February 3, 2023

The Inflation Reduction Act passed by the Senate on Sunday could cut consumer electricity bills and the prices of things like rooftop solar panels, energy-efficient appliances and electric vehicles, Democrats and some energy experts said.

Under the law, a home improvement credit for energy efficiency would allow households to deduct up to 30 percent of the cost of upgrades such as heat pumps and insulation from their taxes. Another provision extends a program that allows households installing solar or battery storage systems to deduct 30 percent of the cost of those projects from their taxes.

Rewiring America, a nonprofit that promotes energy efficiency, estimated that these and other measures in the legislation could save households $1,800 a year.

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