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Millions of households receive energy tax credits for upgrades
More than 3.4 million American households claimed $8 billion in energy tax credits last year for efficiency and renewable upgrades, cutting costs through the Inflation Reduction Act.
In short:
- The Treasury Department reports 3.4 million homes received $8 billion in tax credits for energy upgrades like solar panels and efficient windows under the Inflation Reduction Act.
- California led with 400,000 claims, followed by Texas and Florida, showing bipartisan appeal despite political differences.
- Nearly half of credit recipients earned less than $100,000 annually, aligning with Biden’s goal of aiding lower-income households in energy transitions.
Key quote:
“Those significant numbers show that these credits are more popular than initially projected.”
— Wally Adeyemo, Deputy Treasury Secretary
Why this matters:
The expanded tax credits promote renewable energy use, significantly cutting costs for American families and encouraging a shift toward more sustainable energy practices. This approach not only aids in reducing household expenses but also contributes to environmental goals by promoting clean energy solutions.
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