Lowering Electric Bills Act

The Lowering Electric Bills Act would extend and modify federal clean energy tax incentives in ways intended to boost consumer access to clean energy and, in turn, help reduce electricity costs. Specifically, the bill prolongs key credits for residential clean energy improvements, clean electricity production, and clean electricity investments, and it tightens/clarifies when certain credits apply. The changes aim to provide longer and clearer eligibility periods for homeowners, project developers, and investors in clean energy, while tying some credits to emissions-reduction milestones. In detail, the bill: - extends the Residential Clean Energy Credit (Section 25D) to December 31, 2034. - revamps the Clean Electricity Production Credit (Section 45Y) by redefining when the credit applies (the “applicable year”) to be the later of a greenhouse gas emissions milestone or 2032, and removes a sunset provision (subsection h). - adjusts the Clean Electricity Investment Credit (Section 48E) by simplifying how the credit amount is determined and removing a prior conditional subsection, with the changes treated as if incorporated into related prior law. - aligns effective dates of these changes with specific provisions from Public Law 119-21, ensuring continuity with recent clean-energy extensions.