Electric Vehicle Incentives

EV Incentives – Updates for 2023

With recent federal legislation, the electric vehicle incentives are changing. The good news is that the changes are helping to spur the transition to clean transportation. Depending upon where you live and your household income, EV incentives may include federal tax credits for EVs and home charging, a state rebate, and rebates from your utility or local electricity provider.

Now is a great time to get an EV!

Current incentives can reduce costs by thousands of dollars. Don’t delay — the federal Clean Vehicle Credit will likely change in March and some EVs may no longer qualify. Join EV experts for a webinar to learn how to save money right now when you switch to an EV, and in the meantime, learn about incentives below.

Events

Clean Vehicle Credit (Federal Tax Credit)

Find out if you qualify

Qualifying New EVs

Tax forms and instructions

Purchase/Finance a New EV

Right now, qualified buyers may receive the full $7,500 federal tax credit on select EV models. In March, the IRS will likely issue additional requirements which may result in reduced tax credits on some cars.

Lease a New EV

When you lease a new EV, the dealer may pass along the $7,500 credit to you. Many vehicles may qualify and there are no income restrictions. Verify with the dealer if they will pass on the credit when you lease an EV.

Purchase/Finance a Previously Owned EV

If you buy a qualified used EV from a licensed dealer for $25,000 or less, you may be eligible for the Used Clean Vehicle Credit.

The credit equals 30% percent of the sale price up to a maximum credit of $4,000. The credit is claimed against your tax liability the year you take delivery.

Find out if you qualify

Qualifying Previously Owned EVs

Tax form and instructions

Other Incentives

In addition to federal incentives, there are many state, regional and utility incentives.

State Rebates

Many states offer EV and clean energy incentives. Learn more about what’s available in your state.

Utility/CCA Incentives

Some utilities and alternative electricity providers (CCAs) offer additional rebates.

Vehicle Retirement

You may qualify for a rebate of $1,000 to retire an older vehicle. Learn about the program.

Home EV Charging Tax Credit

If you purchase an EV charger for your home, you may be eligible to receive a 30% tax credit up to $1,000. The tax credit covers both hardware and installation costs.

Claim your tax credit with this tax form and instructions.