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.
- 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.
“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.
“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.