Electric vehicle (EV) ownership is becoming more accessible through various rebates and incentives at federal, state, and local levels. Here's what you need to know about getting financial support for your EV purchase.

Federal EV Tax Credits Explained:

Who Can Get It:

• Anyone meeting modified adjusted gross income requirements
• Applies to both new and used EV purchases
• Must be for personal use, not resale

What You Can Get:

• Up to $7,500 for new EVs
• Up to $4,000 for used EVs
• Price limits apply:
  • $80,000 for vans, SUVs, and pickup trucks
  • $55,000 for sedans and other vehicles
  • $25,000 for used vehicles

Where to Claim:

• On your tax return as a nonrefundable credit
• At point of sale through dealer transfer (preferred by 90% of buyers)

When to Claim: These incentives are currently active, having started in January 2023.

Additional Savings Opportunities:

• State-specific incentives and rebates
• Local utility company discounts
• Income-based incentive programs
• Commercial EV tax credits for leased vehicles
• Automaker partner charging programs
• Special charging benefits through charging networks

To Find Available Incentives: Use Veloz's EV incentive search tool by entering your ZIP code to see all local offers.

The combination of declining EV prices and available incentives makes electric vehicles increasingly affordable for more consumers. With the growing used EV market and instant tax benefits at purchase, switching to electric has never been more financially attractive.

Check the FuelEconomy website for the most current list of eligible vehicles and credit amounts.

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