Bipartisan Bills Will Reinstate and Extend the Energy Efficiency Tax Credit for Homeowners and Builders
WASHINGTON – U.S. Senators Maggie Hassan (D-NH) and Susan Collins (R-ME) and U.S. Representatives Jimmy Gomez (D-CA) and Mike Kelly (R-PA) last week introduced the bipartisan Home Energy Savings Act to help lower energy costs for families and reduce carbon emissions by reinstating and strengthening a tax credit for energy efficient home upgrades.
The bipartisan group will also introduce the New Home Energy Efficiency Act to help incentivize greater energy efficiency in the construction of new homes.
“These bipartisan bills are a win-win-win: helping Granite State families lower their electric bills, spurring investment in the clean energy economy, and helping to reduce carbon emissions,” said Senator Hassan. “I’m glad to be working across the aisle on these commonsense bills that will help households improve their energy efficiency.”
“Energy efficient upgrades not only have an important role in reducing carbon emissions, but can also save families hundreds of dollars each year by substantially lowering their heating and electricity costs,” said Senator Collins. “By updating and extending these two effective tax credits, our bipartisan bills will encourage contractors to incorporate energy efficient designs and materials in new buildings, as well as make it easier for homeowners to invest products such as energy efficient windows, air conditioners, water heaters, and biomass stoves.”
“With energy costs steadily rising and wage growth lagging far behind the expectations of working families across the country, the bipartisan Home Energy Savings Act can be a breath of fresh air for those who feel suffocated by the pressures of financial hardship,” said Congressman Gomez. “Through reinstating and strengthening a tax credit for energy efficient home upgrades, this legislation has the capacity to simultaneously lower energy costs and reduce the very carbon emissions that contribute to the mounting climate crisis. Together, with the help of those like Senators Maggie Hassan, Susan Collins, and Congressman Mike Kelly, we can push this legislation through Congress and continue to provide tax relief and assistance to America’s working families.”
“Jobs, affordable energy, and a cleaner environment all in one simple plan? It might sound too good to be true, but this bipartisan legislation is a triple win! By incentivizing smart investments in energy efficient homes, we build a better future for American workers, energy consumers, and the environment in which we live. Who can’t get behind a plan like that?” said Congressman Kelly.
The Home Energy Savings Act would reinstate, strengthen, and expand the energy efficiency tax credit for homeowners by establishing higher goals for energy efficient home upgrades and increasing homeowners’ incentives to make energy efficient upgrades.
The New Home Energy Efficiency Act would reinstate, strengthen, and expand the tax credit for builders of new energy efficient homes by modernizing the credit’s efficiency standards and increasing the incentive for home builders to meet these standards.
Click here for a one-pager on the two bipartisan bills, click here for the legislative text of the Home Energy Savings Act, and click here for the legislative text of the New Home Energy Efficiency Act. To read the section by section for the Home Energy Savings Act, click here. To read the section by section for the New Home Energy Efficiency Act click here.
These bipartisan bills have wide-ranging support from over 35 organizations and businesses, including from the Alliance to Save Energy, National Resources Defense Council, the U.S. Green Building Council, the American Council for an Energy-Efficient Economy, the National Association of Home Builders, and the National Multifamily Housing Council.