Remarks by U.S. Deputy Secretary of the Treasury Wally Adeyemo at Public Meeting with CFPB Director Rohit Chopra, FTC Chair Lina Khan and Stakeholders on Steps to Protect[...]

As Prepared for Delivery

I wanted to start by thanking you all for being with us here today to talk about something that we think is incredibly important for families across the country. One of the Biden Administration's top economic priorities is lowering costs for American families, and we have taken historic steps to do this through investments in clean energy.

Today the Treasury Department and IRS released data that shows that hundreds of thousands of Americans are taking advantage of tax credits that lower the cost of installing solar panels, which is allowing the typical family to save $2,230 a year on their utility bills. The report we released today also finds that half of the consumer-oriented tax credits are going to families that earn less than $100,000.

We're excited for this progress in the solar industry. You see it in projects ranging from the installation of solar panels on single family homes to the construction of large solar systems in affordable housing complexes that deliver solar power to underserved communities. All-in-all, this progress is helping families save money on their energy bills and helping the country meet our climate goals.

While we're making this progress, we know predatory actors unfortunately exist in every industry and try to take advantage of consumers. In my visits to communities across the country, I've heard tough stories about Americans being deceived about costs and savings, misled about loans and tax credits, and pressured by aggressive sales and marketing tactics. Even the bad actions of small number of unscrupulous actors create harmful outcomes for some of the most vulnerable consumers.

Like in most industries, these bad actors represent a small minority of solar companies. The vast majority of solar companies are working hard to serve the American people and help Americans reduce their utility bills. Nonetheless, our Administration is committed to rooting out scams and fraudulent behavior to ensure that the transition to clean energy benefits American families.

I am pleased that our colleagues at the CFPB and FTC are already taking action. Today, we're taking another step to provide consumers with additional resources they need to navigate the process of purchasing solar power with confidence. Furthermore, we are encouraging Americans to file complaints with federal and state consumer protection authorities such as the FTC, CFPB, and your state attorney general's office, so we can monitor the market for bad behavior and coordinate an all-of-government response to hold bad actors accountable. Whether it's for the direct purchase of solar panels, an agreement to lease, or the purchase solar power from a third party.

Treasury, FTC and CFPB, alongside the Department of Energy and HUD, are committed to a continuing partnership in these efforts so that Americans have the resources and assurance needed to benefit from our transition to clean energy, without fear of being taken advantage of in the process.

With that, I'd like to pass it to FTC Chair Lina Khan.

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