Biden administration pays Americans thousands of dollars to introduce electric vehicles and solar-powered homes

On August 16, President Joe Biden signed the Inflation Reduction Act into law, sending billions of dollars to Americans looking to improve their homes, businesses, and cars.

One provision of the law allows Americans making less than $150,000 a year to qualify for a $7,500 tax credit to buy an electric car.

The law also includes $9 billion in rebates to help people electrify their appliances and make their homes more energy efficient. It also allows Americans to claim a tax credit for installing heat pumps in their homes.

Overall, the Inflation Reduction Act spends $369 billion on clean energy programs and businesses across America.

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And investors in clean energy already have something to celebrate. In the months since the law was signed into law, renewable energy companies such as NextEra Energy Inc. (NYSE: NEE), handily outperformed the S&P 500.

This law is as controversial as any law large enough to decarbonize 40% of America’s economy over the next eight years, which is what this law is intended to do. But from an investment perspective, one thing is clear: history shows that clean energy catalysts at this level can enable investors to multiply their money many times over.

You may remember President Barack Obama’s 2009 stimulus package that gave billions of dollars to clean energy companies and, according to Bloomberg, “created Tesla as we know it.” Since then, Tesla shares have returned almost 10,000% – even after their recent decline. Other green energy companies that have received loans or grants, such as Brookfield Renewable Partners LP, have returned over 1,000%.

The potential benefits for solar energy investors are particularly enticing. In the years since the 2009 stimulus package, America’s solar industry has grown 2,500%, and Biden’s clean energy bill is much larger.

In 2023, the White House plans to help 7.5 million Americans install solar panels on their rooftops — and this could be a major discovery for YouSolar, a startup that helps its clients transition painlessly and seamlessly to grids, clean energy stocks and other investments in space.

According to Bloomberg, the global cost of decarbonizing the grid could be more than $28 trillion. It’s a big deal for one company that could bring countless consumers to an all-electric life.

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This article, “The Biden Administration Pays Americans Thousands of Dollars to Implement Electric Vehicles and Solar-Powered Homes,” originally appeared on Benzinga.com.

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