Millions of households receive energy tax credits for upgrades

More than 3.4 million American households claimed $8 billion in energy tax credits last year for efficiency and renewable upgrades, cutting costs through the Inflation Reduction Act.

Clare Fieseler reports for E&E News.

In short:

The Treasury Department reports 3.4 million homes received $8 billion in tax credits for energy upgrades like solar panels and efficient windows under the Inflation Reduction Act.
California led with 400,000 claims, followed by Texas and Florida, showing bipartisan appeal despite political differences.
Nearly half of credit recipients earned less than $100,000 annually, aligning with Biden’s goal of aiding lower-income households in energy transitions.

Key quote:

“Those significant numbers show that these credits are more popular than initially projected.”

— Wally Adeyemo, Deputy Treasury Secretary

Why this matters:

The expanded tax credits promote renewable energy use, significantly cutting costs for American families and encouraging a shift toward more sustainable energy practices. This approach not only aids in reducing household expenses but also contributes to environmental goals by promoting clean energy solutions.

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Millions of households receive energy tax credits for upgrades

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