THE EV TAX CREDIT, EXPLAINED
If you’re looking into buying an alternative energy vehicle, one perk you might not have considered is the EV tax credit. It’s just one of the ways you can save on a new eco-friendly car, and we’re sharing all you need to know about credits and subsidies. Begin your EV journey at Johnny Londoff Chevrolet today.
Why Buy Electric?
Purchasing an alternative energy vehicle comes with many benefits. Electric and hybrid cars have a lower environmental impact, offer big savings on fuel, and accrue fewer maintenance costs. And with EV tax credits and incentives, it’s easier than ever to take home an electric car you love at the right price.
EV Car Credits
You can claim EV tax credits on hybrid and electric vehicles. The amount available to claim is based on the capacity of the vehicle’s battery, which is why fully electric vehicles typically have higher incentives. At present, the maximum federal credit is $7,500.
EV Charging Station Credits
In addition to tax credits for the vehicle itself, you may also be eligible to receive subsides for your at-home charging infrastructure. Typically, this goes up to 30% — or $1,000 — of the total cost.
Pre-Owned Vehicles and Claiming Credits
For now, tax credits apply only to the purchase of brand-new alternative energy vehicles bought after 2009. You can claim each vehicle you purchase once with proper paperwork.
Here at Johnny Londoff Chevrolet, we believe it should be easy to switch to alternative energy driving. That’s why we carry a wide inventory of great green vehicles, and why we’re sharing all you need to know about purchasing EVs and hybrids. See big tax credit savings on an EV from our dealership today.