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!
Clean Vehicle Credit (Federal Tax Credit)
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
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.
Many states offer EV and clean energy incentives. Learn more about what’s available in your state.
Some utilities and alternative electricity providers (CCAs) offer additional rebates.
You may qualify for a rebate of $1,000 to retire an older vehicle. Learn about the program.
Home EV Charging Tax Credit
Claim your tax credit with this tax form and instructions.