The result is a bag of goodies – for energy producers, electric car and battery manufacturers, other businesses and ordinary households. While the credits for electric vehicle buyers (both new and used) have gotten much of the attention, their cost pales in comparison to tens of billions in tax credits and rebates for homeowners investing in everything sustainability-related, from solar panels to heat pumps to new windows and electric stoves.
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According to Goldman Sachs, this is a “real transformation” in promoting residential battery storage, but the law also increases the amounts for dozens of other products that can save individual households thousands and even tens of thousands of dollars. In total, the Congressional Joint Committee on Taxation estimates that the government will hand out nearly $37 billion in individual tax credits for green building improvements over the next ten years. There are also potential savings for consumers after these improvements are made. For example, households that make the switch from oil or propane to electric heating are expected to save an average of $493 per year.