Get a better truck and still get some money back.
Three of the four available Ford F-150 Lightning models currently qualify for the full $7,500 tax credit set out in the Inflation Reduction Act. The US Treasury Department published the percentage guidelines on March 31, 2023, and these regulations officially took effect this week.
In short, the battery pack needs to be 50% American-made, and 40% of the critical minerals in the battery must be sourced in the USA. These parts and minerals may also be sourced from countries with which the USA has a free trade agreement. Each requirement is worth $3,750, and if the car you're looking at hits both targets, you get $7,500 at the point of sale.
But that got us thinking about what you can do with your spare $7,500 when diving into the options list.
Here's what you can do with the various F-150 Lightnings that qualify for the tax credit. The prices below exclude the $1,895 destination charge since the government's calculations only use Manufacturer Suggested Retail Price or MSRP.
Ford F-150 Lightning Pro
The Pro is the group's workhorse and has a starting price of $59,974. It uses a dual-motor setup but can't be ordered with the Extended Range battery. This might seem like a severe oversight, but research has proven that electric trucks have more range than the majority of pickups need, including work trucks. With the Standard Range battery, this electric truck can cover 240 miles before recharging.
Businesses with larger fleets will likely want to capitalize on the tax credit. Still, we can see a small business owner diving into the accessories to build a truck ideally suited to whatever they need it for. We'd avoid the Tow Technology Package and Max Trailer Tow Package because it has often been proven that the Lightning is not good at towing.
The standard range of comfort and convenience features is also generous, so accessories it is. Being a work truck, the must-have accessory is Ford's Pro Power Onboard ($1,200), which can power whatever at rates up to 9.6 kW. We've seen this system power a large fridge, projector, and sound system simultaneously, so it should be suitable for power tools.
We'd also add an aluminum cross bed toolbox by Weather Guard for $880, a tailgate step for $430, a tough bedliner for $595, and a hard retractable tonneau cover for $2,200. And to make it stand out from other work trucks, we'd pay an extra $495 for the Rapid Red Metallic Tinted Clearcoat.
That's $5,800 in extras, so you'll still get $1,700 back from the government after building a work truck to your exact specification.
Ford F-150 Lightning XLT
An Extended Range battery is available for the XLT, but it increases the price from $63,474 to $80,974. According to the government, the price may not exceed the MSRP of $80,000 for a van, pickup truck, or sport utility vehicle. That means you're stuck with a 98 kWh Standard Range battery pack, good for 452 horsepower and 775 lb-ft of torque. Like the Pro, it can do 240 miles between recharges.
Since more range is out of the question, we spent the money on some comfort and practicality items. Thankfully, Ford offers the 312A Equipment Group, which is basically a best-of list of features. For $5,000, you get 20-inch Dark Carbonized Wheels, Co-Pilot360 Assist 2.0, Pro Power Onboard, intelligent access with approach detection, a heated steering wheel, a 10-way power-adjustable driver's seat, LED lights for the box, a power tailgate, tailgate step, and a tailgate work surface. We'd also add the $2,200 retractable tonneau cover to keep things safe.
This way, you still get $300 back from the government.
Alternatively, you can add the 312A Equipment Group and spend the rest on various bed accessories. Various Yakima racks and carries can be ordered directly from the website, so you only need to add a basic system and the correct hobby.
An adjustable bed rack goes for $1,478, which leaves you with roughly $1,000 to splurge on various mounting accessories. Canoe carrier mounts go for $199, while a small basket goes for $589.
If you want a more elegant look, we recommend Azure Gray Metallic Tricoat at $795.
Ford F-150 Lightning Lariat
Starting at $75,974, the Lariat is already dangerously close to the $80,000 cut-off. But the government says that's calculated on the base MSRP, so it should be fine if you go over $80k in options. However, that might depend on how generous the IRS is feeling.
The Lariat has goodies like Pro Power Onboard, a 360-degree camera, reverse sensing, and blind-spot monitoring with rear cross-traffic assist.
In fact, the only available package is the 511A Equipment Group, which adds $10,000 to the price. That's $2,500 more than you'll get back from the government, but look at it another way. Thanks to the Biden administration's generosity, you can have ALL the luxuries for just $2,500.
The package adds Ford BlueCruise 1.0 with active park assist and phone as a key, the tow technology package, a twin-panel moonroof, an 80-amp charging station, a power tilt/telescoping steering column, and second-row heated seats.
Unfortunately, it also adds the Extended Range battery, which increases the MSRP to $87,719. We thought it wise to offer this package, but you can't dupe the government by classifying the larger battery as an option while keeping the MSRP below $80,000.
Luckily, you can still add BlueCruise 1.0 with active park assist and phone as a key for $2,220 as a standalone option. It's worth having as it has the upper hand over Tesla Autopilot. You might as well blow the rest on the various adventure accessories or pocket the remaining $5,280.
Keyword: All The Options You Can Buy With The Ford F-150 Lightning's Tax Credit