Clean Energy Credits Possibly Going Away
By Bruce Saller
WRITER
The new administration has stated they want to cancel the clean energy credits funded under the Inflation Reduction Act. These are the credits that could potentially end in 2025:
All-Electric Vehicle or Plug-in Hybrid Vehicle
New all-electric vehicles or plug-in hybrid vehicles - Up to $7500
Used all-electric vehicles or plug-in hybrid vehicles - 30% up to $4000
These credits are usually applied to the cost of the vehicle.
Home Energy Efficiency Improvement Credit – Up to $3200
These expenses may qualify if they meet requirements detailed on energy.gov:
Exterior doors, windows, skylights and insulation materials
Central air conditioners, water heaters, furnaces, boilers and heat pumps
Biomass stoves and boilers
Home energy audits
The amount of the credit you can take is a percentage of the total improvement expenses in the year of installation:
30%, up to a maximum of $1,200 (heat pumps, biomass stoves and boilers have a separate annual credit limit of $2,000), no lifetime limit
Residential Clean Energy Credit – 30%
These expenses may qualify if they meet requirements detailed on energy.gov:
Solar, wind and geothermal power generation
Solar water heaters
Fuel cells
Battery storage (beginning in 2023)
The amount of the credit you can take is a percentage of the total improvement expenses in the year of installation:
30%, no annual maximum or lifetime limit
So, if you were thinking about buying any of these, you may want to accelerate the purchase to ensure you receive the tax credit.
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