CLEAN ENERGY JUST IN THE NICK OF TIME
November 21, 2022 - Douglas Myser
Clean energy just in the nick of time. With the realization that Russia's leader, Vladimir Putin is weaponizing fuel, the United States, Europe and most of the rest of the world, has come to the realization that stepping up Green Energy Alternatives must happen now. We have run out of time, both from what scientists are telling us, and now with energy being utilized as a weapon of war, in a very essential way. Not to say that in the short term, we may have to ramp up fossil fuel production, to get over the loss of Russian energy, but we must keep our eyes on the goal, of moving away from fossil fuel's as fast as possible. The Inflation Reduction Act, did not get much credit for doing that, but upon further examination, it does a pretty good job of it. Clean energy just in the nick of time.
The Act gives over $260 billion in clean energy credits. These credits are for both new, and for extending credits to get industry and people moving towards solar, hydroelectric, wind and any other types of clean energy. This applies to both private and publicly owned companies. Tax Resolution Companies know how to apply tax credits to your taxes and should be consulted. Elon Musk will be happy as it provides an incentive to buy a new electric vehicle, worth $7500 in a IRS tax credit, which comes off the retail price of the vehicle. The cutoff in income is $300,000 for couples and $150,000 for individuals. Tax Resolution helps determine all the Tax Credits you should put on your tax return. Any income over that would disqualify you.
$4000 for a tax credit applies to any used Electric Vehicles, which opens up the credit to tens of millions of individuals. If homeowners or businesses buy new more efficient heat pumps, or convert to solar panels, they will be eligible for a potential savings of almost $2000 annually on an average bill to heat a home or business.