Energy experts say the climate bill can help consumers lower utility bills

approach | Energy experts say consumers will benefit from lower bills and cheaper home upgrades.

August 7, 2022, 4:56 PM ET 7, 2022, 16:56 et al

An inflation-reducing bill approved by the Senate on Sunday could lower consumers’ electricity bills and the prices of things like rooftops Solar Democrats and some experts said panels, energy-efficient appliances and electric vehicles. Energy.

Under the legislation, the Energy Efficiency Home Improvement Credit will allow families to deduct up to 30% of the cost of upgrades such as heat pumps and insulation from taxes. Another provision expands a program that allows families to install solar or battery storage systems to deduct 30 percent of the cost of these projects from taxes.

Rewireing America, a nonprofit group that promotes energy efficiency, said it estimates that these and other measures required by the legislation could save families $1,800 annually.

The package also continues to motivate families to replace their gas-powered cars with electric ones. It extends a current tax credit of $7,500 for new electric cars and $4,000 for a used car. Spouses who earn less than $300,000 a year or people who earn less than $150,000 a year will be eligible for the credits and consumers will receive the discount at the agency.

“This bill will help create jobs and reduce costs for many American families,” said Senator Thomas R. Carper, a Democrat from Delaware, as well as slowing climate change.

Republicans said they expected the measure to increase inflation and said the loans would not help Americans.

“They don’t have any plans to buy an electric car in the near future,” Republican Florida Senator Marco Rubio said of his constituents. They want lower gas prices because we produce more oil.

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