As electric vehicles (EVs) continue to rise in popularity, it’s important to understand the tax credits available for purchasing one. For 2024, the EV tax credit remains at the forefront of incentives for those looking to go green with their vehicle choice.
To be eligible for the federal tax credit, the EV must be purchased new and have a battery capacity of at least 5 kWh. The incentive amount varies depending on the battery size, with a maximum credit of up to $7,500 for vehicles with a 16 kWh battery or larger.
In addition to the federal tax credit, many states also offer their own incentives for EV owners. These can include rebates, tax credits, and reduced registration fees.
Overall, taking advantage of EV tax credits can make purchasing an electric vehicle more affordable and help reduce emissions. By staying informed about the eligibility requirements and incentive amounts, consumers can make a more informed decision when considering an electric vehicle for their next purchase in 2024.
See video EV Tax Credits: Everything You Need to Know for 2024 | Eligibility, Incentive Amount & More
Looking to take advantage of federal tax credits on your brand new EV? The guidelines are constantly evolving, as are the …