These incentives aim to help U.S. homeowners and renters heat and cool their homes and cook meals using less energy.
According to Market Watch, the push toward net-zero emissions by 2050 could very likely be the next big package from the Biden administration. “The framework, if approved, would represent the largest single investment in the clean energy economy in the U.S. and aims to cut greenhouse gas pollution CL00, -0.21% by over one gigaton in 2030 — 10 times larger than any legislation Congress has passed previously,” President Joe Biden has said.
The administration’s Build Back Better bill includes $555 billion in tax credits and incentives to promote wind and solar power ICLN, -0.32%, electric vehicles, climate-minded agriculture and forestry programs and other clean energy ideas, some at the federal and community level and some earmarked for American homes.
House Speaker Nancy Pelosi expects Build Back Better to go up for a vote during the week of Nov. 15. If passed in its current form, the legislation will include rebates for homeowners who make whole-home efficiency upgrades or flip from higher-emitting and often less-efficient heating oil, coal or kerosene furnaces and heaters to electric heat pumps — essentially the cold-weather equivalent to central air conditioning.