EV Tax Credits Explained

July 30th, 2022 by

One of the benefits of purchasing an alternative energy vehicle is the EV tax credit. It makes green vehicles more affordable, which means substantial savings on fuel and maintenance costs for years to come. Here at Johnson Motors, you’ll find great EV models and essential information about buying hybrid and electric vehicles, including the 101 on tax credits.

EV Tax Credits at a Glance

There are many benefits to purchasing an EV model, including the reduced environmental impact and big savings on fuel costs. And with EV tax credits, you’ll have even more vehicles within your reach. Your tax-related EV discount will make it easier than ever to take home a vehicle you really like. 

Are Tax Credits Available for All Vehicles?

All EV models, including hybrid and plug-in hybrid vehicles, may be eligible for credits. The eligibility varies depending on the vehicle, including the year, make, and model, so always do your research before purchasing.

Are Tax Credits Available for Pre-Owned Vehicles?

At the moment, tax credits are only available for new vehicle purchases. There is no limit on the number of new EV purchases for a household, however, and you can claim credits for each new model.

How Much Credit Am I Eligible For?

The amount of tax credit you’ll see on your vehicle is relative to the capacity of the battery, which is why electric vehicles have larger credits than hybrids.

Are There Credits for Charging Infrastructure?

Yes! At-home charging stations are also eligible for tax credits. Typically, they go up to 30% of the total cost, or $1,000.

How Can I Learn More?

Learn more about saving on alternative energy vehicles here at Johnson Motors. Take a test drive in a hybrid or EV model at our dealership today.

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