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Tags: inflation | taxcredits | electriccars | jennifergranholm

Energy Secretary: Offset Inflation Pain With Tax Credits

jennifer granholm

Energy Secretary Jennifer Granholm (Drew Angerer/Getty Images)

By    |   Sunday, 21 August 2022 08:47 PM EDT

Energy Secretary Jennifer Granholm said Sunday that families should, in order to fight inflation, buy electric cars or weatherize their homes.

On "Fox News Sunday," Granholm touted the tax credits for buying electric cars or weatherizing homes and businesses in the Inflation Reduction Act, signed by President Biden last week, and asserted that the credits will help lower costs for low-income and middle-class families and help combat inflation.

"One of the critiques here with these credits is that the prices are high, right? And the supply is limited. What is the practicality? It seems like there's a disconnect. What's the practicality for everyday Americans in this kind of benefit?" asked host Trace Gallagher.

Granholm replied that there are two implications. "One is, for example, if you want to buy a used electric vehicle, you can get $4,000 off at the dealership today. If you want to buy a new electric vehicle, there is a $7,500 credit for those that are assembled in America ... why is this important? Because the president ... wants to reshore manufacturing. It's not just in electric vehicles ... it will be in solar panels. It will be in wind turbines. It will be in transmission. It will be in electric vehicles and the batteries for those electric vehicles. A whole supply chain and ecosystem, energy ecosystem, built up in the United States because of the incentives in the Inflation Reduction Act."

Gallagher then asked Graholm what her message would be to families that cannot afford an electric car, solar panels or other energy-efficient appliances, even with the tax credits.

Granholm answered that there are "significant incentives in this bill, which is great to reduce people's energy costs on a monthly basis. So if you are low-income, you can get your home entirely weatherized through the expansion from the bipartisan infrastructure law. If you want heat pumps, insulation, new windows, that is covered. If you are moderate-income, today, you can get 30% off the price of solar panels. Those solar panels can be financed, so you don't have to have the big outlay up front. When they're financed, they're financed in a way that reduces your energy bill even though you have solar panels, with this 30% off. It's a significant incentive. Same thing if you don't qualify for the weatherization program, you will be able to, starting next year, get rebates on the appliances and equipment that will help you reduce your monthly energy bill by up to 30%. This is all about reducing costs for people."

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Energy Secretary Jennifer Granholm said Sunday that families should, in order to fight inflation, buy electric cars or weatherize their homes.
inflation, taxcredits, electriccars, jennifergranholm
Sunday, 21 August 2022 08:47 PM
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