Consumers are facing a Sept. 30 deadline to be eligible for tax credits for EVs, followed by a Dec. 31 deadline when credits vanish for rooftop solar, air source heat pumps and certain water heaters.
Why the Deadlines Matter
- EV credits expire first, with a $7,500 credit for new EVs and plug-in hybrids, and a $4,000 credit for used EVs.
- Other consumer-facing tax credits, such as the 30 percent credit for home energy systems, including rooftop solar and air source heat pumps, expire on Dec. 31.
- The incentives for buying and installing a home charger for an EV will continue beyond the end of the year, but with a maximum benefit of $1,000.
Don’t Rush into a Purchase
Experts advise consumers not to rush into a purchase, especially if they’re first-time EV buyers.
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- Research and determine your charging setup before taking test drives.
- Get a sense of whether there will be extra costs to upgrade your home’s wiring.
- A quick decision may lead to a vehicle that is unreliable and will need expensive repairs.
Resources for Research
Websites such as KBB.com and Edmunds.com can provide a big-picture view of the best promotions and inventory levels in your area.
| Website | Description |
|---|---|
| KBB.com | A website that provides a list of the best lease deals and special offers on the websites of local dealers. |
| Edmunds.com | A website that provides a big-picture view of the best promotions and inventory levels in your area. |
| Electrify Central Ohio | A volunteer-run organization that shares experiences with buying rooftop solar, EVs, and other emissions-cutting technologies. |
What to Do with the InformationExperts advise consumers to determine what to do with the information and not to panic.
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“I think you’re rolling the dice after the end of this year as to what might happen,” said Madeline Fleisher, an attorney who specializes in energy issues.
news is a contributor at SunStoke.com. We are committed to providing well-researched, accurate, and valuable content to our readers.
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“I think you’re rolling the dice after the end of this year as to what might happen,” said Madeline Fleisher, an attorney who specializes in energy issues.
news is a contributor at SunStoke.com. We are committed to providing well-researched, accurate, and valuable content to our readers.
