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Senators Hassan, Collins Introduce Bipartisan Bill to Lower Energy Costs for Consumers, Increase Energy Efficiency

Bipartisan Legislation Will Expand and Extend the Energy Efficiency Tax Credit for Homeowners

WASHINGTON – U.S. Senators Maggie Hassan (D-NH) and Susan Collins (R-ME) reintroduced the bipartisan Home Energy Savings Act to help lower energy costs for families and reduce carbon emissions by expanding and extending a tax credit for energy efficient home upgrades. U.S. Representative Jimmy Gomez (D-CA) also reintroduced the bill in the House.

 

“This bipartisan bill is a commonsense step to help Granite Staters save on their energy costs and reduce their carbon footprint,” Senator Hassan said. “I am glad to partner with Senator Collins to help improve energy efficiency in homes, and I will keep working across the aisle to address climate change and help Americans lower their monthly energy bills.”

 

“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 reinstating and strengthening this tax credit, our bipartisan bill would encourage homeowners and builders to incorporate energy efficient designs and materials.”

 

“As Congress prepares a massive investment in our nation’s infrastructure, we must continue to prioritize policies that provide sustainable, resilient solutions to our climate crisis while uplifting working families across the country,” said Representative Gomez. “The Home Energy Savings Act takes the simple yet bold step to extended and strengthen a tax credit for energy efficient home upgrades that will greatly expand capacity for Americans to lower their in-home energy costs and help protect our planet. I’m proud to work with Senators Hassan and Collins to reintroduce this bipartisan effort that will help move our infrastructure efforts into the 21st century.”

  

The bipartisan Home Energy Savings Act would:

 

  • Expand and extend the energy efficiency tax credit in section 25C of the tax code through 2028
  • Establish higher goals for energy efficient home upgrades by modernizing the efficiency standards in section 25C of the tax code
  • Increase homeowners’ incentives to make energy efficiency upgrades by:
    • Increasing the credit from covering 10% to 15% of the cost of efficiency upgrades
    • Raising the lifetime cap on the credit from $500 to $1,200 to encourage multiple efficiency projects
    • Increasing incentive caps for individual product categories

 

Senators Hassan and Collins are working to improve energy efficiency in New Hampshire, Maine, and across the country, and the two successfully worked to include their bipartisan legislation to expand access to innovative clean energy storage technology in the year-end relief bill that was signed into law.

 

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