Rebates and Incentives to Help You Go Electric
At EVgo, we have a vision of ‘Electric for All.’ A key component to fully realizing that vision is the availability of electric vehicles (EVs). We want everyone to have access to an EV and convenient public charging infrastructure. While there are many state and federal programs – like the National Electric Vehicle Infrastructure (NEVI) program – to support the expansion of EV chargers across the country, there are also state and federal incentives to help lower the cost of EV ownership for consumers.
Incentives include vehicle tax credits or rebates, income-based incentive programs and more. In many cases, consumers can leverage multiple incentives to support their switch to EVs. And don’t forget about your local utility! Many utilities offer discounts or other benefits to EV drivers. An easy way to see all available incentives in your area is by entering your local ZIP code into Veloz’s EV incentive search tool.
To get you started, here are the 5 W’s of the federal EV tax credits:
Who
Generally, anyone who meets the modified adjusted gross income limits qualifies for a tax credit that will vary based on whether you purchase a new or used EV.
What
For new EVs, you may be eligible for a tax credit of up to $7,500. For used EVs, you may qualify for up to $4,000. How much you qualify for depends on several factors including where the EV was manufactured. In addition, vans, SUVs, and pickup trucks must have an MSRP – a manufacturer's suggested retail price – of $80,000 or less to qualify. Other vehicles, such as sedans, must be $55,000 or less. For used vehicles, the maximum price is $25,000. You must also buy the vehicle for your own personal use (not for resale) in the U.S. The most up to date list of eligible vehicles and credit amounts can be found on the FuelEconomy website.
Drivers may also be able to take advantage of the commercial EV tax credit to save on a lease for an EV that otherwise doesn’t qualify, so be sure to investigate this option.
Where
You can either claim a nonrefundable credit on your tax return or claim it at the point of sale when you purchase your EV. According to the Treasury Department, ~90% of qualifying consumers buying a new EV have chosen to transfer the credit to the dealer to immediately receive the tax benefits.
When
Right now! These rules took effect in January 2023.
Why
The goal of EV incentives is to lower the cost of entry so that everyone can enjoy the benefits of driving electric. As the average price paid for EVs continues to decline, the affordability of EVs increases as well, especially when paired with available incentives. Moreover, the used EV market continues to grow in the U.S., providing drivers with even more affordable options for EV ownership.
Historically, tax credits were structured as rebates, which meant that drivers paid the full price upfront and claimed the rebate on their tax returns. Now, drivers can instantly unlock the federal EV tax benefits and slash the price to buy an EV by thousands of dollars. In addition to purchase incentives, drivers who buy an EV from one of our automaker partners gain access to exclusive charging programs on the EVgo network, ranging from charging credits to unlimited complimentary charging. These charging programs offer yet another way for drivers to save money when switching to an EV.
Whether you’re cruising down the street in your new Cadillac LYRIQ, Toyota bZ4X, Subaru Solterra or Chevrolet Bolt, you can count on EVgo to provide the electrons needed to power your journey. And don't forget, more than 50 vehicle models are eligible for Autocharge+, our seamless payment option where customers can plug in and charge – no swipe or tap needed. To find an EVgo fast charging station near you, download the EVgo app or filter for EVgo on PlugShare.