Biden-Harris Administration is actively educating the public on home energy savings tax credits and rebates through federal partners, nonprofits, consumer lending organizations, and philanthropies. Emphasis is placed on ensuring affordable clean energy installation for low and middle-income families.
Biden-Harris Administration Expands Access to Clean Energy
New federal resources and extensive outreach from nonprofit organizations are making information on Inflation Reduction Act home energy programs widely available. Despite Congressional Republicans’ opposition to these popular provisions, President Biden remains committed to these cost-saving initiatives that protect the environment and benefit American families.
Efforts to Expand Consumer Outreach and Financing
Many nonprofits, universities, and community organizations are announcing initiatives to broaden outreach efforts on the Inflation Reduction Act’s consumer home energy programs. These include a national public education campaign by Civic Nation, efforts by WorkMoney to connect individuals to underutilized government programs, and funding by the McKnight Foundation to support technical assistance initiatives.
Conclusion
With these initiatives, the Biden-Harris Administration is making significant strides in promoting clean energy, climate action, and cost savings for American families. Despite opposition, the Administration remains committed to these critical programs, prioritizing the well-being of the planet and its inhabitants.
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