Build Back Better Plan's Advancements for Green Technology
The Build Back Better Plan, which contains an investment of $1.75 trillion towards the USA's infrastructure, is close to a vote in Congress. A key part of the plan is a spending agenda for climate provisions including $555 billion in subsides for sustainable (green) technologies. These subsides come in the form of tax credits for solar energy, wind energy, nuclear energy, and electric vehicles.
This bill also has the potential to advance many small businesses that focus on making homes more energy efficient. Coming in the form of various tax rebates for these renovations and repairs such as $1,500 in credits for adding insulation and upgrading HVAC systems and $2,500 for installing a heat pump, this legislation can truly change the game for green technology. Additionally, in order to improve access, this plan doubles rebate amounts for moderate income families who typically pay disproportionately high energy bills.
As opposed to previous government regulations focused on addressing climate change, this program ties success to the repairs' effectiveness instead of cost. This change marks a key step forward in combatting global warming.
Additionally, the solar industry could experience a massive boost as a result of the passing of this bill. The Build Back Better Plan will increase the investment tax credits from its current rate of 26% to 30% for solar installations. Consequently, residents who install solar panels will save more.
Even though all of the climate change initiatives that legislators had initially proposed in this bill were ultimately not included, this plan serves as an amazing start to a long battle towards combatting climate change. The passing of this bill could potentially influence the legislative actions of other countries in similar areas to reverse global warming. While future work is still necessary in order to meet our ambitious goals, the Build Back Better Plan demonstrates that our generation still has hope for a better future since we are capable of change.