Households may soon be able to claim thousands of dollars in tax breaks and rebates if they take steps to reduce their carbon footprint.
But eco-friendly consumers must wait until 2023 — perhaps even 2024 or later — to see many of those financial benefits.
The Inflation Reduction Act, which President Joe Biden signed into law on Aug. 16, represents the largest federal investment to fight climate change in U.S. history. Among other measures, the law offers financial incentives to consumers who buy high-efficiency appliances, purchase electric cars or install rooftop solar panels, for example.
Those incentives and various qualification requirements kick in according to different timelines. Here’s when consumers can expect to see them and how to decide when to make a purchase.