If you thought you had plenty of time to claim a tax credit on solar panel installation or an electric vehicle purchase, think again. Among the many provisions passed in Trump’s recent tax bill is the early demise of clean energy tax credits.
Under the Inflation Reduction Act, signed into law in 2022 under President Biden, tax credits for “climate-friendly purchases ranging from heat pumps to solar arrays” were set to last through 2032, said Fast Company. But after the enactment of Trump’s One Big Beautiful Bill on July 4, that “time frame has been cut to as little as a few months,” leaving consumers a small window of time to take advantage.
Which clean energy credits are being phased out?
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