Elizabeth is a mom of two living in New York. Her family of four owns three cars, one for her, one for her partner, and one for their child who just received her driver’s license. Elizabeth understands that driving electric vehicles (EVs) will help her family lower their carbon emissions and save money over time. Elizabeth should:
- Look into replacing her own car with a new EV. Assuming that she meets the income eligibility, Elizabeth can receive a tax credit of up to $7,500 off the price of a new EV that meets specific requirements, such as the manufacturer’s suggested retail price (MSRP) and final assembly criteria. Elizabeth opts to claim the credit on her taxes and chooses not to take the credit as a point-of-sale incentive.
- Look into replacing her daughter’s car with a used EV. Assuming that she meets the income requirements, Elizabeth can receive a tax credit of $4,000 or up to 30% of the sale price of a used EV. Elizabeth opts to claim the credit on her taxes and chooses not to take the credit as a point-of-sale incentive.
- Take advantage of tax credits. As they are average American taxpayers, Elizabeth’s family can qualify for a tax credit for 30% of the cost of a charger (of up to $1,000) to ensure that their EVs are ready to go when they are!
Please note that the case study above is imaginary and that funding pathways will be updated by the EC monthly. Results are comprehensive, but may not be reflective of imminent program changes. EV Funding Finder users should also be sure to inquire about state-specific incentives that could further support projects. For additional information on deadlines and RFPs, check out the Climate Program Portal.