Biden signs Inflation Reduction Act into law
Biden signed the Inflation Reduction Act into law on Tuesday - the largest investment in climate change in U.S history! It puts more than $370 billion into climate and energy programs and cut U.S climate pollution by 40% below 2005 levels by 2030.
Why we care: Investing in clean energy will help combat the climate crisis while saving consumers money. Congressional renewable energy investments could empower Americans to save from $1,500 to $2,000 on their energy bills by electrifying their homes.
The bill will also help Americans save money on electric cars. It includes up to $7,500 in federal tax credits for EV buyers on North American-built vehicles. Those buying used vehicles, which make up 70% of cars purchased, could be eligible for a credit of up to $4,000. In the bill, tax credits can be applied as a rebate at the time of purchase, making the up-front costs of EVs' a lot more affordable. There are also new income qualifications proposed in the bill that would ensure that the credits go to those who need them most, and not wealthy EV buyers.
It’s good for your wallet and good for the planet – and that’s what we’re all about.