3 Ways the Build Back Better Act Can Put Money in Your Pocket
By Cecile Brown, EDF Action
From our vehicles to our home appliances to our power sources – we’re starting to see a transition to more and more uses of clean, renewable energy in our everyday activities. President Biden’s Build Back Better plan, coupled with additional clean energy investments from the bipartisan infrastructure bill, will help this transition and put money back in the pockets of consumers. Important policies like investments in energy efficiency and tax credits can save households up to $500 a year. With the Build Back Better framework, consumers and homeowners can receive expanded rebates and tax credits for switching to updated appliances or retrofitting their home to be more energy efficient. As households become more efficient and rely less on costly energy from fossil fuels, they will see hundreds of dollars in savings a year on their energy bills.
Here are a few ways you can save:
1. Consumer rebates for more efficient appliances will put money back in the pockets of consumers and lower energy bills. Everyday household appliances and materials like furnaces, HVAC systems, water heaters, windows and doors, and roofs have improved enormously over the years when it comes to being energy efficient. With the Build Back Better framework, consumers and homeowners can receive expanded rebates and tax credits for switching to updated appliances or retrofitting their home to be more energy efficient. As households become more efficient and rely less on costly energy from fossil fuels, they will see hundreds of dollars in savings a year on their energy bills.
2. The costs of renewable energy sources will decrease, saving consumers money. In many cases, renewable power sources are the cheapest option – now that we’ve seen cost decreases in solar and onshore wind over the last decade. To give consumers easier access to renewable energy sources, the Build Back Better framework would cut the cost of installing rooftop solar panels for a home by around 30 percent and shorten the payback period by five years.
Depending on where you live and what solar energy system you end up installing, at-home solar installations can lower household electric bills monthly – keeping cash in your pocket – with a long-term, low-risk investment. From Florida to Texas to California to Massachusetts, installing a solar panel could give a single household up to $2,000 a year in savings.
Biden’s framework would ensure that these savings would reach average Americans. Build Back Better includes targeted grants and loans available to rural communities through the Department of Agriculture. More accessible renewable energy sources and the savings they create will reach households all over the U.S.
3. Electric vehicle (EV) tax credits will make new and used EVs more affordable, so they are not just for the wealthy. And more charging stations across the nation will make sure you get where you need to go at a lower price! This one-two punch through the Build Back Better Act and the bipartisan infrastructure bill will save consumers where it matters daily – at the fuel pump.
President Biden’s Build Back Better framework includes a $12,500 EV tax credit – a $5,000 increase from what’s offered today – lowering the cost of American- and union-made EVs. For the first time, the EV tax credit will be refundable, allowing buyers to claim it at the point of purchase. Essentially, EV buyers are looking at a $12,500 discount on their car’s price tag.
EV and hybrid EV drivers see lower fuel costs compared to drivers of gas-powered cars because of how efficient electric-transmission components run. Driving an EV can cost less than half as much per mile as driving a gas-powered car, saving drivers money on their commutes.
There’s no time to lose. It’s time to pass both Build Back Better and the bi-partisan infrastructure plan. Our wallets are counting on it.