Electrify Your Savings with EV Tax Benefits

Reducing emissions and saving the planet are not the only benefits of switching to an electric vehicle (EV) – granted these are huge benefits on their own. The switch is also a smart financial move. The 2023 tax season may have just come to an end but it’s never too early to start thinking about the myriad of tax benefits available to EV owners in the U.S.

Federal Tax Credits

One of the most significant incentives for purchasing an EV comes in the form of federal tax credits. Here’s a breakdown:

• New EV purchases can qualify for up to $7,500 in tax credits.
• Used EV purchases can qualify for up to $4,000 in tax credits.
• What’s more, you now have the flexibility to claim these credits either on your tax returns or directly at the dealership, reducing the upfront cost of your EV purchase.
• It’s crucial to ensure that the EV model you’re choosing meets the eligibility criteria.

EV Home Chargers

Don’t forget about the perks of installing an EV charging station at home. Here’s what you need to know:

• You can enjoy a tax credit of up to 30% off the cost of an EV charging station, including installation expenses (up to $1,000).
  • This tax credit is limited to specific census areas, so be sure to check your eligibility before making a purchase

State Tax Credits and Rebates

Beyond federal incentives, many states offer their own tax credits and rebates for EV purchases.

• In New York, buyers or lessees of new EVs can benefit from a point-of-sale rebate of up to $2,000.
  • Find incentives near you.

Maximize Your EV Savings With PISO

To maximize your savings, it’s essential to research the EV and EV home charger incentives available in your area. By taking advantage of these opportunities, you can keep your finances healthy while contributing to a cleaner, greener future.

Investing in an EV isn’t just an environmentally conscious decision—it’s also a savvy financial move. With a range of federal, state, and local tax incentives available, there’s never been a better time to make the switch to electric. By electrifying your transportation and charging solutions, you can keep your wallet fat while simultaneously reducing your carbon footprint.

PISO can help you to find, understand, and take advantage of these incentives so you can better take advantage of your switch to EV. Drive towards a cleaner, more sustainable future one EV at a time with PISO. Contact us to get started on your EV journey.