It’s Drive Electric Week! Incentives Abound for Your EV Purchase
Green Tips | September 22, 2023
By Ella Nielsen
Thinking of buying an EV but don’t know where to start? We’ve put together a list of incentives that are available at the federal and state level.
Federal Tax Credit for New & Used Electric Vehicles
A federal tax credit is available for drivers purchasing new qualified EVs and FCVs. For vehicles purchased from 2023 to 2032 there is up to $7,500 available in credits. To qualify you must buy it for your own use, and use it primarily in the United States. To qualify the vehicle must have a battery capacity of at least 7 kilowatt hours, weight less than 14,000 pounds, undergo assembly in North America and be made by a qualified manufacturer. See Credits for New Vehicles for a full list of qualifying vehicles and additional criteria related to modified gross income (AGI), retail price, and how to claim the credit.
A federal tax credit is available for drivers purchasing qualified used EVs and FCVs. The credit equals 30% of the sale price up to a maximum credit of $4,000. The vehicle must be purchased from a licensed dealer for $25,000 or less, have a model year of at least 2 years earlier than the calendar year when the vehicle was purchased to qualify. See Credits for Used Vehicles for a full list of qualifying vehicles and additional criteria related to modified gross income (AGI), retail price, and how to claim the credit.
New York State
The Charge NY initiative offers New York State residents a point-of-sale rebate towards purchasing or leasing a new EV. Over 60 car models qualify for the Drive Clean Rebate with a discount of up to $2,000 when you purchase from a participating dealer. The Drive Clean Rebate amount depends on the all-electric range of the car model, vehicles with ranges greater than 200 miles receive the full rebate amount. Unless a model year is specific in the qualifying models all model years are eligible for specified models.
New York state also offers discounts on tolls for electric vehicle drivers, including the Thruway Authority’s Green Pass Discount Plan.
Local energy utilities may offer incentives, check out the list below to find what your utility offers.
There has never been a better time to buy an electric vehicle, check out NYLCVEF’s factsheets below to learn more information about the benefits of EVs:< Back to Citizen’s Toolkit
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