Buy an EV Before the End of the Year and Earn a Credit of up to $7,500 on Your 2018 Taxes!
In addition to cutting-edge technology and performance, federal tax credits are helping to make buying an electric vehicle (EV) an even smarter choice. The federal tax credit will knock up to $7,500 off of the price of your EV. You’ll receive the full amount if you have at least $7,500 of tax liability and the EV you purchase has a large enough battery. The stipulation about the size of the battery might seem likeit makes things a bit complicated, but we’ve laid out everything you need to know in the short summary below.
The easiest way to think about the incentive is to remember that all battery-electric vehicles are eligible for the full amount, but not all plug-in hybrids are. For example, you can get the full $7,500 back on the 2017 Chevrolet Volt, but only $4,919 back on the 2016 Hyundai Sonata Plug-in Hybrid. You can find the federal tax incentive amount for every eligible vehicle here.
The end of the year is the best time to take advantage of these credits, as buyers are able to claim them quickly, getting the clearest picture of their anticipated savings. ROC EV has created a handy chart to give you a quick look at a few popular EVs, their MSRP, and the estimated savings from the tax credit.
In addition to the Federal tax credit, the New York State Energy Research and Development Authority (NYSERDA) offers a point-of-sale rebate through their Drive Clean program through participating dealerships. If you are a New York State resident looking for a new car, it’s a great time to buy or lease a plug-in hybrid or battery-powered car that qualifies for the Drive Clean Rebate.
When you combine these powerful incentives with the other cost savings of driving electric (about $125 in gas every month compared to $18 per month for EV charging), it just makes sense to plug-in and save.
Click here for more information on electric vehicles and tax incentives.
|Vehicle||MSRP||Federal Credit||Total Cost|
|2017 BMW i3||from $42, 400||$7,500||$35,400|
|2018 MINI Cooper SE Countryman||from $36,800||$4,001||$32, 799|
|2018 Ford Fusion Energi||from $33,120||$4,007||$29,113|
|2017 Chevrolet Bolt||from $36,620||$7,500||$29,120|
|2018 Chevrolet Volt||from $34,095||$7,500||$26,595|
|2017 Optima Plug-in Hybrid||from $35,210||$4,919||$30,291|
|2017 Nissan LEAF||from $30,680||$7,500||$23,180|
|2017 Tesla Model S||from $68,000||$7,500||$61,500|