If you’ve been thinking about buying an electric vehicle or installing solar panels, you need to stop thinking and start buying. Why the hurry? Thanks to the bill that President Trump signed into law July 4, federal tax credits will disappear soon.
Home solar tax credits end December 31. Ari Matusiak, CEO of the non profit, Rewiring America suggests that you hire a contractor and pay for and install the project before the end of the calendar year to secure your tax credit of up to 30 percent off of installation or equipment.
An incentive for heat pumps and insulation also ends December 31. The Energy Efficient Home Improvement Credit offers up to $2000 off heat pumps, water heaters, biomass stoves or broilers on your tax bill, plus up to $1200 off new insulation, doors and windows.
It’s the best time to buy an EV, according to Pat Ryan of the car-buying app, CoPilot. That’s because dealers are hustling to sell the EVs on their lots before the tax credits disappear September 30. The tax credits are up to $7500 for buying or leasing a new car and up to $4000 for a used EV. Not all buyers and vehicles qualify.
Stop by the Climate Action table on Sunday for more info, or read this article.
Posted by Donna Gerhauser