Maine residents are scrambling to capitalize on federal tax credits for clean energy projects due to a recent tax bill signed into law by President Donald Trump. The new deadline for these credits is December 31, which is earlier than the original end date of 2032.
Several companies, including solar panel installers and electric vehicle dealerships, have reported an influx of customers seeking to take advantage of these incentives before they expire. Maine Solar Solutions Director of Business Development Aaron Cutterfield expects his company to complete 400-500 installations this year, whereas it would typically only do 300.
The tax credit for residential heat pump installations is also set to expire on December 31, with Efficiency Maine Executive Director Michael Stoddard anticipating a surge in demand from consumers trying to take advantage of the $2,000 tax credit. In contrast, the federal tax credit for electric vehicles will disappear even sooner, on September 30.
Business owners are welcoming the short-term boost in sales but acknowledge that the surge won’t last once the incentives disappear. While some expect a decline in business, others believe it may be minimal and temporary. The solar industry is particularly concerned about the impact of these changes, with Cutterfield estimating a 30-40 percent drop in business due to the expiration of the tax credit.
Despite this uncertainty, companies are optimistic that their customers will still want to invest in clean energy projects. Efficiency Maine’s rebate program for heat pump installations can provide up to $3,000 off the cost, depending on income level, and is expected to continue to be available even after the federal tax credits expire.
Source: https://wgme.com/news/local/customers-rush-to-buy-solar-panels-heat-pumps-and-evs-before-federal-tax-credits-end