Time is running out to cash in on federal EV, clean energy tax credits

But the law also dented many of President Joe Biden’s signature accomplishments, including rolling back federal incentives meant to encourage Americans to switch to EVs or reduce home energy use. Electrifying homes and automobiles reduces greenhouse gas emissions, improves air quality and often saves money.

Zach Pierce, head of policy for the electrification nonprofit Rewiring America, encouraged Georgians to explore the tax breaks and use ones that make sense for their household before they’re gone.

Here’s what’s still available — and for how much longer.

Savings offered: Up to $7,500 in up-front discounts toward the purchase or lease of a new EV or plug-in hybrid.

Expiration date: Sept. 30

The fine print: The tax credit can’t be used for all new EVs. Only sedans with a sticker price of $55,000 or less are eligible. The cost cap rises to $80,000 for electric SUVs, trucks and vans.

EVs must also meet certain domestic materials and assembly requirements to qualify. The Internal Revenue Service maintains a list of eligible models.

Lastly, the discounts are income-based, meaning higher earners may not be eligible for the full credit. Rewiring America has more details on the income requirements.

Savings offered: Up to $4,000 off the price of a used EV or plug-in hybrid

Expiration date: Sept. 30

The fine print: EVs with a sale price of $25,000 or less before fees qualify. But as with new EVs, eligibility is restricted to certain models and access to the full credit depends on the buyers’ income. Rewiring America has more information on which EVs and customers can capitalize on the discount.

Savings offered: A tax credit for 30% (or up to $1,000) on the cost of a home EV charger.

Expiration date: June 30, 2026

The fine print: The discount is only available to Americans living in rural or low-income areas. The U.S. Department of Energy has a tool for residents to look up their eligibility.

There’s a menu of federal tax credits for home energy upgrades still available, but not for much longer. But here’s the catch: Households can claim a maximum combined yearly tax savings of $3,200 from these home efficiency upgrades.

Savings offered: A tax credit on up to 30% of the cost of a heat pump installation, an electric home heating and cooling appliance that transfers heat from outside the home to the inside and vice versa. The credit is capped at $2,000.

Expiration date: Must be purchased and installed by Dec. 31.

The fine print: The credit is available to homeowners and renters, but not all models qualify. Only the most efficient, Energy Star appliances are eligible.

Savings offered: A tax credit on up to 30% of the cost of a heat pump water heater installation, capped at $2,000.

Like the air conditioning and heating versions, heat pump water heaters transfer heat from the air surrounding the appliance to the water inside.

Expiration date: Must be purchased and installed by Dec. 31.

The fine print: The credit is available to homeowners and renters, but only certain models qualify. The DOE has a tool to check whether your appliance is eligible.

Savings offered: A tax credit of up to 30% on a range of weatherization-related project costs, with a maximum available savings of $1,200. But, the tax savings are capped for each upgrade subtype:

Expiration date: Projects must be completed by Dec. 31.

The fine print: These credits can only be applied to primary residences and only homeowners are eligible.

Savings offered: A tax credit for up to 30% off the installation of a qualifying electrical panel, capped at $600. Expanded panels can be needed to accommodate new electrical appliances and rooftop solar systems.

Expiration date: Projects must be completed by Dec. 31.

The fine print: This credit is available to homeowners and renters in homes that are already built, but only certain panels qualify.

Savings offered: A tax credit for up to 30% off the cost of a home energy audit, capped at $150. Home energy audits evaluate a home’s power consumption and include recommendations for reducing energy use.

Expiration date: Audit must be completed by Dec. 31.

The fine print: The credit is available to homeowners and renters to use on their primary residence, but the survey must be performed by a certified home energy auditor.

Savings offered: An uncapped tax credit for 30% off the purchase and installation of a rooftop solar system.

Expiration date: Panels must be installed by Dec. 31.

The fine print: The credit is available for systems installed on new or existing homes. General roofing repairs and materials don’t qualify, but some solar roofing tiles and shingles may.

Savings offered: An uncapped tax credit for 30% off the purchase and installation of a battery storage system. Battery systems are often paired with rooftop solar and when charged, offer a backup power supply during outages.

Expiration date: Batteries must be installed by Dec. 31.

The fine print: The credit is available for batteries installed on new or existing homes, but systems must have capacity to store at least 3 kilowatt-hours of electricity. Renters can claim this credit, too.

Savings offered: An uncapped tax credit for 30% off the purchase and installation of a geothermal heat pump. Geothermal heat pumps pull heat and cold from just below ground to control temperatures inside the home. If equipped, they can warm water, too.

Expiration date: Systems must be installed by Dec. 31.

The fine print: The credit is available for systems installed on new or existing homes, but only Energy Star certified models qualify. Renters can claim this credit, too.

Next January will spell the end of most federal clean energy tax credits, but there are rebates for home energy upgrades that will still be available in Georgia for the next several years.

There are two programs: The Home Efficiency Rebates program, offering savings for energy-efficient home retrofits, and the Home Electrification and Appliance Rebates program, that can slash the cost of heat pumps, electric stoves and more.

Georgia received just under $220 million to distribute for the two programs — money allocated by President Biden’s Inflation Reduction Act that was not clawed back by Trump’s “One big, beautiful bill.”