Electric Vehicles

Tax credits up to $7,500 are available for eligible new electric vehicles and up to $4,000 for eligible used electric vehicles. You can work with your dealership to process the vehicle tax credit. Tax credits are available for home chargers and associated energy storage, each up to $1,000. Make sure you meet the requirements below.

How to claim your tax credit

  • And make sure all of the requirements set by the IRS are met. See below.

  • Most dealerships will take care of the tax credit during the purchasing process. If not, you can submit IRS Form 8936 when filing your taxes.

  • The same day from the car dealership, or when you get your tax return.

First, make sure you meet the requirement set by the IRS

The IRS has set a handful of requirements a person must meet to qualify for the electric vehicle tax credit, including income, etc. Click the links below to review the requirements.

Savings hub car graphic

Next, make sure your vehicle is eligible for a tax credit.

This depends on several factors such as the vehicle’s MSRP (price), its final assembly location, battery components, and more. Check the links below to see the new and used vehicles that are currently eligible for a tax credit.

 

Savings hub moped graphic

Home Charger Incentives

If you're upgrading to an electric vehicle, consider buying a home charger or battery, and installing components and parts (e.g. outlet, wiring, or electrical panel) that facilitate faster charging at your home. You may be able to claim a tax credit up to $1,000 for each charging port and for each energy storage property. Find out if your home is in an eligible location and see more detail: 

Savings hub outlet graphic

How much can you save on gas?

Use the Driving Electric Local Fuel Savings Calculator below to compare the cost of driving a battery electric vehicle (BEV) or a plug-in hybrid electric vehicle (PHEV) to a conventional vehicle where you live.

 

Savings hub calculator graphic

Electric vehicles purchased in 2022 or before are still eligible for tax credits

If you bought a new, qualified plug-in electric vehicle in 2022 or before, you may be eligible for a clean vehicle tax credit up to $7,500.

 

Savings_Hub_Bulb graphic

Have more questions?