Around the globe, eco-conscious individuals are turning to Electric Vehicles (EVs) as a part of achieving a carbon-free lifestyle. What started as a small movement is now gaining steam as more and more people see the clear benefits of making the switch to clean energy.
EVs offer incredible promise as a viable solution for solving the transportation needs of the planet without the negative impacts of Internal Combustion Engine (ICE) vehicles. These vehicles are helping reduce our emissions and our dependency on non-renewable energy sources.
If you are interested in buying an EV and joining the growing number of individuals opting for green EV living, the initial purchase price of an EV might be the only thing holding you back. That’s why we are here to help you learn more about EV rebates, EV incentives, and how you can make buying an EV more affordable. We have compiled this valuable content to cover electric car incentives by state.
What Are EV Incentives?
EV incentives are tax credits and other benefits offered to those who purchase an EV. This includes both federal and state-specific incentives. Every EV incentive is designed to help lessen the burden of purchasing these sustainable products by lowering vehicle costs.
For example, there are two main federal EV incentives:
The Federal Purchase Incentive: This is a federal income tax credit of up to $7,500 for eligible EVs. This tax credit lowers the amount of income you are taxed on at the end of the year.
The Federal Charging Infrastructure Tax Credit: This federal tax credit is designed to offset the costs of EV charging. Through this tax credit, both residential and business EV charging will be eligible for a tax credit of 30% of the cost, not to exceed $30,000.
It is worth noting that these federal incentives are tax credits, not rebates. This means that when you file your taxes, you will pay less based on the credit you receive from your EV purchase.
In addition to the federal tax credits provided, many states also offer additional incentives and actual rebate checks. Examples of these EV incentives include the following:
Lowered insurance rates
Eligibility for using HOV lanes with single-person occupancy
Emission test exemption
Lowered or zero-cost registration fees
Funding for EV charging station installation (residential and commercial)
EV rebates to offset the cost of a new vehicle purchase
Discounted power rates for charging during off-peak hours
How Do You Find Electric Car and EV Incentives by State?
Now that you’re ready to start saving money while investing in a more sustainable future, your next step is to find EV and Electric Car incentives in your state. The good news is that we have the perfect tool to make this process easy.
Simply visit State & Federal Incentives, where you can click or tap on your specific state to learn more about what incentives are currently being offered. Keep in mind that EV incentives change periodically, with many states adding an increasing number of benefits to those investing in green energy.
The Benefits of Tapping into EV and Electric Car Incentives
When it comes to buying an EV / Electric Car, EV incentives offer you numerous benefits. The following are all reasons why you should take the time to explore what incentives exist in your specific area:
Lower EV costs: For many, the up-front cost is an understandable concern about switching to a more sustainable form of transportation. This is where EV incentives shine. You can make it more affordable to switch from your ICE vehicle to an EV through rebates, tax credits, discounts, and more.
Lower energy bills: Another concern you might have when purchasing an EV is how much it will increase your electricity bill. Many states help offset this cost by providing you with reduced utility costs during specific hours of the day. When you compare these costs against the spiking costs of fossil fuels, it’s an easy win.
A better planet for all: Ultimately, EV incentives are designed to help you make the switch from vehicles that hurt the planet to vehicles that contribute to a clean, green future. When you tap into EV incentives, you are joining a movement, one charge at a time, to save our planet.
Join the Charge to Save the Planet
If you want to help save the planet by transitioning away from harmful ICE vehicles, we are here to help. Sign up for our E-Newsletter and join us in saving the planet, one charge at a time.
We’ll provide you with the latest news in EV living through our Newsletter, New Announcements, and Events. Be sure to also like and follow us on social media. We can’t wait to join together to help contribute to a planet where every living being thrives and our transportation doesn’t come at the cost of species’ lives.
By evee Life Contributor
Published October 25, 2022 9:28PM
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Eveelife is an eco-oriented lifestyle platform that helps consumers make more purposeful choices about how they live and what they consume. We do it by curating content and products that help them make more conscious, carbon-free choices while amplifying their EV ownership experience.