Biden’s Green Energy Tax Credits: New Website Makes Navigating Savings Easier
The Biden administration has launched a new website to help Americans navigate green energy taxes in accordance to the Inflation Reduction Act (IRA).
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The website aims to help consumers learn how to save on utility bills, get support to purchase electric vehicles (EVs) and energy-saving appliances and “access the economic opportunities of the clean energy future.”
President Joe Biden signed the act into law on Aug. 16, a sweeping legislation which addresses climate, energy and healthcare issues.
Consumers can sign up to receive updates and to take advantage of these new EV savings opportunities, according to the website. The site also addresses a slew of questions, including how to install rooftop solar on homes, save hundreds annually on energy bills, get tax credits for efficient heat pumps and use tax credits for energy efficient improvements for home appliances.
One section that might be of particular interest to consumers is how to use tax credits for EVs.
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The website breaks down how Americans can receive a tax credit of up to $7,500 for purchasing a new electric vehicle, with the caveat that the vehicle must be assembled in North America, and purchased and delivered on or before Dec. 31, 2022.
Beginning next year, “income-qualified households” will be able to receive a tax credit of up to $7,500 for new vehicles, as long as the EV is assembled in North America and has a battery that meets certain sourcing requirements.
In addition, the administration explained that the EV must have a manufacturer’s suggested retail price of $80,000 or less for pickup trucks, vans and sport utility vehicles (SUVs), and $55,000 or less for other vehicles, including sedans.
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As for previously-owned EVs, income-qualified 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 said this is the “first phase” of the website, and it is set to change as more provisions in the IRA go into effect.
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