What is the EV Tax Credit?
The EV tax credit is a federal incentive built to encourage drivers to purchase an electric vehicle. This incentive is not a check you receive in the mail following a vehicle purchase, but rather a tax credit worth $7,500 that you become eligible for. This credit applies to all-electric and plug-in vehicles.
How to Qualify?
To qualify for available incentives, your vehicle must meet certain specifications, including: Have been purchased after December. Have a traction battery. Hold a battery capacity of at least four-kilowatt hours (kWh). Use an external plug-in recharge source. Hold a weight rating of up to 14,000 pounds. Meet emissions standards. It is also important to remember that purchasing the vehicle alone does not ensure that you get the tax credit. You must file Form 8936 with the IRS.
State and Local EV Tax Credits and Incentives
Unfortunately, not every state offers EV tax credits and incentives. So, before you set out to buy a charging station for your garage, determine how much you can save in your home state.
Electric Vehicle & Solar Incentives
Several states and local utilities offer electric vehicle and solar incentives for customers, often taking the form of a rebate. Rebates can be claimed at or after purchase, while tax credits are claimed when filing income taxes.
Eligibility and Redemption
Solar incentives listed here are provided for your convenience and should not be considered an absolute and complete list and is not a guarantee of your personal eligibility or the incentive’s availability. These programs are subject to change or end at any time and are outside of Tesla’s control. For example, some programs have an allocated budget or submission deadline after which
the program will end. Be sure to visit the specific program’s website for the most up-to-date information on availability, eligibility, and redemption requirements.
Electric Vehicle Tax Benefits
There are federal tax credits available depending on the capacity of the battery in your electric vehicle. The credits range from $2,500 - $7,500 and are available for Battery Electric Vehicles (BEV), Plug-in Electric Vehicles (PHEV), and Extended Range Electric Vehicles (EREV). There are also tax credits available for businesses and individuals who purchase charging equipment for their plug-in electric vehicles. Conclusion
Hybrid cars are definitely more environmentally friendly than internal-combustion vehicles. Batteries are being engineered to have a long life. When hybrid cars become more widespread, battery recycling will become economically possible.
Resources https://www.electric_vehicle_incentives https://wwwauto-loans/electric-vehicle-tax-credit https://www.tesla.com/support/incentives https://www1.udel.edu/chem/C465/senior/fall00/HybridCars