Tax credits

The average cost of solar panels for a house is $25,000. The government offers a 30% tax credit which means a savings of $7,500. In order to qualify you must owe that much in tax. For a family of four this means income of $110,000. This eliminates 65% of all taxpayers and this is the low and middle income people. The tax credit on an EV is $7,500 and the average family must earn $110,000 to qualify. The recently passed but improperly name Inflation Reduction Act provides tax incentives for manufacturers of wind and solar projects. Without government incentives there would be no solar panel or windmill companies in the US. More than 500 companies and 45,500 projects have requested registration for clean energy tax credits under the Inflation Reduction Act as of March 8, according to a tally from the Treasury Department. Why so many. The act allows for these companies to sell their tax credits to other companies. This opens the door to misuse. Here is how companies who owe no taxes can still get the credits. First Solar, the biggest U.S.-based manufacturer of solar panels, has entered into two deals to sell up to $700 million worth of tax credits. When it comes to the Green New Deal the government is encouaging the development of wind and solar companies without ever mentioning the destruction to the environment caused by the mining, processing and disposal of the materials needed for this industry. The people are only receiving part of the story.