Federal tax credits for solar and EVs set to expire soon
WASHINGTON — Time is running out for those looking to take advantage of federal tax credits for purchasing electric vehicles (EVs) or installing solar panels at home. These incentives, which have been available for several years, are set to end due to changes introduced by President Trump’s new legislation.
The bill reverses the Inflation Reduction Act enacted under President Biden, which provided tax credits for home solar installations. As a result, homeowners have only a few months left to benefit from these government incentives. The solar tax credit, which offers up to 30 percent off the cost of installation or equipment, will expire on December 31.
“If you’re interested in doing solar, it would be good to get it done at this time because you can still get that 30 percent off,” said Terry Huff, CEO of TopHat Energy.
Additionally, the “Energy Efficient Home Improvement Credit” will also be discontinued later this year. Currently, some electric vehicle buyers can receive tax credits of up to $7,500 for purchasing or leasing a new EV. However, these incentives will end after September 30.
To get solar installed, contact a local specialist to book an appointment.
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