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Electric vehicles are no longer just a great car option for climate-conscious drivers. The electric vehicle market has grown dramatically in recent years, and today electric vehicles come in a variety of luxuries, styles, and prices. But driving an electric car can also bring additional money-saving benefits. Electric vehicle tax credits are financial incentives for people who buy an electric vehicle and can save you thousands of dollars depending on your state.

Electric Vehicle Quick Facts

The easiest way to understand how much the market is growing is to check the latest electric vehicle information.

  • 3.47% of new registrations in 2021 are electric vehicles (Experian).
  • California will have the highest share of new EV registrations by 2021 at 35.3% (Experian).
  • Luxury brands accounted for 78.7% of new registrations (Experian).
  • 10 million electric vehicles on the road in 2021 (S&P Global).
  • California has the most charging stations with 13,715, followed by New York, Florida and Texas (U.S. Department of Energy).

What is the Electric Vehicle Tax Credit?

The Electric Vehicle Tax Credit is a federal incentive for drivers to buy electric vehicles. This incentive is not a mail-in check you receive after purchasing the vehicle, but a $7,500 tax credit to which you are entitled. This credit line applies to all electric and plug-in vehicles, but please see the U.S. Department of Energy website fueleconomy.org for specific credit limits.

How to qualify

To be eligible for available awards, your vehicle must meet certain specifications, including:

  • Purchased after December 31, 2009.
  • There is a traction battery.
  • Have a battery capacity of at least four kilowatt-hours (kWh) ready.
  • Use an external plug-in charging power source.
  • Maintains weight class up to 14,000 lbs.
  • Meets emission standards.

It’s also important to remember that just buying a vehicle doesn’t guarantee you a tax credit. You must file Form 8936 with the IRS.

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Are rental vehicles eligible?

The tax credit does not apply to electric vehicle lessees. Instead, the money goes to the landlord. However, this can still lower monthly payments – if the lessor includes this bonus in your lease. Mention this during the negotiation process to save as much money as possible.

Will the federal EV tax credit ever exist?

That credit could hold indefinitely, especially as people increasingly push for more climate-conscious vehicles. But the available vehicles are constantly changing. This is due to the phase-out structure of the tax credit.

When the manufacturer reaches a certain number of points, these vehicles are no longer eligible. This limit varies by vehicle manufacturer, so it’s important to check that the vehicle you’re buying is still available for credit.

Can a Family Get Multiple Electric Vehicle Tax Credits?

If two members of the same household buy an electric car for themselves, they can claim credits for their respective cars. If you both buy an electric car together, the points can only be used once.

Income and Electric Vehicle Tax Credits

Any driver who submits the required information for a qualifying vehicle using Form 8936 may be eligible for an electric vehicle tax credit. But the type and amount of income you receive affects the tax credit you receive.

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State and Local Tax Credits and Incentives for Electric Vehicles

Unfortunately, not every state offers tax credits and incentives for electric vehicles. So before you start buying a charging station for your garage, find out how much you can save in your home country.

Electric vehicle tax credit for vehicle manufacturers

Here are some specific EV tax credits offered by car brands. As every state is different, you should consider the advantages of one brand of vehicle over another.

Vehicle brand  Available credit 
Audi $4,502 to $7,500
BMW $3,793 to $7,500
Chevrolet No longer eligible
Fiat/Chrysler $7,500
Ford $4,007 to $7,500
Honda $3,626 to $7,500
Hyundai $4,543 to $7,500
Jaguar/Land Rover $6,295 to $7,500
Kia $4,543 to $7,500
Mercedes $3,501 to $7,500
Mitsubishi $5,836 to $7,500
Nissan $7,500
Porsche $3,667 to $7,500
Subaru $4,502
টেসলা No longer eligible
Toyota $2,500 to $7,500
Volkswagen $7,500
Volvo $5,002 to $7,500

Information gathered from irs.gov

Making the decision to buy an electric vehicle

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Just like buying a traditional gasoline car, there are several factors to consider when deciding to dive into the world of electric vehicles, including cost, size, and practicality. However, buying an electric vehicle requires additional considerations. Here are some questions you need to ask yourself before you log off from an electric vehicle.

Are there charging facilities in my area? Before deciding to buy an electric vehicle, it’s important to make sure there are charging stations available in your area. Use the resources provided by EVgo to explore options before purchasing.

What is vehicle range? You’ll have to confirm that your new car’s range matches your typical driving habits — and any trips you might be planning.

What is expected vehicle maintenance? While you’ll have to set aside some separate cash for service inspections, you won’t have to worry about oil change costs or other emissions equipment.

How much is electric car insurance? The cost of electric car insurance is the best way to research and determine the best lender for your needs. Read the Bankrate Electric Vehicle Insurance Guide.

Should I rent an electric car? If you can find cheap manufacturer incentives, or if you want to replace your vehicle every few years, consider leasing instead of buying.

Should I buy new or used? Similar to leasing vs. buying, consider the available incentives related to the year of the vehicle available in your budget.

The future of the EV tax credit

Electric vehicles remain among the most expensive models on the market, and they are expected to remain at higher price points until more EVs are produced. But with manufacturers prioritizing green cars, which the government wants to reward, the tax credit is unlikely to disappear anytime soon. If you’ve been interested in going green for a while, now might be a good time to take action.

This is especially true after President Biden issued an executive order in August 2021 that by 2030, half of all new cars sold in the U.S. should be electric. While that’s a sizable percentage increase compared to today, you can take advantage of the recent surge in EV options and save extra money with available tax credits.

সর্বশেষ ফলাফল

When shopping for a new wheelset, consider buying an EV to take advantage of the EV tax credit. When it comes to finding financing and insurance, be sure to compare the rates and different costs of buying an EV versus a traditional EV.

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