NH Delegation Highlights Energy and Climate Investments from the Inflation Reduction Act Coming to NH
(Washington, DC) – U.S. Senators Jeanne Shaheen (D-NH) and Maggie Hassan (D-NH) and Representatives Annie Kuster (NH-02) and Chris Pappas (NH-01) today announced important clean energy and climate investments heading to the Granite State through the Inflation Reduction Act. These measures will create good-paying jobs, lower energy costs for households, reduce harmful pollution, support small businesses and boost domestic manufacturing through clean energy technologies.
“The impact of historic climate investments heading to the Granite State through the Inflation Reduction Act can’t be overstated. Clean energy creates good-paying jobs that drive the 21st century economy and keep the U.S. globally competitive – all while taking overdue action to combat the climate crisis,” said Senator Shaheen. “Granite Staters will soon feel the tangible impacts of this new law – from more jobs to lower energy bills and assistance to make energy efficient updates to their homes and businesses. The far-reaching impacts of this law will create economic opportunities for Granite Staters to participate and lead our clean energy future. I’m proud to welcome these transformative investments to New Hampshire.”
“The Inflation Reduction Act makes critical investments to help grow our clean energy economy while lowering costs for Granite State families and businesses,” said Senator Hassan. “This law will help ensure that New Hampshire can take a leading role in our clean energy future by creating good-paying jobs at home, helping lower our home energy costs, and taking unprecedented steps to combat climate change – all while bringing down the deficit and fighting inflation.”
“From game-changing clean energy tax credits for small businesses to significant energy savings for households and families, the Inflation Reduction Act represents a transformative investment in the well-being and success of our New Hampshire communities and economy,” said Rep. Kuster. “The resources heading to the Granite State from this package will not only preserve our environment and help us build the clean energy economy of the future, but also strengthen our state’s long-term economic growth. I was proud to vote for this legislation and to bring these resources to our state, and I will continue working to give New Hampshire families and businesses every opportunity to succeed and thrive.”
“I fought to pass this legislation because it takes on the kitchen table issues that Granite Staters need us to address. It includes measures that will lower everyday costs including energy costs, health care costs, and the skyrocketing cost of prescription drugs, all while reducing our deficit, moving us toward energy independence, and fighting inflation. These are important steps forward for our families and small businesses, and I’ll always take on billionaire corporations or the big drug companies to do what’s right for New Hampshire,” said Rep. Pappas.
Big wins from the Inflation Reduction Act heading to New Hampshire include:
Good-paying jobs for workers:
- An estimated $490 million is heading to the Granite State to invest in large-scale clean power between now and 2030 – and that means more good-paying, sustainable jobs.
- A historic set of tax credits will create jobs across solar, wind, storage and other clean energy industries. These credits include bonuses for businesses that pay a prevailing wage for workers as we build a clean future.
Lower energy costs for households:
- New homeowners in the Granite State could save on average 15.1% on their utility bills – or $537 annually – through new grants to help state and local governments adopt the latest and stretch building energy codes. Shaheen has long championed building energy codes in her hallmark energy efficiency bill – the Energy Savings and Industrial Competitiveness Act (ESIC).
- Hundreds of thousands of low- and moderate-income households in the Granite State are eligible for rebates, which will cover 50-100% of the cost of installing new efficient electric appliances (like heat pumps, water heaters and stoves). In total, the IRA will provide $9 billion for home energy rebates, of which $4.3 billion will go toward the HOPE for HOMES program, legislation co-led by Shaheen that will provide rebates for home energy efficiency retrofits and worker training.
- Tens of thousands of additional Granite State households are expected to receive tax credits covering 30% of the cost of installing rooftop solar panels. Similar tax credits will also be available to help cover the cost of community solar projects, including extra credits for developments like affordable housing properties and low-income communities.
- A tax cut to families to help lower energy bills by making energy-efficient home upgrades such as updating an HVAC system or even windows or doors based on Senator Hassan’s bipartisan bill, the Home Energy Savings Act.
Clean energy investments for small businesses:
- Ninety-nine percent of businesses in the Granite State are small businesses, and new credits are heading their way to aid their transition to energy efficient structures and to lower their utility bills.
- Commercial building owners can receive a tax credit of up to $5 per square foot for investments in energy efficiency.
- Other tax credits for small businesses will cover 30% of costs to install solar power and purchase clean commercial vehicles.
Boosted domestic manufacturing and support for small businesses to strengthen our economy:
- Investments are coming to New Hampshire to produce more clean energy and transportation technologies at home, ensuring our 67,600 Granite State workers in manufacturing are helping build the technologies of the future.
- These investments will not only address supply chain issues, but also strengthen our local economies and ensure U.S. competitiveness in global markets around clean steel, aluminum, cement and more.
- Granite State small businesses and start-ups could take advantage of the doubled refundable research and development (R&D) tax credit in the bill, a bipartisan measure that Senator Hassan wrote and pushed for.
Increasing climate resilience in communities:
- Thousands of Granite Staters in affordable housing units will be eligible for upgrades like flood-proofing, storm resistance and clean energy updates that boost resilience against intensifying extreme weather.
- A new grant program will also help communities protect themselves against flooding and extreme heat through transportation projects and planning.
- Programs on preventing wildfires and planting trees will help protect forests and communities, including the North Country.
- Funding through the Forest Legacy Program will be available to help prevent private forestlands from being converted to other uses to sustain the environmental and economic benefits of New Hampshire’s forests.
You can read more on the clean energy benefits coming to the Granite State through the Inflation Reduction Act here.