Electric Vehicle Offers & Information
Electric Vehicle Federal Tax Credit up to $7,500
The Inflation Reduction Act introduces a number of significant changes to the tax credit for new electric vehicles (section 30D). These changes will phase in over time. Effective immediately after enactment of the Inflation Reduction Act (after August 16, 2022), the tax credit is only available for qualifying electric vehicles for which final assembly occurred in North America. Further changes to the eligibility rules began in 2023.
Overall, the reforms in the Inflation Reduction Act mean that the tax credit for electric vehicles will evolve considerably over the coming months and years. New Requirements Effective April 18, see links below for details.
Separately, starting in 2023, the Inflation Reduction Act also establishes tax credits for pre-owned clean vehicles (section 25E) and for commercial clean vehicles (section 45W). Treasury and the Internal Revenue Service will release more information on all the clean vehicle credits in the coming months.
Information about vehicles purchased in 2022 and before or for vehicles purchased in 2023 and after.
- Source: U.S. DEPARTMENT OF THE TREASURY, August 16, 2022
- Consult your tax adviser to make sure you qualify
- Max tax credit $7,500
- Restrictions apply, subject to change without notice
EV Charging Equipment Federal Tax Credit up to $1,000
Consumers who purchase qualified residential charging equipment may receive a tax credit of 30% of the cost, up to $1,000.
- Consult a tax professional to see if your installation qualifies
- Visit IRS website for additional information
Consider Installing a Level 2 (240V) Electric Vehicle Charger
Level 2 electric vehicle supply equipment (EVSE) provides charging through a 240 V AC plug. Level 2 adds about 10 to 60 miles of range to a vehicle per hour of charging time, making it far more convenient than standard 120 V AC charging, which adds about 2 to 5 miles per hour of charging. Additionally, level 2 charging is a more energy-efficient method of charging, as most EV have on-board components that require additional electricity the entire time the EV is plugged in.
- Level 2 chargers are four to six times faster than using a standard home outlet.
- More efficient charging than standard outlet (120V) charging.
- Many units come with additional controls, such as timers and wifi connectivity.