Qualifying For Inflation Reduction Act Savings
One of the few things that all residents in the Minneapolis/St. Paul area can agree on is that they are ready for a few financial breaks. While the cost of everything is increasing, wages remain the same or even decrease in some professions. But thanks to the Inflation Reduction Act, households across the country could be getting some relief in the form of tax breaks and rebates. In addition, the program is designed to encourage consumers to make more energy-efficient choices that will save them money in the future and help protect the planet.
Ways To Go Green And Save Green
One of the significant tax credits offered to consumers is up to a $7,500 tax credit for purchasing a new electric vehicle. There are a few criteria that must be met, such as an income limit of $150k for an individual and $300k for a couple, a vehicle cost of under $80,000 for an SUV, van, or truck, and $55,000 for any other vehicle. And if a new EV is not in the budget, there is also an opportunity to get up to $4k in tax credit for a used electric vehicle that is no more than two years old and meets the program criteria.
Are You Ready To Have A Green House?
While installing solar panels on your home is not a cheap project, it can be much more affordable with the 30% tax credit for a solar panel installation. This tax credit covers many of the components of a solar system for your home, including the cost of the installation, building permits, inspections, and other fees. In addition to this amazing tax credit, you will also enjoy lower electric bills or even no electric bills if you create enough power to meet the needs of your entire home.
Learning More About Tax Credits
It might sound odd to say that you need to call your electrician to learn more about the Inflation Reduction Act tax credits, but that is the case. The pros at Lumberjack Electric are always eager to help customers save money with energy-efficient home upgrades and offers like this tax credit. In addition, the Lumberjack licensed electricians can help you determine the benefits of solar panels on your home, how much you could expect to reduce your monthly electric bills, and even recommend other energy-efficient appliances and items that qualify for tax credits.
In addition, these pros are ready to provide you with extensive information about adding a home charger for your new electric vehicle. From installing a dedicated 110-volt outlet in the garage to meet the electrical requirements of most EV Level 1 chargers to installing a 240- volt outlet to power the much more robust Level 2 charger, the Lumberjack team is ready to help. And each charger is backed by a full warranty and customer satisfaction guarantee.
Please call Lumberjack Electric at 612-236-9052 to learn more about how our licensed electricians can help you save money around your home while also helping to reduce your carbon footprint.