The Inflation Reduction Act includes thousands of dollars in tax credits and rebates for consumers who buy electric vehicles, install solar panels or make other energy-efficient upgrades to their homes.
it would take a few years for the vehicles available today to qualify for the full consumer incentive.
tax break. Costs incurred from the beginning of 2022 to the end of 2032 would qualify for a 30% tax credit. The credit would fall to 26% in 2033 and 22% in 2034. The bill sweetens existing tax incentives. Current rules offer a 10% credit, or up to $500 over a taxpayer's lifetime.The proposed tax credit — the"nonbusiness energy property credit" — would be available through 2032. It applies during the year a project was installed.There are annual caps that apply to specific items — for example, $500 for doors and $600 for windows and skylights.
But there's a silver lining there. Consumers who claim a residential clean energy tax credit but have an insufficient tax liability to benefit can carry forward any unused credits to future years to offset future taxes, Schmoll said.Each is a grant program that would be administered by state energy offices according to parameters set by the U.S. Department of Energy. States would have to apply for the grants, worth $8.8 billion total.
Generally, consumers who cut energy by 20% across their whole home would be eligible for a maximum rebate of $2,000 or half the cost of the retrofit project, whichever is less. That dollar threshold rises to $4,000 for those who cut energy by at least 35%. Households can get to that maximum by buying efficient, electric appliances: Up to $1,750 for a heat pump water heater; $8,000 for a heat pump for space heating or cooling; and $840 for an electric stove or an electric heat pump clothes dryer.
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