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The recently passed Inflation Reduction Act offers homeowners, car buyers, and consumers a chance to save thousands while also reducing their carbon footprint. The climate and tax legislation aims to cut greenhouse gas emissions by making energy efficiency upgrades and electric vehicles more affordable. Our friends at SpotLESS Materials care deeply about sustainability, so we want to highlight how you can take advantage of these new incentives.
Get up to $1,200 in tax credits for installing insulation, energy-efficient windows, heat pumps and other upgrades that reduce energy use. Tax credits up to $7,500 are also available for rooftop solar panels and other renewable energy projects. Learn more details from the Department of Energy.
Coming later this year are rebates that provide upfront discounts on renovations and appliances that improve efficiency. Low income households can qualify for even bigger rebates covering most or all project costs.
Purchase a new electric car, truck or SUV and claim a tax credit up to $7,500, depending on the model. Even buying used now qualifies for credits up to $4,000. See the IRS list of qualifying vehicles.
For rural and low income households, a 30% tax credit up to $1,000 is available for installing a home EV charging station.
While the credits phase out over time, now is an ideal opportunity to lower the upfront costs of going electric.