How to Reap the Benefits of Your EV Purchase

You just purchased your first electric vehicle (EV). Firstly, congratulations! Secondly, aside from the money you save on gas, you could also be saving money - or getting money back - simply for purchasing your EV or fuel cell electric vehicle (FCV). Read on to learn more about how your state and the federal government will reward you for making a green purchase.

Starting April 18, 2023, if you purchased a “clean vehicle,” it must meet mineral and battery component requirements in order to qualify for any credit. These requirements also apply to a vehicle purchased prior to April 18. Furthermore, a seller must have provided you with information about your vehicle’s qualifications at the time of sale, registered the vehicle online, and reported the same information to the IRS. Failure to do so would result in ineligibility for the credit.

Your credit could earn you up to $7,500 if you buy a new, qualified plug-in EV or FCV, and is available to individuals and their businesses. So what are these qualifications that we’ve mentioned so far?

In order to qualify for the credit, you must buy the EV or FCV for your own use and not for resale purposes, and you must use it primarily in the United States. However, you also have to ensure your vehicle qualifies for the credit. This simply means that the vehicle has three things:

1. An external charging source
2. A gross vehicle weight rating below 14,000 pounds
3. Comes from a manufacturer that hasn’t sold more than 200,000 EVs in the U.S.

The Internal Revenue Service does a great job of outlining all qualifications, what credit amount you can expect, and how to claim your credit on their website here. It even outlines how you can receive tax credits if you purchased a clean vehicle before April 18, 2023.

Aside from receiving benefits for purchasing an EV or FCV on the federal level, it’s also worth looking into state rebates. Depending on where you live, you could get discounts on energy bills, receive bonuses, or other incentives. Kelley Blue Book outlines what each state offers and which companies provide rebates for EV and FCV owners.

As an EV or FCV owner, you won’t want to miss out on the benefits available to you for helping to make the world a cleaner place. And if you’re looking for a reliable battery charger to mount to your home or take with you on the go, Battery Tender®’s Level 1 and Level 2 chargers are here for you!