This article by Katy Stech Ferek originally appeared in The Wall Street Journal on August 17, 2022:
The tax-and-climate bill passed by Congress offers a slew of tax breaks and rebates to encourage more Americans to buy energy-efficient heating and cooling systems and other products, which has manufacturers anticipating a sales surge.
The bill, which President Biden signed Tuesday, is the largest investment in energy efficiency in U.S. history, with more than $21 billion allocated for rebates and federal tax deductions for household energy-saving upgrades over the next 10 years.
“The world is getting hotter—nine of the last 10 years rank among the 10 warmest on record, which drives increased demand for energy-efficient air conditioning,” said David Gitlin, chief executive of Carrier Global Corp., a top U.S. manufacturer of air-conditioning systems, in an emailed statement. “Tax credits and incentives encourage consumers to make more climate friendly choices.”