If you're considering purchasing an electric vehicle (EV), understanding the state and local tax credits and incentives available to you can make a big difference. These incentives can significantly reduce the upfront cost of an EV and provide ongoing savings. Here’s an overview of the types of incentives you might be eligible for:
Many states and local governments offer financial incentives for purchasing or leasing an EV.
These incentives can include:
Tax credits
Rebates
Grants
Discounts
These programs can greatly reduce the initial cost of buying or leasing an EV, making them more affordable than ever.
To support EV adoption, some states and local governments provide incentives for installing EV chargers.
Examples of incentives include:
Tax credits
Rebates
Grants for home chargers or public charging infrastructure.
These programs can offset the cost of a home charging station, making EV ownership even more convenient.
Certain states offer reduced vehicle registration fees for EV owners.
This benefit provides ongoing annual savings throughout the lifespan of your electric vehicle.
Many utility companies support EV ownership with tailored incentives such as:
Reduced electricity rates during off-peak charging hours.
Rebates for purchasing and installing home charging equipment.
Renewable energy options for powering your EV.
For example, in Virginia, Dominion Energy offers a $125 rebate for purchasing a Level 2 home charger.
Incentives vary by location, so it’s important to research the specific programs available in your area. To view the latest information on EV incentives in your state, visit the U.S. Department of Energy’s Alternative Fuels Data Center: afdc.energy.gov/laws/state.
By taking advantage of state and local incentives, you can make owning an EV more affordable and enjoy ongoing savings. Explore the options in your area today!