(NewsUSA)
- From charging our phones to fueling up for family road trips and heating our homes, nearly everything we do uses energy. It’s critical to daily life and a prosperous future. With that in mind, Congress created new energy tax credits in 2022 that lay the foundation for generational investments in all energy to meet growing demand.
These federal energy tax credits are boosting all homegrown energy, including renewables, which has created new jobs, saved consumers money, shored up our energy security and made our electric grid more reliable when extreme weather hits.
And the numbers are significant. These tax credits will create nearly 14 million jobs over the next decade, including doubling the number of clean energy jobs—long lasting careers—from roughly 3 million today to more than 6.5 million. Right now, the credits have already delivered 1.2 million annual jobs while providing new opportunities across multiple sectors, including construction and manufacturing.
The bottom line is that energy tax credits, are and will continue to produce massive dividends for all Americans, delivering a 4x return on taxpayer investment. Here are some eye-popping stats:
- Approximately $740 billion in tax credits are estimated to deliver over $3 trillion in net benefits, including $1.88 trillion in economic benefits and over $1 trillion in environmental benefits
These credits boost household income through wages and savings on energy costs while reducing air pollution and providing enhanced energy security for American-made power.
Considering the growing demand, we need all the power we can to produce here at home. The good news is that clean power capacity is growing and is expected to supply enough energy to power every home in the U.S. three times over by 2035 with the help of these energy tax credits.
Now is the time to embrace and foster innovation in homegrown power. Lawmakers in Washington should protect energy tax credits so we can continue to invest in all forms of energy to power our daily lives today and in the future.
