Electric vehicles. Solar panels. Even farm improvements. Here's a tip sheet on how to take advantage of the incentives and tax credits in the Inflation Reduction Act.
For the resale tax credit, the used electric vehicle must be at least 2 years old, and it can only qualify once for the subsidy.The law can also help people who need to upgrade their home electric panel to handle EV charging and other new electrical devices.
The law says they have to “meet or exceed the highest efficiency tier” of the Consortium for Energy Efficiency, a nonprofit standard-setting group. That means the appliances generally must be more efficient than Energy Star-certified products. And the consortium doesn’t even rate propane or oil-fired products, according to John Taylor, the group’s deputy director.A heat pump stands outside a property as part of a green housing project.
The credits for heat pumps or biomass stoves and boilers also wouldn’t count against the $1,200 annual limit for the home energy efficiency tax credit detailed in the previous section.A subsidy could even be available for people who don’t have thousands of dollars on hand to pay for a new heat pump. The high-efficiency electric home rebates should also cover half or all the cost of upgrading electric panels up to a $4,000 limit. Other covered services are electrical work, with a $2,500 max, and insulation projects, up to $1,600.Republican governors who opposed the Inflation Reduction Act“There’s going to be guidance issued by the Department of Energy on how state energy offices can do this,” Rewiring America’s Calisch said of the rebates.
The longevity of the tax credit should come in handy for homeowners looking to go solar, said Justin Baca, vice president of markets and research at the Solar Energy Industries Association. In the past, many customers encountered a rush to get projects done by the end of the year, hoping to claim the higher tax credit before it declined. Now, consumers won’t feel the same time pressures.One of the most overlooked aspects of the law is the $20 billion made available to farmers.
Take the Environmental Quality Incentives Program, or EQIP as the long-standing environmental stewardship program is known. EQIP will receive $8.5 billion under the Inflation Reduction Act, the most of any agricultural program. Farmers can receive federal funding to plant cover crops, add trees that form wind breaks along their fields, and restore wetlands and riparian areas. All these things could help reduce emissions, Faber said.
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