Rebates and Incentives (Vehicles)
GET A CHECK FOR UP TO $2,500!!
State EV Rebate is Back!!
GET UP TO $7,500 BACK ON TAXES!!
Federal EV Tax Credit. A federal EV tax credit may reduce your net cost to buy or lease an electric vehicle by as much as an additional $7,500. Note that the federal EV tax credit is calculated as part of your tax return filing for the year of purchase and therefore is received by you typically between Feb – April of the following year as part of any tax refund you would receive. For leased vehicles, the credit is taken by the leasing company and a portion of it passed on to the consumer as a lease cost reduction.
As a non-refundable type of tax credit, like a home mortgage interest deduction, eligibility is based on your annual tax liability, and you can’t roll over the credit to subsequent years. The total amount of the credit is also based on the battery size of the vehicle, so some plug-in hybrid electrics may only qualify for a partial credit amount.
The credit also phases out per manufacturer after 200,000 vehicles are sold, so it’s important to verify the brand you choose to buy is still eligible. Check on the status of the federal EV tax credit phase out by manufacturer here: https://www.fueleconomy.gov/feg/taxevb.shtml
For more information, refer to the official IRS website EV tax credit page: https://www.irs.gov/businesses/plug-in-electric-vehicle-credit-irc-30-and-irc-30d. For definitive information on your federal electric car tax credit eligibility, consult with a qualified tax adviser.
SAVE THOUSAND$ MORE IN DISCOUNTS.
Local group buy and dealer incentive programs. There are additional local incentives that can lower the monthly payment costs even further, sometimes to under $200 a month and with no money down. In some cases, combined incentives can mean up to $15,000 off MSRP!
To learn more about how to take advantage of each of these rebates, incentives and special offers, contact us.
Find local dealer discount programs for electric vehicles.