A new law signed by President Donald Trump on July 4 is set to impact climate policy and consumers’ finances. The law rolls back tax credits for climate-friendly purchases, such as heat pumps, solar arrays, and electric vehicles. The 2022 Inflation Reduction Act had provided tax credits for these purchases, but the new law cuts the time frame for these credits to as little as a few months. Consumers who want to take advantage of the credits must act quickly, with deadlines including September 30 for electric vehicle credits, December 31 for home improvement credits, and the end of the year for solar panel credits. The loss of these credits will make eco-friendly technologies more expensive, particularly for low- to moderate-income Americans. However, experts note that many of these improvements can still make financial sense in the long term, even without the tax credits, due to energy savings and lower energy bills.
Maximize Your Savings: Utilize Clean Energy Tax Credits Before Expiration
