PRESS RELEASE: NEW REPORT: PASSING BIDEN’S CLEAN ENERGY INVESTMENTS WILL LOWER ENERGY COSTS FOR FAMILIES
FOR IMMEDIATE RELEASE
May 2, 2022
Jack Miller, Communications Director
NEW REPORT: PASSING BIDEN’S CLEAN ENERGY INVESTMENTS WILL LOWER ENERGY COSTS FOR FAMILIES
Biden Agenda Would Save Families Money on Energy Bills
Energy costs have been on the rise for American families. As one of the most important goods Americans need, high energy costs prevent families from getting ahead.
In a February survey, 24% of Americans reported that in the last 12 months, they reduced or forwent basic expenses like food and medicine so they could pay their energy bill. In addition, 16% of adults reported that they kept their home at an unsafe or unhealthy temperature due to rising energy costs.
With the Russian invasion of Ukraine renewing concerns on energy costs, lowering energy costs is critical to keep our economy growing and families financially stable.
Today, Invest in America released a new report on how the Biden agenda will lower energy costs for American workers and families.
The Biden Agenda Will Help Families Save on Energy Costs
Energy experts claim that energy rebates and tax credits could potentially save consumers up to $500 a year on energy bills. Here’s how:
The Biden administration’s proposed measures include enhancement and expansion of existing home energy and efficiency tax credits, as well as the creation of a new, electrification-focused rebate program. These investments will save the average American family hundreds of dollars per year in energy costs.
“The rebates, which you’ll be able to cash in on right at the appliance dealer, will enable you to make a purchase of some of the newest, most energy-efficient appliances that over the long term are going to save hundreds of dollars for the people who are able to take advantage of this new program.”
The Plan Will Cut the Cost of Solar Installation by 30%
One of the ways the Biden agenda will help families save money on their energy bill is by cutting the cost of installing rooftop solar on residential homes. This will significantly impact Americans who have historically been unable to afford the upfront cost of solar, despite needing the most relief from high energy bills.
The Build Back Better Act would cut the cost of installing rooftop solar for a home by around 30 percent, shortening the payback period by around 5 years.
A survey found that the federal tax credit was the “single-most important financial incentive to respondents.”
The bill also included a 10% tax credit for families living in low-income communities, as well as a 10% tax credit that can be realized if enough parts of a home’s rooftop solar system are American made.
SolarReviews forecasts this legislation will increase the rate of residential solar installations from a rate of around 750,000 homes in 2021, to more than 1.5 million homes per year by 2024.
It’s estimated that on average, U.S. customers save about $1,500 a year by going solar, or $37,500 over the course of 25 years.
For owners in sunnier areas, the savings are even higher. California owners may save up to $90,000 in those 25 years.
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.