This Guide Can Help You Save Money and Fight Climate Change

The new climate and tax law can bring big savings for anyone looking to buy an electric car or make their home more energy efficient.

Many American consumers are now eligible to save thousands of dollars when they buy an electric car, heat pump, solar panels or energy-efficient appliances.

Those savings kicked in this year as part of the Inflation Reduction Act, major legislation that aims to cut planet-warming greenhouse gas emissions. The law tackles two major sources of those emissions, transportation and housing, in part by helping Americans electrify their cars and homes, and by making the most energy efficient choices more affordable through tax credits and rebates.

Taking advantage of the new law will require some planning, experts said, especially when it comes to major purchases and renovations. It helps that many of the benefits will be around for a decade or more, though not all of them are available just yet: Federal tax credits took effect on Jan. 1, but rebates, which will offer billions of dollars in up-front discounts or partial refunds to consumers through state and tribal governments, won’t roll out until later this year.

Here’s how to access the savings:

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This article was originally published on NYTimes.com on February 1, 2023.  Link to the original article is here: https://www.nytimes.com/interactive/2023/climate/tax-breaks-inflation-reduction-act.html?