Green Energy Incentives

Dave Danic, Director of Tax at Summit Virtual CFO by Anders, has an update about green energy incentives. 

In this video, I, Dave Danic, the Director of Tax Services at Summit Virtual CFO by Anders, discuss the green energy incentives introduced by the Inflation Reduction Act of 2022. I provide an overview of the long-standing electrical vehicle credits and the recent restrictions based on income. Additionally, I highlight the commercial clean vehicle credit for business owners, and the energy efficient home improvement credit. If you're considering purchasing an electric vehicle or making energy-efficient home improvements, this video will provide valuable information and guidance.

Below you can read a transcript of the video:

0:01 Hello, my name is Dave Danic, and I am the Director of Tax Services at Summit Virtual CFO by Anders. Today I wanted to fill you in on some of the green energy incentives that were put in place by the Inflation Reduction Act of 2022.

0:16 So there's some long-standing ones such as the electrical vehicle credits that are still onboard. That is the one credit that was actually a little bit harder to get.

0:27 So, you can still get a $7,500 credit for buying an electric vehicle, but now there are some restrictions based upon your income.

0:35 So, if you make over $300,000 on a married filing jointly basis, you'll be excluded from taking this credit. They wanted to make this more accessible to everyone to get everyone to start buying more electric vehicles, not just high-income taxpayers, but if you are a business owner, don't forget that you do have the commercial clean vehicle credit that you may be able to take through your business.

1:02 So, please call us if you have any questions on how you should purchase this vehicle, especially. If you're on that threshold from an income perspective, some other credits that are in place effective 2023 was the energy efficient home improvement credit, and that is a 30% credit for qualifying.

1:27 That's a nice incentive to get your house remodeled, and also talk to your vendor to see if these types of windows are on the table. And then the last one is the residential clean energy credit. And this is a much bigger credit, 30%, but this is for the big purchases such as solar panels or a geothermal heat pumps. These things run into the tens of thousands of dollars. So, if you're really looking at amping up your green energy around your house, think of these credits and call us if you have any questions on if they apply to you.