The bill contains a bevy of tax incentives aimed at pushing consumers, developers, small businesses and others towards clean energy and more efficient energy usage – helping bring down the cost of buying electric vehicles, heat pumps, water heaters, rooftop solar panels and more.

Clean electricity nonprofit Rewiring America recently estimated a US household would save $1,800 per year if they installed electric heat pumps to heat their water and heat and cool their air, replaced a gas car with an EV, and installed solar.

How the climate bill could save you money on electricity, cars and appliances

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R. Neal's picture

So, I can save $1800 a year

So, I can save $1800 a year by paying $8000 for a heat pump, $40,000 for an ev, and $25,000 for solar pv on my home. The payback would be 40 years. I won't be around that long, and the car and the heat pump won't either. And maybe not the solar pv.

Don't get me wrong. I'm not against any of this stuff. But, as it currently stands, most of this isn't feasible for most working people.

Solar water heaters, insulation, efficient lighting and hybrid cars seem more in reach.

The $1800 savings might not be the best messanging for this iniative.

fischbobber's picture

Tax incentives

They have to incentivize it up front to make it work. That 40,000 dollar EV? Give it an 8 grand a year tax break for five years. That's what Biden was trying to do. My Thompson AC is going to need to be replaced. Tax break the difference between the new Thompson and an upgrade to super high efficiency. Restructure all taxes upward. That's who will be making money off the transition anyway.

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