Nearly 800 members of the RESNET® network added their names and companies to a letter to the leadership of the tax-writing Senate Finance Committee and House Ways and Means Committee, urging the committees to preserve the 45L federal tax credit for energy efficient homes. Extended through 2032 by the Inflation Reduction Act (IRA), the 45L tax credit provides builders up to $2,500 for homes labeled as EPA’s ENERGY STAR and $5,000 labeled as DOE’s Zero Energy Ready programs. The tax credit saves homebuyers’ energy costs while boosting the demand for high performance energy efficient homes. Besides these energy savings, the tax credit drives business for builders and contractors creating American jobs across the nation. All of the clean energy tax provisions of the IRA are currently being scrutinized for possible reductions or even elimination. By being part of the IRA, the 45L tax credit is at risk. The RESNET letter urges that Congress preserve the 45L tax credit. It states, “This tax credit was initially passed in 2005 by a GOP-controlled House and Senate and signed by President George W. Bush. Since that time, it has been extended and updated several times, with bi-partisan support.” It also explains that the credit has “proven successful in enabling builders to construct more energy efficient properties that provide homeowners with significant cost savings every month on their utility bills. As the country grapples with skyrocketing housing costs, it would be counterintuitive to eliminate this Republican initiative that ultimately drives down homeownership costs.” The letter sent to the leadership of the Senate Finance Committee and House Ways and Means Committee and copied to its members can be downloaded at 45L Letter to Senate Finance and House Ways and Means Committees. You can also have your voice heard in Washington by calling your U.S. Senators’ state offices to urge continued support of the tax credit. For more information to reach out to your US Senators go to Call Your US Senators Today
