The recent legislation signed into law drastically alters climate policies in the United States, significantly reducing tax credits for renewable energy purchases. The changes impact consumers looking to decarbonize their homes, as the timeline for available tax credits has been shortened from 2032 to just a few months. While existing funds from the Inflation Reduction Act for state programs remain intact, consumers benefit from making timely investments in energy efficiency products before tax credits vanish. New electric vehicle credits face a deadline of September 30, and ongoing transition support is crucial.
The 2022 Inflation Reduction Act provided tax credits for climate-friendly purchases ranging from heat pumps to solar arrays through 2032. That time frame has been cut to as little as a few months.
This bill is going to take away a lot of assistance from consumers. 2 million people used the home improvement tax credit in its first year alone.
The law does not affect the billions of dollars that the IRA already sent to state efficiency and electrification rebate programs and that much of that money will remain available beyond the federal sunsets.
If consumers are able to make the investment now, it will help them out.
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