Consumer Incentives and Credits in the IRA

• A tax credit of up to $7,500 toward the purchase of an electric vehicle, depending on your income and what you buy (with some incentivizing terms and conditions, such as that vehicles must be assembled in North America). If you’re in the market for a used EV, you can claim a tax credit of $4,000 or 30 percent of the vehicle’s value, whichever is lower — if the vehicle is at least 2 years old and you meet certain conditions.

• Tax credits to help homeowners install clean and efficient energy technologies such as solar panels for electricity. Depending on your circumstances, you may be able to subtract 30 percent of the cost of these investments from your federal taxes. More modest steps for making the home more comfortable and energy efficient are also incentivized. For example: up to $600 off your taxes for installing energyefficient windows.

• Outright grants for consumers who meet income requirements to help them make energy-saving retrofits to their homes. The greater the energy savings, the higher the rebate, up to a possible maximum of $8,000 per household.

• Significant assistance for those most at risk from climate change, including $3 billion for grants and technical support to help disadvantaged communities craft responses to climate and air pollution. Billions of dollars more are available to help low-income and disadvantaged communities install or benefit from zero-emission technologies, such as rooftop solar panels.

HOME OWNERS CAN SUBTRACT $600 OFF THEIR TAXES FOR INSTALLING ENERGYEFFICIENT WINDOWS.