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EV Tax Credit
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Home EV Charger Installation Credit
If you’re looking to install an EV charger at your home or business, there’s a tax credit available that could help with the costs. This credit is designed to make it a little more affordable to set up your own charging station, whether it’s for personal use or for customers. It’s a great option if you’re planning to go electric and want to save on the installation.
- Credit: Up to 30% of the cost of purchasing and installing an EV charging station (capped at $1,000 for residential properties and $100,000 for commercial properties).
- Eligibility: The credit applies to equipment installed in a home or business.
- Expiration: The credit is currently available through December 31, 2032.
- Requirements: The charging station must meet certain technical standards and be placed in service after January 1, 2023.
Federal Electric Vehicle Tax Credit (Clean Vehicle Credit)
If you’re considering buying an electric vehicle, there’s a federal tax credit available that could give you a nice break on your purchase. The Clean Vehicle Credit is available under the Inflation Reduction Act (IRA) of 2022. The federal government provides tax credits for both new and used electric vehicles. Each option has specific requirements and limits, but it’s a solid incentive for those ready to go green and save on their next vehicle.
New Electric Vehicles:
- Credit: Up to $7,500.
- Eligibility: The vehicle must be assembled in North America and meet certain battery component and mineral sourcing requirements.
- Price Cap: SUVs, trucks, and vans must be priced under $80,000, and cars must be under $55,000 to qualify.
- Income Cap: Single filers earning more than $150,000 annually, joint filers earning more than $300,000, or heads of household earning more than $225,000 are not eligible.
Used Electric Vehicles:
- Credit: Up to $4,000 or 30% of the vehicle price, whichever is lower.
- Eligibility: The vehicle must be at least two years old and sold by a licensed dealer.
- Price Cap: The vehicle must be sold for $25,000 or less.
- Income Cap: Single filers earning more than $75,000 annually, joint filers earning more than $150,000, or heads of household earning more than $112,500 are not eligible.
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