These days, almost everyone understands that there are multiple benefits to owning an electric vehicle, both personal and environmental. As for personal reasons, fuel prices are skyrocketing all over the world and more and more people now consider travel to be pretty much unaffordable, especially if it is not a necessary trip. When it comes to the bigger picture, we know how much the use of traditional vehicles impacts the planet due to the emissions that come with it.
It’s for the reason of scale that more and more US states are starting to offer some form of incentives to increase EV sales. There are still a lot of people who are skeptical about the potential purchase of an electric vehicle, but hopefully some of these amazing deals will help convince some. After all, with the prices as they are, we think it’s a safe bet that everything else aside, most people would like to be able to charge their vehicles rather than having to buy fuel at these uncertain market values.
One of the advantages of electric vehicles today is that there are many options on the market. Sure, Tesla may be the biggest when it comes to strictly electric vehicles, but virtually every automaker these days has some form of electric vehicle. For example, Chevy is unveiling the new Blazer EV next month. That means you can get a sedan if you want, you can get an electric Mustang, and now there are even trucks and SUVs that are electric.
So which states offer the best incentives for electric vehicle buyers, and in what form exactly?
Reasons why people are skeptical about electric vehicles
People generally have qualms about what is new, or at least relatively new for that matter. That’s right, especially when it comes to cars, because while the technology behind electric vehicles isn’t new, it’s still considered state-of-the-art by most drivers. After all, only about one percent of cars on the road are fully electric, according to Get Jerry. However, these numbers are steadily increasing as fully electric vehicles saw an 83% increase in sales in 2020 and hybrids saw a positive change of 78%.
Despite these positive changes, the logical fears are still there. People’s biggest concern is due to batteries. The battery in an electric vehicle is not like the one found in your traditional Ford. Instead of being able to get a new one for around $100, there are reports of people spending thousands. However, it should be noted that the cases where a person would need to change the battery of their electric vehicle are rare. We hear about those in the news not only because of the high price attached to the service, but also because it happens so infrequently.
What incentives are offered
The first thing you’ll want to keep in mind when it comes to government incentives for electric vehicle ownership is the federal tax credits for all-electric and plug-in hybrid vehicles. With that, all cars purchased new after 2010 that are all-electric or plug-in hybrid grade for a tax credit of up to $7,500. The amount of your specific tax benefit depends on the capacity of the battery that powers your vehicle. Please note that there are exceptions. One of the most notable is that small neighborhood vehicles are not eligible. Additionally, changes could be made to the tax credit guidelines at any time, as also happens with specific benefits from various states.
These are the states with the best incentives for electric vehicles
There are a number of states that offer individual incentives for owning an EV in addition to the federal tax credit.
- New Jersey has an electric vehicle incentive program called Charge Up that now offers a sales tax exemption (it used to offer a rebate, but the funding ran out.) Tax relief is between 2 $500 and nearly $8,000 depending on the specific car. Find more information about New Jersey’s tax breaks for electric vehicles here.
- California offers a $2,000 rebate. This excludes brands such as Tesla and Rivian due to their higher price. Find more information on eligible vehicles here.
- Colorado offers two distinct advantages. For a. There is a $2,500 tax credit from the state by 2023, when it will be reduced to $2,000 through 2026. People with leased electric vehicles are entitled to a maximum of 1 $500. Find more information here.
- Colorado also has a reimbursement program called Xcel. With this, buyers receive $5,500 upfront for the purchase of new electric vehicles and $3,000 for used vehicles. The maximum prize to qualify is $50,000.
- Connecticut also has a rebate program. Under it, you can get up to $4,250 for an eligible new all-electric vehicle and $2,250 for a plug-in hybrid. Fuel cell electric vehicles are eligible for up to $9,500. Find more information here.
- Massachusetts offers a rebate of $2,500 for all-electric vehicles and $1,500 for plug-in hybrids. Find more details here.
- New York has the Drive Clean program which offers rebates of up to $2,000. Find more information here.
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