Big Tax Credits when you Invest in Energy Reduction

Congress is poised to pass the Inflation Reduction Act.

It offers major benefits for Oakmont homeowners so you should begin your thinking now about how you can impact Climate Change and save money. The tax benefits include
1) a substantial improvement in the tax credit for purchasing an electric car. $7,500 for a new car (Tesla’s included) and $4,000 for a used electric vehicle if you meet certain income requirements.
2) a return of the tax credit for solar panels and batteries to 30%.
3) $8,000 credit for installation of a heat pump
4) $4,000 credit for upgrading your electric panel if that’s needed
5) more credits if you insulate your home, switch your water heater or stove from gas to electric, or improve your electric wiring

Some of these credits have income limitations, and there may also be a limitation on how many credits you can take in the same year.

To get more information on energy efficiency products like heat pumps, you can visit the Sonoma Clean Power Advanced Energy Center at 741 4th Street (same block as Corrick’s).

There are also provisions in the bill that may help us move forward with the Oakmont Microgrid.

Related:

Oakmont’s Own More Joy

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