Time may be running out for Americans to take advantage of clean energy incentives created by Biden administration Inflation Reduction Act (IRA)The climate-focused bits may be cut when Donald Trump returns to the White House in January.

The Reducing Inflation Act, which became law in August 2022, was a sprawling bill We aim to reduce the deficit while investing in renewable energy and other projects such as lowering prescription drug prices. Trump’s official campaign platform, meanwhile, advocated reversing Biden’s “Green New Deal” policies and increasing production of oil, natural gas, coal and nuclear energy.

That means the clock may be ticking for American taxpayers to take advantage of a variety of clean energy tax credits, including home improvement project reimbursements and electric vehicle subsidies.

Home Improvements

IRA tax incentives provided Incentives for home builders to build energy-efficient homes and incentives for homeowners to invest in improvements like heat pumps, new insulation, energy-efficient doors and appliances, and more.

according to Internal Revenue Service (IRS)Homeowners can still claim 30% of the cost of eligible projects as a tax credit. Some credits are limited, such as credits for the installation of energy-efficient heating equipment or windows. The Department of Energy provides guidelines that outline energy efficiency standards that certain retrofits and appliances must meet to qualify for credits.

Clean energy stocks Those in the solar industry While the broader market has been recovering since the election was decided in Trump’s favor, it has taken a hit this week. Repealing parts of the IRA could slow or halt America’s course, experts say moving away from fossil fuels and said eliminating tax credits could mean tax increases for Americans who would benefit from them.

Electric Vehicles

IRA also including new tax credits To encourage the purchase of electric vehicles. Taxpayers who purchase a new electric car in 2024 will be eligible to receive a credit of up to $7,500, depending on when the vehicle was manufactured and sold and its battery capacity, among other factors. The law also introduced tax credits of up to $4,000 for the purchase of used EVs.

on thursday, Reuters Reportedly members of Trump’s transition team plan to do so Undermining EV tax credits. EV stocks like Rivian (RIVN) and Tesla (TSLA) fell after the report, but Reuters Tesla reportedly told Trump’s team it would support ending the loans.

Tesla’s CEO Elon MuskOne of Trump’s biggest donors during the campaignHe said tax credits benefit other EV makers more than Tesla because they allow automakers to cut losses on EV sales, while Tesla has additional profit-generating measures like batteries and electric trucks. Finance Times reported.