Green Energy Tax Credits Website Launched
The Biden administration has launched a new website to help Americans navigate green energy taxes under the Inflation Reduction Act (IRA).
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The website aims to help consumers learn how to save on their utility bills, get help buying electric vehicles (EVs) and energy-efficient appliances, and “access the economic opportunities of the future.” clean energy”.
President Joe Biden signed the law into law on August 16, sweeping legislation that addresses climate, energy and health issues.
Consumers can sign up to receive updates and take advantage of these new electric vehicle savings opportunities, according to the website. The site also covers a host of issues, including how to install solar panels on the roofs of homes, save hundreds of dollars each year on energy bills, get tax credits for efficient heat pumps, and use tax credits for energy-saving appliances upgrades.
One section that may be of particular interest to consumers is how to use electric vehicle tax credits.
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The website explains how Americans can get a tax credit of up to $7,500 for buying a new electric vehicle, with the caveat that the vehicle must be assembled in North America , and purchased and delivered no later than December 31, 2022.
Starting next year, “qualifying income households” will be able to receive a tax credit of up to $7,500 for new vehicles, provided the electric vehicle is assembled in North America and has a battery that meets certain supply requirements.
Additionally, the administration explained that the electric vehicle must have a manufacturer’s suggested retail price of $80,000 or less for pickups, vans and sport utility vehicles (SUVs), and $55,000 or less for other vehicles, including sedans.
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As with used electric vehicles, income-eligible households are eligible for a tax credit of up to $4,000, but the vehicle must be at least two years old and cost $25,000 or less. The Verge noted that administration officials have said this is “phase one” of the website, and is set to change as new IRA provisions come in. in force.
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