Biden’s Inflation Reduction Act Drastically Decreases Home Energy Expenses

Lowering Home Energy Costs Through the <a href="">Inflation Reduction Act</a>

Americans Support Lowering Energy Bills and Expanding clean energy

A majority of Americans support programs to lower energy bills and expand clean energy into homes. President Biden’s historic Investing in America agenda aims to cut costs for hardworking American families across the country. One of the largest costs for many Americans is heating, cooling, and powering their homes, with the lowest-income families spending upwards of 30% of their income on energy bills.

clean energy Boom and Cost Reduction

The Inflation Reduction Act has already sparked a clean energy boom, leading to over $360 billion in private sector clean energy announcements since President Biden took office. clean energy deployment from both the Inflation Reduction Act and the Bipartisan Infrastructure Law is projected to reduce electricity rates by as much as 9% by 2030. Additionally, the Inflation Reduction Act establishes several consumer-focused programs through tax credits and rebates to help families further lower their home energy bills.

Public Support for clean energy Programs

A majority of Americans support these programs. According to an August 2023 poll, 65% of Americans support tax credits to install solar panels and 54% support tax credits to buy heat pumps. However, Republicans in Congress continue to oppose these popular provisions, which would increase costs for hardworking Americans, offshore jobs, and worsen the climate crisis.

Expanding Consumer Education and Outreach Efforts

The Biden-Harris Administration is convening federal partners, nonprofits, and philanthropies to expand consumer education and outreach efforts. New federal resources about Inflation Reduction Act home energy programs are being made available for consumers, local officials, and advocates. Nonprofit organizations are also announcing commitments to expand their outreach efforts.

Consumer tax credits and Rebate Programs

The Inflation Reduction Act‘s consumer tax credits for certain home energy technologies are already available. Americans who installed these technologies in 2023 can claim credits on their tax returns. The Department of Energy has opened applications for states to implement $8.8 billion in home energy rebate programs, providing rebates for low- and middle-income families to buy and install cost-saving electric appliances and heat pumps, as well as make energy efficiency improvements to their homes.

Online Resources for Consumers

The Biden-Harris administration has made several online federal resources available to educate consumers about the Inflation Reduction Act‘s home energy savings programs:

  • The Environmental Protection Agency’s ENERGY STAR program will launch a new Incentive Finder to help consumers determine which home energy products qualify for federal benefits, including Inflation Reduction Act programs.
  • The Department of Energy’s Energy Savings Hub details opportunities for homeowners and renters to lower their energy costs and benefit from the Inflation Reduction Act and other programs.
  • The Treasury Department has launched a new Inflation Reduction Act Tax Resource Hub that provides tools to assist consumers and other taxpayers in accessing key tax credits, while highlighting the impact of the law for America’s economy and communities.

Nonprofit Efforts to Reach Consumers

Several nonprofits are announcing new and expanded efforts to reach consumers across the country on the Inflation Reduction Act‘s consumer home energy programs:

  • Two state affiliates of League of Conservation Voters are expanding a successful door-to-door communications campaign to educate consumers on how to access the benefits of the Inflation Reduction Act.
  • Climate Power is committing to educate 1 million American consumers about accessing the benefits of President Biden’s clean energy plan by the end of 2024.
  • Civic Nation and its We The Action initiative are working to develop a national help center to increase consumer access to the Inflation Reduction Act‘s clean energy incentives.
  • National nonprofits SaverLife and Inclusiv are launching Community Finance for Climate Action, a new collaborative effort to ensure that households living on low incomes are economically protected and fully included in the transition to a green economy.
  • Rewiring America is launching a Personal Electrification Planner to help households plan their home upgrades, while also partnering with industry, utilities, local governments, and community-based organizations to install clean energy equipment in low-income and disadvantaged community households.

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Read More of this Story at – 2024-02-12 17:16:00

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