Biden Administration Offers Americans $20,000 to Improve Their Homes
President Joe Biden signed August 16th the Inflation Reduction Act. It directs billions of dollars to Americans who are looking to improve their homes and businesses.
One provision of the law permits Americans earning less than $150,000 annually to claim a $7.500 tax credit for purchasing an electric car.
A $9 billion rebate program is also available to assist homeowners in electrifying their homes and making their homes more efficient. It’s also allowing Americans to claim a tax credit for installing heat pumps in their homes.
The Inflation Reduction Act has poured $369 billion into clean energy programs and businesses across America.
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Clean energy investors have plenty to be proud of. Renewable energy companies such as NextEra Energy Inc. (NYSE) have grown significantly in the years since the act was passed. NEE) have handily outperformed the S&P 500.
The law is controversial, as is any law sweeping enough to decarbonize 40% of America’s economy over the next eight years as this law purports to do. One thing is certain from an investment perspective: Clean energy catalysts at this level can allow investors to multiply their money many, many times.
You might remember President Barack Obama’s 2009 stimulus package, which gave billions of dollars to clean energy companies and “created Tesla as we know it,” according to Bloomberg. Tesla shares have returned almost 10,000% since — even after their recent downturn. Brookfield Renewable Partners LP and other clean energy companies have returned over 1,000% if they received loans or grants.
Solar investors have a lot of potential benefits. In the years after the 2009 stimulus package, America’s solar industry grew by 2,500% — and Biden’s clean energy bill is much larger than that.
In 2023, the White House plans to assist 7.5 million Americans in putting solar panels on their rooftops — and that could be a major opening for YouSolarStartup – assisting its customers to transition to the electricity grid seamlessly and painlessly.
Bloomberg estimates that decarbonizing power networks could cost more than $28 trillion worldwide. That’s a big deal for one company that could bring countless consumers toward an all-electric life.
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