If you're thinking about buying an electric vehicle or upgrading your home with energy-saving technology like solar panels or smart windows, you might want to get a move on. Government tax credits for electric vehicles and home projects will soon be no more.
The Washington Post reported that Republican lawmakers voted to axe many clean energy incentives earlier than expected. Federal tax credits for electric vehicles will end on Sept. 30. Credits for energy-saving home upgrades will expire on Dec. 31.
"These are the kinds of things people make decisions about when they need to — when machines come to the end of their useful lives or when they're not working correctly," said Ari Matusiak, CEO of Rewiring America, per The Washington Post. "Now we have a perverse incentive where, if you want to get … a discount, you have to rush out and do it before the end of the year."
For anyone eyeing an EV, Sept. 30 is your last chance to sign a purchase or lease agreement for up to $7,500 off a new model or $4,000 off a used one.
Corey Cantor, research director at the Zero Emission Transportation Association, told The Washington Post: "A car is often the second-largest purchase a person makes. You do need to shop around and get a sense of what's out there."
Solar panels still qualify for a 30% tax credit under the Residential Clean Energy Credit, averaging $5,084 back, according to The Washington Post. But Congress could cut this credit by year's end. That means homeowners would need installations finished before Dec. 31 to snag the savings.
Installing solar isn't just about money. It can cut down on pollution that is heating up the planet. EnergySage offers a free tool to compare local installer quotes and get quick rooftop solar estimates.
Heat pump water heaters, insulation, and window upgrades are part of the Energy Efficient Home Improvement Credit, paying up to $3,200 per year. As reported by The Washington Post, Rewiring America says most homeowners use this for insulation, doors, and windows. The average claim? Around $882.
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Toward the end of the year, you can still use EnergySage's mapping tool to see average solar panel costs and state incentives in your area. Together with their services, the average homeowner could save nearly $10,000 on solar installations.
Some rebates aren't going away just yet. The Home Electrification and Appliances Rebate Program still offers big discounts on heat pumps, electric stoves, insulation, and wiring upgrades. If your household brings in 80-150% of your area's median income, you might get half off, according to The Washington Post. Families earning less could even have the whole cost covered, up to certain limits.
No one likes feeling forced into big decisions on a tight timeline. But waiting too long could mean leaving thousands of dollars on the table.
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