Senate passed the Inflation Reduction Act on Sunday. It could lower consumers’ electricity bills and the prices of energy-efficient appliances, such as rooftop solar panels, and energy-efficient appliances. Some energy experts and Democrats said that the credit would allow households to deduct up to 30% of the cost of insulation and heat pumps from their taxes. Another provision extends a program that allows homeowners who install solar or battery storage systems to take 30 percent off their taxes. The current $7,500 tax credit for electric vehicles is extended and $4,000 for used cars. Couples earning less than $300,000.00 a year and individuals earning less than $150,000 a month would be eligible for the credits. Consumers would receive a discount at the dealership. Senator Marco Rubio, a Republican from Florida, stated that his constituents are not interested in buying an electric vehicle anytime soon. They want gas prices to drop because we are producing more oil.
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