How the Climate Bill Can Save You Money
Here is a quick breakdown on how the clean energy bill can help you save money in 2023 with tax credits. Investing nearly $370 billion for energy programs and tax incentives, this bill is the largest climate investment in US history.
The bill would provide Americans with tax credits to cover 30% of installing highly efficient ACs, water heaters, furnaces and other cooling and heating equipment.
Households will be able to receive up to $600 for each piece of equipment, up to $1,200 total per year. There would also be a special credit of up to $2,000 for electric heat pumps. And credits could be used to upgrade breaker boxes, if needed, to handle the additional electric load. The legislation also calls for providing low- and moderate-income households with rebates of up to $14,000 to buy electric appliances.
“There are people who are really on the front lines of the inflation crisis and how expensive fossil fuels are because of Putin’s invasion of Ukraine, and this bill will be delivering big energy savings for those people,” Leah Stokes, a senior policy advisor at Evergreen and associate professor of political science at the University of California, Santa Barbara, told reporters recently. Read more.