The official information concerning federal incentives related to purchases of electric vehicles (EVs_ and accompanying products like EV chargers, rests with the IRS and Department of Energy.  However, unless you are a policy aficionado, the official jargon outlined in these documents may not be the easiest to understand.

At DaiTechCorp, we’re in the business of making EVs accessible to everyone through installing EV charging stations and widespread education about this new field. So, we’re answering the top five questions about Federal incentive programs for EVs.

What is the Federal Incentive?

The incentive offers a federal tax credit of $2,500 to $7,500 (depending on the vehicle’s battery capacity) to individuals after the purchase or lease of a NEW Plug-In Electric Vehicle. This means drivers who purchase used EVs won’t receive this benefit. 

Why is There a Range for the EV Tax Credit?

The tax credit is based on the battery capacity of your vehicle, as well as your tax liability.  Also, the EV tax credit will never exceed the amount you owe in taxes, meaning you won’t see the credit on your refund. 

When Will the Federal Program End?

According to the Department of Energy and IRS, there is no fixed deadline for this program.  However, the program will begin to phase out as each manufacturer reaches its threshold of 200,000 EVs sold within the U.S. 

 So, if you’ve got Tesla or a Chevrolet EV on the brain, your purchase won’t qualify. But don’t panic – new EV models are rolling out all the time. Fortunately, online EV marketplaces show an updated catalog of other available, qualifying vehicles. https://www.myev.com

How and Where Do I Charge My New EV?

Not everyone can charge at home; especially if you live in communities like apartments, condos, co-ops, and other shared spaces. But because of the growing popularity of electric vehicles, you have several options when it comes to charging your car, including your job (if they offer this service) and certain grocery stores and shopping centers.

If you reside in a home with access to a private driveway or garage, you have the ideal conditions for installing a personal charger. Although, in either situation, you may choose to formulate your own charging solution – that’s where DaiTechCorp comes in. We can walk you through the entire process from selecting the correct charger to installing it for you. 

I Heard That I Can Get an EV Charger for Free, Is That True?

Depending on the charger you buy, you may be eligible for a rebate that will cover the full or partial amount. Keep in mind that this incentive functions on a first-come, first-served basis through the state and local government or your electric company. 

Didn’t find your answer here? Set up an appointment to get your questions answered about all things EV.