Lowering Home Energy Costs Through President Biden’s Inflation Reduction Act
Through President Biden’s historic Investing in America agenda, the Biden-Harris Administration is cutting costs for hardworking American families in every corner of the country. One of the largest costs for many Americans is heating, cooling, and powering their homes—with the lowest-income families spending upwards of 30% of their income on energy bills.
The Inflation Reduction Act has already spurred a clean energy boom, contributing to more than $360 billion in private sector clean energy announcements since President Biden took office. Clean energy deployment from both the Inflation Reduction Act and the Bipartisan Infrastructure Law is projected to cut electricity rates by as much as 9 percent by 2030. In addition, the Inflation Reduction Act establishes several consumer-focused programs through tax credits and rebates to help families lower their home energy bills even further.
A majority of Americans support these programs—according to an August 2023 poll, 65 percent of Americans support tax credits to install solar panels and 54 percent support tax credits to buy heat pumps. Yet Republicans in Congress continually fight to repeal these popular provisions, which would increase costs for hardworking Americans, offshore jobs, and worsen the climate crisis.