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The inflation-reduction law passed by the Senate on Sunday could lower electricity bills for consumers and lower prices for items such as rooftop solar panels, energy-efficient appliances and electric vehicles, Democrats said and some energy experts.
Under the legislation, a home improvement credit for energy efficiency would allow households to deduct up to 30 percent of the cost of upgrades like heat pumps and insulation from their taxes. Another provision expands a program that allows households that install solar or battery storage systems to deduct 30 percent of the cost of those projects from their taxes.
Rewiring America, a nonprofit group that promotes energy efficiency, said it estimates these and other measures in the legislation could save households $1,800 a year.
The package also continues an incentive for families to replace their gas-powered vehicles with electric ones. It extends a current tax credit of $7,500 for new electric vehicles and $4,000 for used ones. Couples earning less than $300,000 a year or individuals earning less than $150,000 a year will be eligible for the credits and consumers will get the dealership discount.
“This bill will help create jobs and lower costs for many American families,” in addition to slowing climate change, said Senator Thomas R. Carper, D-Delaware.
Republicans said they expected the measure to raise inflation and said the credits would not help Americans.
“They don’t want to buy an electric car in the near future,” Sen. Marco Rubio, R-Florida, said of his constituents. “They would like to see gas prices go down because we’re producing more oil.”
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