Do Chevy EVs Qualify for the Federal EV Credit?

There are now even more reasons to consider a Chevrolet EV. In addition to helping the planet, you get to help your bank account. Here, Team Chevrolet GMC has the details on the federal tax credit you can claim for your electric vehicle. 

How Does the Federal EV Tax Credit Work?

While electric cars are becoming increasingly popular, the government wants to increase the number of people who own them. This is why Uncle Sam offers up to $7,500 for a new EV and up to $4,000 for a used one. Some criteria have to be met, including the following:

• Vehicle and majority of battery components need to have been made in North America
• Battery size has to be at least 7 kWh
• The gross vehicle weight rating of the car has to be less than 14,000 pounds
• Vehicle MSRP must be $80,000 or less
• Income requirements also apply

Does Pennsylvania Offer EV Incentives?

They do, but it gets a bit complicated. The current program is only in effect until June 30, 2024 (we anticipate it will be renewed sometime after that). The Pennsylvania DEP also lays out several levels of rebates depending on the vehicle type, your household’s net income, and several other factors, with lower-income families potentially qualifying for additional rebates. The good news is that the current program qualifies EVs for as much as a $2,000 rebate, up from the previous $750.

Find Your Perfect Chevy EV in Huntingdon, PA

Several current and upcoming Chevy EVs qualify. To learn more and schedule a test drive, visit Team Chevrolet GMC in Huntingdon, PA. It’s never been easier to find a money-saving and Earth-friendly car!

While we are happy to answer your questions about the EV tax credit, we suggest speaking to your accountant about the tax implications of your purchase.

Posted in HUNTINGDON Chevrolet Dealer | No Comments »