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How Climate Bills Can Save You Money on Electricity, Cars and Appliances

(CNN)Democrats' new party tax and clean energy bills are big issues for climate and energy savings. About $370 billion will be spent on energy programs and tax incentives,making it the largest climate investment in US history.

In addition to the reductions in U.S. emissions that these measures will bring, the bill contains many things that could change both the way Americans power their homes and the types of vehicles they drive. is included.

The bill includes a series of tax incentives aimed at encouraging consumers, developers, small businesses and others to use clean energy and more efficient energy. , heat pumps, and water heaters. , rooftop solar panels, etc.

These measures will be more comprehensive than existing weatherization programs, and some will be available to all households, not just low-income households," said National Energy Assistance. Director Association executive his director Mark Wolfe said.

The nonprofit Rewiring America recently found that US households installed electric heat pumps to heat water, cool and heat the air, and replaced gasoline cars with EVs. , estimated to save $1,800 annually.

Tax credits reduce costs in another way, encouraging cheap and clean electricity from renewable sources.

"There are people who are really on the front lines about the inflation crisis and the fossil fuel price hikes due to Putin's invasion of Ukraine, and this bill will bring huge energy savings to those people." Leah Stokes, a senior policy adviser at Evergreen and an associate professor of political science at the University of California, Santa Barbara, recently told reporters.

Below are the main parts of the bill that help consumers save money.

Electric Vehicle Purchase Savings: This measure expands the current $7,500 tax credit on new vehicles and the $4,000 tax credit on used EVs. It will also remove the current cap that prevents automakers from receiving tax credits after selling 200,000 EVs, and instead of waiting weeks or months for buyers to receive their tax credits, they will be able to get them right away at the dealership. It is written so that you can get a discount.

Still, there is an important caveat. Automakers and consumers may not be able to take advantage of this tax credit for years to come. At the insistence of Democratic Senator Joe Manchin, the tax credit was written in such a way that automakers would be forced to shift their EV supply chains out of China and into the United States or countries with which the United States has free trade agreements. I was. Vehicles must be manufactured in North America and EV batteries must not be sourced from countries such as China.

As a result, U.S. automakers will likely not be able to provide credit for years to come as they try to build domestic supply chains, said Michigan Democratic Senator Debbie Stabenow. said.

Also, the tax credit is limited to trucks, vans and SUVs under $80,000 and her other vehicles under $55,000, with consumer income thresholds.

Help install more efficient air conditioning and heating: This measure will reduce the cost of installing high efficiency air conditioners, water heaters, furnaces and other cooling equipment by 30%. Provides Americans with a tax credit that covers and heating equipment.

Households can receive up to $600 per device, up to $1,200 total annually. A special credit of up to $2,000 is also offered for electric heat pumps. You can also use credits to upgrade your breaker box to handle additional electrical loads as needed.

This measure replaces a similar tax credit that expired late last year and had a lifetime cap of $500.

Help low- and middle-income Americans buy electronics: This law provides low- and middle-income households with We are seeking to offer rebates of up to $14,000.

This rebate can cover half to all of the usual $14,000 cost to install an electric heat pump, as well as electric water heaters, stoves, ovens, clothes dryers and even home appliances. can also cover most of the cost of upgrading the . Breaker box and electrical wiring. The law sets aside $4.5 billion over 10 years for this provision.

To alleviate concerns that low-income households have to pay for items upfront, rebates can be offered at the point of sale, or billed by contractors, for example. That depends on how the state energy agency that administers the rebate sets up the program.

Rebates for Home Improvements: Households could receive up to $4,000 in rebates under the bill for implementing energy efficiency measures throughout their homes. Low- and middle-income Americans can receive up to $8,000. The rebate amount depends on the estimated savings achieved. The legislation will provide a total of $4.3 billion in funding over 10 years.

Tax Credits for Reducing Energy Leakage: Americans pay more for home improvements that reduce energy leakage, such as updated windows, doors, insulation, and other weatherproofing. You can get a tax credit covering 30%. Measures under the bill. They were able to earn up to $600 per improvement, totaling $1,200 per year in credit. Additionally, I received a $150 credit to conduct an energy audit for my home. Your credits expand so that your family can use them again and again to upgrade over time.

HUD Housing Efficiency Improvements: This measure provides $1 billion in grants and loans for affordable housing units managed by the Department of Housing and Urban Development and provides energy or Increase water efficiency and improve indoors. Improve air quality, improve clean energy and electrification, and address climate resilience needs. Improvements include insulation, HVAC upgrades, flood protection, storm protection, water-saving modifications, and installation of solar or other renewable energy systems. Tax credit for building high-end homes: Builders are eligible for a tax credit of $2,500 for single-family or ready-made homes and $500 for multifamily units for building Energy Star-certified homes. can receive The developer can receive $2,500 for each apartment complex if general wage requirements are met.

Credits are doubled if the home or unit is certified under the Department of Energy's Zero Energy Ready Homes Program.

Credits of up to $2,000 to build energy efficient homes expired late last year.

Install solar panels on your home: Bill tax credits cover 30% of the cost of purchasing a rooftop solar system and home battery storage.According to the Solar Energy Industries Association,the average cost of a rooftop solar system is around $20,000. But that initial cost translates into annual utility savings, adding value to your home.

For those who live in apartments or who cannot install solar on their roofs, they lease roof solar systems or turn to local solar power plants for electricity. There are other ways to get solar energy and lower your utility bills, such as participating. It was delivered. Low-income community solar projects will also get more tax credits on the bill.

Small Business Incentives: Small businesses can get tax credits of up to $1 per square foot of their business to make their space more energy efficient. They can get tax credits that cover up to 30% of the cost of replacing their fleet of cars and trucks with clean vehicles and incentives to power their business with solar power.