ICYMI: SOME AMERICANS COULD SAVE $10,000 WITH INFLATION REDUCTION ACT CLIMATE INCENTIVES

From Electric Vehicles to Clean Energy, Americans Can Claim New Incentives and Tax Breaks Thanks to the Inflation Reduction Act

In Case You Missed It — New clean energy incentives and rebates could allow many Americans to save more than $10,000 thanks to the Inflation Reduction Act, according to CNBC.

From electric vehicles to solar panels, the landmark climate and health care bill offers big savings for Americans who purchase or upgrade clean energy technology that will green the U.S. economy and cut costs for millions of families.

READ COVERAGE FROM CNBC HERE

KEY POINTS: 

  • Households may soon be able to claim thousands of dollars in tax breaks and rebates if they take steps to reduce their carbon footprint.

  • The Inflation Reduction Act, which President Joe Biden signed into law on Aug. 16, represents the largest federal investment to fight climate change in U.S. history. Among other measures, the law offers financial incentives to consumers who buy high-efficiency appliances, purchase electric cars or install rooftop solar panels, for example.

  • Consumers who buy a new electric vehicle can get a tax credit worth up to $7,500. Used vehicles qualify for up to $4,000. Each credit comes with various requirements tied to the consumer and vehicle, such as household income and sales price.

  • The “high-efficiency electric home rebate program” offers up to $14,000. Households get rebates when they buy efficient electric appliances: up to $1,750 for a heat pump water heater; $8,000 for a heat pump for space heating or cooling; and $840 for an electric stove or an electric heat pump clothes dryer, for example.

About Invest in America

Invest In America is a national rapid response operation advocating for robust public investment to rescue the economy from the COVID crisis and create prosperity for the future, and to fight back against fear-mongers who use deficit concerns as a scapegoat to starve American communities and businesses of resources.

The operation consists of two components: Invest in America, the charitable and public education arm, which is a fiscally sponsored project of Economic Security Project funded by the William and Flora Hewlett Foundation and Economic Security Project co-chair Chris Hughes; and Invest in America Action, the advocacy and social welfare arm, which is a fiscally sponsored project of Economic Security Project Action funded by Chris Hughes and the Omidyar Network.

Learn more at InvestInAmericaNow.com and @InvestNowUSA, and InvestinAmericaProject.com.

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