Learn About New Federal Clean Energy Tax Credits

February 2, 2023

Learn About New Federal Clean Energy Tax Credits

By Johani Carolina Ponce* / Huella Zero / Special for Connection

Whether you need a furnace, windows, a car or a solar system on the roof of your home, there are new tax breaks available through the Inflation Reduction Act (IRA), to help you to save money and walk towards a sustainable lifestyle for the planet and with a view to the future of our children and grandchildren.

The founding president and executive director of the GreenLatinos organization, Mark Magaña, maintains that this law represents a historic investment. “For too long, Latino/a/x communities have borne the brunt of environmental injustices, from living in highly polluted areas caused by fossil fuel industries to being on the front lines of climate disasters caused by the climate crisis. . The Inflation Cut Act of 2022 has historic investments for frontline environmental justice, clean energy, transportation, coastal restoration, and drought-preparedness communities that we desperately need to act on climate change, but it’s time to stop investing in fossil fuel polluting industries. and false solutions that harm the health of our Latino families and communities. We will continue to fight to free our communities from disproportionate environmental burdens, free to breathe fresh air, drink clean water, access clean transportation, and enjoy our majestic public lands, oceans, and waters. Forward!”.

According to Sarah Lazarovic, director of communications and branding for Rewiring America, a nonprofit that advocates for widespread use of clean electricity, it’s important to plan now to make the most of the new federal clean energy tax credits available under the Inflation Reduction Act.

Regarding the purchase of vehicles, consumers will receive tax incentives for up to $7,500 for the purchase of new electric cars and up to $4,000 in the case of used electric vehicles.

The credits will be available only to individuals earning less than $150,000, single heads of household earning less than $225,000, and married couples with a combined income of less than $300,000. Can be used only for cars priced under $55,000 or trucks, vans and SUVs priced under $80,000.

For the first time, used electric vehicle buyers will also qualify for a tax credit, equal to 30 percent of the total cost of the vehicle and capped at $4,000. The credit will only apply to cars that cost less than $25,000, and total credits are capped at $75,000 for individuals, $112,500 for single householders and $150,000 for married couples.

This law will help the transition of the transportation sector away from hydrocarbons, not only in reference to the sale of cars, but also with mass transportation. The United States Postal Service, USPS, intends to roll out more than 66,000 electric vehicles by 2028, creating one of the largest electric vehicle fleets in the nation.

For more details see this web page: https://www.whitehouse.gov/cleanenergy/?utm_source=www.cleanenergy.gov

*Johani Carolina Ponce is a Venezuelan journalist who works with the organization Sachamama.org as Media Engagement and Public Relations Manager.

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Learn About New Federal Clean Energy Tax Credits

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