Treasury Releases FAQs on How to Lower Energy Costs When Making Home Upgrades
Today, the Department of Treasury and the Internal Revenue Service (IRS), in coordination with the Department of Energy, released FAQs to help families, homeowners, and renters to lower energy costs by using new and expanded tax credits, secured under the Inflation Reduction Act, to invest in energy efficiency upgrades to homes and power buildings with clean energy.
President Biden’s economic plan focuses on lowering energy costs for American families so they can keep their homes warm in the winter and cool in the summer, especially as communities across the country cope with extreme temperatures and volatile weather fueled by climate change. Treasury’s FAQs provide detailed information on how families can unlock thousands of dollars of savings for making energy efficiency upgrades to their homes over the next ten years and for installing rooftop solar and battery storage. These investments won’t only save people money upfront—they will lower families’ energy bills for years to come.
The Department of Energy, in coordination with Treasury, has developed a guide for families, homeowners, and renters to learn how easy and affordable it can be to invest in heat pumps, install rooftop solar panels, insulate, purchase energy efficient appliances, make home repairs, and make many other upgrades.
We encourage you to learn more about all of the ways you or your family can save – whether making home efficiency upgrades, installing new electric appliances, or purchasing a new rooftop solar system – and access the economic benefits of using clean energy.
