On August 16, President Joe Biden signed into law the Inflation Reduction Act, which provides some $370 billion in energy and climate spending and tax breaks over the next decade. It’s the most aggressive federal action to combat climate change in the nation’s history and is designed to help the White House achieve its lofty goals for reducing greenhouse emissions.
The result is a grab bag of goodies–for energy producers, electric car and battery makers, other businesses and ordinary households. “There’s something in there for everyone,” says KeyBanc Capital Markets energy analyst Sophie Karp.
While the credits for buyers of electric vehicles (both new and used) have grabbed much of the attention, their cost pales in comparison to the tens of billions in tax credits and rebates for homeowners investing in everything from solar panels to heat pumps to new windows to electric stoves.
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