RELEASE: How the Inflation Reduction Act Will Save Consumers Money
Washington, D.C. — A new article from the Center for American Progress shows how the Inflation Reduction Act can help Americans save thousands of dollars when making the transition to clean energy.
The new law includes several tax credits aimed at helping households save money on major energy expenses, such as driving and home heating and cooling.
The tax credits include:
- Up to $4,000 on a used electric vehicle
- Up to $1,200 per year on energy-efficient home improvements
- Up to $2,000 per year on heat pump installation
- Various tax credits for installing residential solar, small-scale wind, geothermal heat pump, home battery storage, and fuel cell energy systems
The article notes that switching to energy-efficient and clean energy systems also saves even more money over time. Switching to a heat pump alone can save a household an average of $500 to $1,000 per year in heating and cooling costs. Driving an electric vehicle costs about $800 to $1,000 less to fuel and operate per year than gas-powered vehicles, on average.
In addition to saving money, these credits will encourage investment in cheaper, cleaner, and domestically sourced renewable energy. They also will encourage the creation of good, high-paying jobs in the U.S. clean energy industry.
Read the article: “How the Inflation Reduction Act Will Save Households Money in 2023” by Leo Banks
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