The new IRA law revives the tax credit for electric vehicle charging stations and equipment that had expired in 2021. Now, you can potentially use the tax break for your own EV charger including Solar charging and links to State incentives!
The Inflation Reduction Act also provides incentives for installation of home solar panels with the Residential Clean Energy tax credit. For home and residential solar product installations, the Inflation Reduction Act allows a nonrefundable tax credit of up to 30% of the total cost.
Before the Inflation Reduction Act, the limit on the amount of the EV charger tax credit for businesses was $30,000 (which still applies to projects completed before the end of 2022). However, under the new law, if you complete the business installation project after 2022, the tax credit per property item, is up to $100,000 per EV charger.
For those who like visuals like me, Justin and Justise discuss the Inflation Reduction Act of 2022 yet more information is posted below the video.
According to a recent Kipliner report, "If you install a home EV charging station, the tax credit under the Inflation Reduction Act is 30% of the cost of hardware and installation, up to $1,000. Also, beginning in 2023, the tax credit for business and home installations, will apply to other EV charging equipment like bidirectional (two-way) chargers.
Businesses that that install new EV chargers or EV charging equipment can also benefit from a tax incentive of up to 30% of the total cost of equipment and installation. But they will have to meet certain labor and construction requirements to be eligible to claim the full incentive."
Thanks Justin, Justise, Kiplinger, Biden and the USA IRA Bill! And remember, only you can help clean and Green transportation.