Video: Clean Energy Tax Credits in The Build Back Better Act

The Build Back Better Act (BBBA) contains the largest-ever U.S. investment in climate action, including $292 billion in clean energy tax incentives to supercharge the installation of renewable energy, increase accessibility for low- and middle-income households, and lower the average family’s energy bill by $500 per year. For example, a new investment tax credit for the build-out of regionally significant, high-voltage transmission lines is projected to add 30,000 megawatts of renewable energy capacity to the grid, providing $2.3 billion in energy cost savings for the bottom 80% of income brackets.

Furthermore, these tax incentives would cut U.S. greenhouse gas emissions by more than one gigaton and help achieve President Biden’s climate goals of 80% clean electricity by 2030, while delivering at least 40% of the investments to disadvantaged communities. Compared with a simple five-year extension of the existing tax code, the expansion and 10-year extension of these clean energy tax incentives are projected to result in 10-30 times greater emissions reductions.

Read the full explainer here.