The U.S. government is offering tax credits and rebates to encourage Americans to adopt climate-friendly technologies such as electric cars, heat pumps, and solar panels. Tax credits are available now for middle- and higher-income individuals, while rebates will be introduced in 2024 for lower-income individuals. The rebates can provide significant financial assistance, with estimates suggesting that low-income families could receive up to $22,000 for home upgrades. However, the rollout of rebates will vary by state, and some states may choose not to participate. The electric vehicle tax credit will also change in 2024, allowing buyers to receive the credit directly at the dealership.
The Inflation Reduction Act (IRA) offers rebates and tax credits to help Americans purchase electric vehicles, solar panels, heat pumps, and electrical appliances. The IRA savings calculator from Rewiring America allows individuals to determine the amount of money they can receive. The rebates include immediate discounts for low- and moderate-income households, while the tax credits are available now. The program aims to make electrification more accessible and affordable for consumers.
Colorado is launching an electric vehicle (EV) cash-for-clunkers program, offering $6,000 in rebates to the first few hundred people who trade in their older fossil-fuel powered cars for a new or used EV. The program aims to promote equity in the electrification revolution, reduce emissions, and increase EV adoption. Participants must meet income qualifications, purchase a qualifying EV, and turn in a fully owned, older car. The $6,000 rebate can be applied at the point of purchase, and it can be stacked with other EV rebates and tax credits. The program is open-ended but limited to the initial $1.8 million budget.
Colorado will launch one of the largest statewide e-bike rebate programs in August, offering a $1,100 discount for low-income residents and a $500 rebate for moderate-income residents. The program, with $6.6 million in funding, is the biggest statewide e-bike program outside of California and aims to reduce greenhouse gas emissions. The state hopes to award enough vouchers to fund about 1,000 e-bike purchases each month until funding runs out. The program is part of a range of new programs to help reduce local air pollution and build a vocal constituency of riders pushing local governments to construct new bike lanes and trails.
The Federal Trade Commission (FTC) has issued compulsory orders to two group purchasing organizations (GPOs), Zinc Health Services and Ascent Health Services, as part of its ongoing inquiry into pharmacy benefit managers (PBMs) and their impact on the accessibility and affordability of prescription drugs. The orders will require the entities to provide information and records on their business practices, including negotiating drug rebates on behalf of other PBMs. The FTC is investigating several PBM practices, including charging fees and clawbacks to unaffiliated pharmacies, steering patients towards PBM-owned pharmacies, and negotiating rebates and fees with drug manufacturers that may impact the costs of prescription drugs to payers and patients.
Induction cooking is gaining popularity in the US due to its energy efficiency and safety benefits. Induction cooktops use electro-magnetic energy to heat cookware, making them more efficient than traditional gas or electric cooktops. Professional chefs prefer induction cooking because it is more precise and cooks food faster. While induction ranges can be expensive, potential rebates and incentives can help offset the cost. Homeowners should check their electrical panel and cookware compatibility before making the switch to induction.
Heat pumps are an efficient and environmentally friendly alternative to gas furnaces, but the process of obtaining and installing one can be challenging. Homeowners must navigate different types of heat pumps, find a reliable contractor, and take advantage of rebates and tax credits to reach cost parity with traditional furnaces. Contractor education and consumer-friendly comparison tools are lacking, but local utilities and energy offices are working to provide information and incentives to homeowners. With increased demand and financial incentives, the hope is that more contractors will become familiar with the technology and prices will go down.
Pfizer will have to pay rebates to Medicare for five drugs, including Fragmin, Atgam, Nipent, Bicillin L-A, and Bicillin C-R, starting April 1 as part of President Biden's plan to lower prescription drug costs. The rebates are required because the prices for those drugs rose faster than the rate of inflation. Seniors could see their out-of-pocket costs for the drugs decrease by $2 to as much as $390 per average dose. The provision discourages other companies from hiking their prices at a faster rate than inflation in the future. Later this year, Medicare will start negotiating lower prescription drug prices for its beneficiaries.
