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There is now a one-time payout of up to $8,000 available to people who use clean energy. August 2022 saw the enactment of the IRA by Congress. This is intended to save residents in Maine money if they switch to clean energy.
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Nearly $369 billion is earmarked for securing American energy supplies, combating climate change, and lowering the federal debt.
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Currently, there are a few options available to Mainers for receiving tax credits and rebates totaling up to or more than $10,000. The three following initiatives are focused on encouraging the use of cleaner energy.
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On January 1, Mainers will be able to receive an electric vehicle tax credit worth up to $7,500. A further $4,000 is available for used electric vehicles.
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The type of vehicle you are buying will determine your eligibility and the amount you can claim. On its website, the Internal Revenue Service describes the eligibility requirements in further detail.
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Starting in 2023's second half, installing smart electric panels may enable you to claim up to $4,000.
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Low-income households are eligible for a full refund of their electrical panel expenditures up to $4,000 from the government. Mid-income households are eligible for 50% coverage of up to $4,000.
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From mid-2023 onward, Mainers can receive up to $8,000 in tax credits for installing heat pumps.
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Discounts of $2,000 for a heat pump water heater and $8,000 for a heat pump and air conditioner unit are being offered by the federal government. Installing a heat pump dryer can also earn people $840.