Deadline approaching for clean energy tax credits

– Tonight, time is running out for Americans looking to cash in on clean energy tax credits. The incentives, like those for solar panels, are going away by the end of the year. And as CBS’s Nikole Killion reports, some homeowners are racing to complete upgrades. nNIKOLE KILLION: Nailing down an appointment to install solar panels on his home was a top priority for Jeff [? Weinschenk ?] once he learned a federal rebate would expire at the end of this year. n- With the federal tax credit, we’re expecting to save about $140 a month. nNIKOLE KILLION: The residential tax credit knocks 30% off the cost of solar panel installation. But come December 31, it’s gone, along with other Biden-era clean energy subsidies that were eliminated by President Trump in the big beautiful bill, signed into law in July. Mike Kirby runs a solar panel company outside of Baltimore and has been getting lots of calls to beat the deadline. nYour phones have been ringing off the hook. n- It’s been crazy. Like I said, it’s been unlike anything I’ve seen in the last 16 years. n- And this is all because of the expiring tax credit? n- Demand this year was really– this year was shaping up to be our best year before that. Just kind of put it into overdrive. nNIKOLE KILLION: But he hopes business doesn’t stall when the credits go away. n- Gone through three or four different cycles similar to this. There’s always something that’s expiring, or there’s always something that’s going away. And it always leads to one or two quarters of challenges, and the market always resumes and carries significant growth. n- Without the incentive, I think it’s going to have a dramatic impact on the consumer’s choice. nNIKOLE KILLION: Rob Smith oversees several car dealerships taking stock of his inventory. Several major automakers have reported EV sales decline since a $7,500 tax break for buyers expired this fall. n- And now it’s just a matter of well, OK, what’s the best car for me right now? Because now that car doesn’t have an advantage that this other car had. nNIKOLE KILLION: And for Jeff [? Weinschenk, ?] what’s best for his home and his bottom line. n- It’s unfortunate because we’re starting to see more and more people adopt this new technology, whether it’s an electric vehicle or adding solar to their homes. And with the incentives in place, it makes it more affordable. When you take those incentives out of the equation, it just becomes probably for a lot of people. nNIKOLE KILLION: Generating new concerns for an industry built on sustainability. Nikole Killion, CBS News, Washington.