Alternative Fuel Refueling Property Credit expired at the close of 2021, but the Inflation Reduction Act gave it life again by extending its application from 2023 through 2032.
Basically, this gives homeowners a tax credit on the cost of the installation of an EV charging station. How most homeowners may use the “qualified alternative fuel vehicle refueling property” might be to purchase equipment to recharge an electric vehicle.
Starting in 2023, the Inflation Reduction Act also clarifies that the credit applies to the acquisition of “bidirectional” charging equipment, which charges the battery of an electric vehicle and permits you to discharge electricity from the battery back out to the electric grid.
The credit also applies to equipment designed to store or dispense an alternative fuel (other than electricity ie Hydrogen) for motorized vehicles.