Press Release
☷FACT SHEET Lowering Home Energy Costs Through President Biden s Inflation Reduction Act
White House ( By Press Release office)
Feb 13,2024
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Most Americans are in favor of programs that aim to reduce energy bills and promote clean energy in households . President Biden ' s Investing in America agenda is making efforts to decrease costs for American families across the country . One of the biggest expenses for many Americans is the energy required to heat , cool , and power their homes . The lowest - income families often spend around 30% of their income on energy bills . The Inflation Reduction Act has already led to a surge in clean energy initiatives , with over $360 billion in private sector clean energy commitments since President Biden took office . The implementation of clean energy programs from both the Inflation Reduction Act and the Bipartisan Infrastructure Law is projected to lower electricity rates by up to 9% by 2030 . Additionally , the Inflation Reduction Act introduces consumer - focused programs through tax credits and rebates to further assist families in reducing their home energy bills . The majority of Americans support these programs , with 65% in favor of tax credits for solar panel installation and 54% supporting tax credits for heat pump purchases , according to an August 2023 poll . However , Republicans in Congress consistently oppose these popular provisions , which would result in increased costs for hardworking Americans , job outsourcing , and a worsening of the climate crisis . Today , the Biden - Harris Administration is bringing together federal partners , nonprofits , and philanthropies at the White House to expand consumer education and outreach efforts as these programs become available nationwide . The administration will provide new federal resources on Inflation Reduction Act home energy programs for consumers , local officials , and advocates . Nonprofit organizations are also announcing commitments to expand their outreach efforts . The Inflation Reduction Act offers consumer tax credits for specific home energy technologies , and these credits are already accessible . Americans who installed eligible technologies in 2023 can claim credits on their tax returns due on April 15 , 2024 . Families who install an energy - efficient electric heat pump for heating and cooling can receive a tax credit of up to $2 , 000 and save an average of $500 annually on energy bills . Families who make other energy efficiency improvements , such as installing efficient doors , windows , or insulation , can receive tax credits worth up to $500 for doors , $600 for windows , $150 for a home energy audit , and up to 30% off the cost of new insulation , totaling up to $1 , 200 in tax credits per year . Families who install rooftop solar , geothermal , or battery storage at home can save up to 30% of the installation cost through a tax credit and save nearly $400 annually on their energy bills . Additionally , the Department of Energy is accepting applications from states for the implementation of $8 million in funding for energy efficiency and renewable energy programs . There ' s gonna be 8 billion bucks in home energy rebate programs , which will give rebates to low - and middle - income families so they can buy and install electric appliances and heat pumps that save money on energy costs . They can also use the rebates to make their homes more energy efficient by adding insulation and sealing up air leaks . This is all part of President Biden ' s plan for environmental justice . States will start launching their rebate programs later this year , and you can keep track of your state ' s progress on setting up the program here . On top of that , the Biden - Harris administration has already made a bunch of online resources available to educate people about the Inflation Reduction Act ' s home energy savings programs . The Environmental Protection Agency ' s ENERGY STAR program is launching a new Incentive Finder to help you figure out which energy products qualify for federal benefits . The Department of Energy ' s Energy Savings Hub has info for homeowners and renters on how to lower energy costs and take advantage of the Inflation Reduction Act and other programs . And the Treasury Department has a new Tax Resource Hub that provides tools to help you access tax credits and understand how the law affects the economy and communities . But that ' s not all! There are also some nonprofits stepping up their efforts to educate consumers about the Inflation Reduction Act ' s home energy programs . Two state affiliates of the League of Conservation Voters are expanding a door - to - door campaign to reach 300 , 000 homes and teach people how to access the benefits of the Act . Climate Power is committing to educate 1 million Americans about President Biden ' s clean energy plan by the end of 2024 . They ' ll be using all kinds of media channels to show people how they can save money on energy costs , get good jobs , and protect their communities from pollution . Civic Nation and the We The Action initiative are working on a national help center to make it easier for people to access the Act ' s clean energy incentives . They ' ll connect people with volunteer experts who can help them understand the incentives , figure out if their products qualify , and more . Another nonprofit called Rewiring America has introduced a Personal Electrification Planner . They expect over 200 , 000 households , including 50 , 000 with lower incomes , to utilize this tool for planning their home upgrades this year . Rewiring America will also collaborate with various industry partners , utilities , local governments , and community organizations to install heat pumps and other electric appliances in over 1 , 000 low - income homes across 150 locations by summer 2025 .
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