Save Thousands with Incentives
Reduce your net cost to buy or lease an electric vehicle by as much as an additional $7,500 with the federal EV tax credit.
- A federal EV tax credit may reduce your net cost to buy or lease an electric vehicle by as much as an additional $7,500.
- Note that the federal EV tax credit is calculated as part of your tax return filing for the year of purchase and therefore is received by you typically between Feb – April of the following year as part of any tax refund you would receive.
- For leased vehicles, the credit is taken by the leasing company and a portion of it passed on to the consumer as a lease cost reduction.
- As a non-refundable type of tax credit, like a home mortgage interest deduction, eligibility is based on your annual tax liability, and you can’t roll over the credit to subsequent years.
- Check on the status of the federal EV tax credit by manufacturer.
For more information, refer to the official IRS website EV tax credit page. For definitive information on your federal electric car tax credit eligibility, consult with a qualified tax adviser.
Additional local incentives can lower monthly payment costs even further, sometimes to under $200 a month and with no money down. In some cases, combined incentives can mean thousands off MSRP!
Find local dealer discount programs for electric vehicles.
There are additional local incentives that can lower the monthly payment costs even further, sometimes to under $200 a month and with no money down.
To learn more about how to take advantage of each of these rebates, incentives and special offers,
Manufacturer & Dealership Discounts
Sometimes certain manufacturers and/or dealerships offer additional discounts on EVs. It’s always worth asking or researching to see if your EV is eligible for any further savings!