Help installing more efficient air conditioning and heating equipment: The bill would provide Americans with tax credits to cover 30% of the costs of installing highly efficient ACs, water heaters, furnaces and other cooling and heating equipment. The tax credit is also limited to trucks, vans and SUVs under $80,000, and other vehicles under $55,000, and has an income threshold for consumers. Vehicles must be built in North America, and EV batteries must also not come from countries like China.Īs a result, US automakers likely won’t be able to offer the credit in the next few years as they try to build up their domestic supply chains, Democratic Sen.
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Joe Manchin, the tax credit was written in a way so that automakers are forced to move their EV supply chains away from China and to the US and countries where the US has free trade agreements. Still, there’s a significant caveat: Automakers and consumers likely won’t be able to take advantage of this tax credit over the next few years. It also gets rid of the current cap that cuts automakers off tax credits after they’ve sold 200,000 EVs, and it is written so buyers can get an immediate discount at the dealership, instead of waiting weeks or months for their tax credit to come through. Savings on buying an electric vehicle: The bill extends the current $7,500 tax credit for a new vehicle, as well as a $4,000 tax credit off a used EV. Here are the main pieces of the bill that help consumers save money. “There are people who are really on the front lines of the inflation crisis and how expensive fossil fuels are because of Putin’s invasion of Ukraine, and this bill will be delivering big energy savings for those people,” Leah Stokes, a senior policy advisor at Evergreen and associate professor of political science at the University of California, Santa Barbara, told reporters recently. The tax credits work in another way to bring down costs: incentivizing cheaper clean electricity powered by renewables. These measures would be more comprehensive than existing weatherization programs, and several would be available to all households, not just low-income ones,” said Mark Wolfe, executive director of the National Energy Assistance Directors Association.Ĭlean electricity nonprofit Rewiring America recently estimated a US household would save $1,800 per year if they installed electric heat pumps to heat their water and heat and cool their air, replaced a gas car with an EV, and installed solar. The bill contains a bevy of tax incentives aimed at pushing consumers, developers, small businesses and others towards clean energy and more efficient energy usage - helping bring down the cost of buying electric vehicles, heat pumps, water heaters, rooftop solar panels and more. In addition to the US emissions reductions these will bring, there’s a lot in the bill that could change both how Americans power their homes and what kinds of vehicles they drive. With nearly $370 billion for energy programs and tax incentives, it represents the largest climate investment in US history. Business & Finance Click to expand menu.ĭemocrats’ new party-line tax and clean energy bill is a big deal for climate and energy savings.
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