![]() ![]() $1 billion grant program to make affordable housing more energy efficient.$4,000 in consumer tax credits for lower- and middle-income individuals who buy used electric vehicles, and up to $7,500 tax credits for new EVs.10 years of consumer tax credits to make heat pumps, rooftop solar, electric HVAC and water heaters more affordable, which make homes more energy efficient.$9 billion in home energy rebate programs to help people electrify their home appliances and for energy-efficient retrofits, with a focus on low-income consumers.“You can be part of a trend in this country that’s collectively driving a catalytic change in major emissions reductions.”Īccording to a summary released by Senate Democrats, some of the funding aimed at consumers includes: With the bill, individual Americans don’t have to carry the weight of the world on their shoulders to “be a solo actor trying to figure out how to put solar panels on your house and buy an electric vehicle at enormous expense,” Dillen said. Those benefits include bolstering increasing the affordability of heat pumps and other home infrastructure that revolves around electric power. The bill includes a number of tax credits and other financial incentives aimed at making clean energy options more accessible for consumers, with a particular focus on those who are lower- to middle-income. How will energy provisions in the Inflation Reduction Act benefit consumers? Here’s a look at why the bill emphasizes energy, what that means for consumers and how these changes aim to bolster the U.S.’s fight against climate change. Joe Manchin’s approval, wins for oil and gas production were also added to the Inflation Reduction Act – a fact that environmental advocates aren’t keen on. The bill, she said, provides “a whole new set of tools to counter the entrenched influence of fossil fuels.” “When we’re talking about energy, we’re talking about the biggest climate problem and opportunity that we have,” Dillen said. Meanwhile, consumer-oriented provisions meant to make it more affordable for those with lower to middle incomes to access electric-powered options, from cars to heat pump systems and more. capacity to build renewable technology, like solar panels or electric vehicle components, and then ensuring people can use those things more easily by shoring up energy infrastructure is a key facet of the Inflation Reduction Act. In the U.S., the transportation, electric power and industry sectors each make up around 25 percent of national emissions, the agency says.īuilding up the U.S. The use and production of energy, which includes fuels that power vehicles and buildings, makes up the largest contribution of greenhouse gas emissions across the globe, according to the EPA. But how we source that energy has a massive impact on the planet. That’s an important breakthrough for every living thing on Earth, but there also are more mundane benefits, including for anyone who drives a car or pays utility bills and has felt fuel costs rise this year.Įvery part of the economy has energy running through it - it literally “powers everything in our lives,” said Abigail Dillen, president of Earthjustice, a nonprofit that litigates environmental issues. has actually pledged to lower emissions by 50 to 52 percent under that same framework as part of the Paris Agreement, he noted.) The goal of the bill is to put the country on a path to reduce greenhouse gasses by 40 percent below 2005 levels by 2030, Murray said – a meaningful increase compared to our current path, which is projected to reach a 25-percent reduction. WATCH: How Democrats coalesced around the Inflation Reduction Act “This is very much climate legislation,” said Brian Murray, interim director of the Nicholas Institute for Energy, Environment & Sustainability at Duke University, who added the bill offers “a significant bump” in the nation’s projected ability to reduce our greenhouse gas emissions. 16 by President Joe Biden, does a lot of things, including tackling deficit reduction, health care access and prescription drug pricing, but addressing the energy industry and climate change is one of its most significant aims. But while the spending bill is predicted to get the United States much closer to its emissions goals, it’s still not a panacea for the climate crisis, and many environmental advocates aren’t satisfied. The Inflation Reduction Act is expected to reshape the American energy industry by putting non-fossil fuel alternatives in reach of more people. ![]()
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