Granholm: How saving the environment can save you money, big-time
Take heating and cooling. Simple steps like installing insulation and sealing leaky doors and windows can reduce those bills by as much as 15 percent per year. And now, you can get up to $2,000 of the upfront costs on your tax return. Not sure where to start? You can have an energy auditor inspect your home for opportunities to cut energy use — and get a tax credit of up to $150 off their services.
Jennifer Granholm secretary of energy United States Department of Energy gives a keynote speech during a luncheon, Wednesday, March 9, 2022, at the CERAWeek by S&P Global in Houston.Then, when it’s time for a new HVAC system, you can install a heat pump — which can heat and cool your home with far greater efficiency than a standard furnace or air conditioning unit.
You can bring down your water heating costs with a heat pump, too. An ENERGY STAR-certified heat pump water heater can save a family of four nearly $500 a year, and it’s eligible for a similar credit up to $2,000. What about lighting, appliances and electronics? All three depend on electricity. Start generating it at home, and powering those devices gets far more affordable. Homeowners can get a solar tax credit to cut 30 percent off the price of a solar panels and installation, amounting to $7,500 off for the average household. Those solar panels will shave roughly $400 off annual electricity bills, delivering a net savings of $9,000 over the panels’ lifetime.
That EV will be far less expensive to drive and repair than a gas-powered equivalent. The average EV driver saves over $1,000 a year on fuel and maintenance. And this administration is committed to giving you the confidence that you can get anywhere with an EV. We’re investing billions of dollars to build a
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