- EV buyers in the U.S. could be eligible for several federal and state incentives.
- Besides the $7,500 federal tax credit, some states offer extra incentives.
- This online tool makes it easy to find out all the incentives you could be elegible for based on your zip code.
The $7,500 federal tax credit for a new electric vehicle is probably the best-known car-related incentive in the United States right now, but did you know that there are a bunch of other, smaller benefits you could get your hands on when buying an EV?
There are tax credits and rebates you could be eligible for if you’re getting a used EV or if you’re installing a Level 2 charger at your house, but it all depends on where you live and sometimes on your income. In other words, it can be a bit daunting to go through your state’s legislation, but there’s an easy fix for that.
Electric For All is a website put together by Veloz, a nonprofit organization, that has an interactive section dedicated to the incentives offered in your area including tax credits, rebates, charging rebates, local utility programs and other special perks for going electric.
As reported by Electrek, all you need to do is put in your zip code and check out the list of potential money-saving perks. For instance, a Washington resident who buys a new EV could get the $7,500 federal tax credit, an instant state rebate of up to $9,000, a state tax exemption of up to $975, a $1,000 federal tax credit for installing a home charger and a state tax exemption for installing said charging station, as well as rebates of up to $2,600 from Puget Sound Energy for a Level 2 charger.
In New York, the state offers a rebate of up to $2,000 when buying or leasing a new EV as well as an income tax credit of up to $5,000 for installing a charger. There are also federal incentives such as the $7,500 tax credit for new EVs and a tax credit of up to $1,000 for installing an EV charger.
Living in California? You could get up to $12,000 off a new EV if you're replacing an old gas guzzler. That's in addition to the $7,500 federal tax credit and the exemption to drive on the HOV lane without any passengers inside the car.
Add everything up and you could save more than you originally thought when setting out to buy an EV.
Electric For All's search tool covers incentives for 49 states, metro areas with over 50,000 inhabitants and all the Justice40 communities identified by the Biden administration.
