Driving an EV is something more people are thinking about. That said, one of the current issues EVs and EV owners face right now is cost. EVs are a relatively new thing, and as such, they’re not going to be cheap. But governments worldwide are trying to encourage more EV use, and that’s where tax credits for EVs and EV chargers come in.

The federal EV tax credits can save EV shoppers a lot of money

how to, here’s how to get tax credit for ev chargers and the cars

EV/Hybrid charger | Getty Images

The significant way that EV owners save money is by simply freeing themselves from gas prices, but the second big way EV owners save money is with tax credits. The federal government offers EV tax credits that can reduce the total cost of an EV. This federal EV tax credit can save customers about $7,500 on their EV purchase.

Customers who live in a handful of states with their own EV incentives can also subtract a significant amount of money from their EV purchase. In California, for example, EV shoppers can cut an additional $2,500 off the price of an EV.

Some states offer a flat rebate, while the federal EV tax credit will reduce the amount of taxes you owe to the federal government. Folks must file Form 8936 to get the federal EV tax credit.

There are also tax credits for EV chargers, and here’s how to take advantage 

Home EV chargers can also be somewhat complicated. As Forbes wrote, the EV charger tax credit recently ended but was quickly revived thanks to the Inflation Reduction Act. The EV charger tax credit program will now continue until 2032. Overall, the program didn’t change much from its short death, and the changes will benefit Americans.

This EV charger tax credit will apply to businesses and homeowners. Any installations that happened after December 31, 2021, will qualify. One of the main changes is that this tax credit can now be used for bidirectional charging equipment. Folks who own a two or three-wheeled EV, such as an electric motorcycle, can also take advantage of the tax credit.

Folks who take advantage of this tax credit can reduce the cost of installing an EV charger by 30%, up to a max of $1,000. Like with the EV tax credit, some states also have their own incentives, which they can stack with this tax credit. To get this credit, folks will have to file Form 8911 when they do their taxes. And, of course, folks should keep receipts for the cost of the EV home charger and any services rendered.

EV tax credits can be complicated as things are changing

The Inflation Reduction Act was a monumental piece of climate change legislation, and it did more than revive the EV charger tax credit. The previous EV tax credit program had a 200,000 unit limit per automaker; when automakers hit that limit, their EVs no longer qualify for the tax credit. Tesla and General Motors both hit that limit a few years back. Toyota, Nissan, and Ford were also very close to that limit.

The good news is that the Inflation Reduction Act removes that limit, but there’s also bad news. The Inflation Reduction Act also adds new manufacturing requirements that only allow EVs that are built in America to qualify. This is a somewhat complicated topic, as only a certain percentage of the EV needs to be built in America. Regardless, most EVs currently don’t meet that requirement, but that may change in the future.

Keyword: Here’s How to Get Tax Credit for EV Chargers and the Cars

CAR'S NEWS RELATED

How To Transport Multiple Cars At The Same Time

Shipping multiple vehicles at once will help you save money and time, as the shipping company you’re working with may offer you discounts. In many cases, shipping multiple cars at once is similar to buying items in bulk. The more you purchase in bulk, the cheaper it becomes. Therefore, ...

View more: How To Transport Multiple Cars At The Same Time

Luxury Motoring Roundup: 2023’s most-anticipated luxury vehicles, how to buy a Rolls-Royce, and more

A look ahead at 7 luxury vehicles coming in 2023 2023 Mercedes-AMG S 63 E Performance combines V8 and hybrid for 1,000+ horsepower The 2023 Land Rover Defender 130 will get you there, and the hockey team too So you want to buy a Rolls-Royce. What’s involved? Lamborghini debuts ...

View more: Luxury Motoring Roundup: 2023’s most-anticipated luxury vehicles, how to buy a Rolls-Royce, and more

How to make cars safer for women? Use crash-test dummies that resemble them

A dummy made in the likeness of an average woman. — Image from VTI STOCKHOLM: Decades of technological advances and regulatory changes have helped make car passengers safer in collisions. But women are still 73% more likely to be severely injured or die in a frontal crash than men ...

View more: How to make cars safer for women? Use crash-test dummies that resemble them

Ford CEO: "Until We Fix Quality, Nothing Else Matters"

Ford CEO Jim Farley told a group of retired engineers that it would take several years for the Blue Oval to fix its quality problems.

View more: Ford CEO: "Until We Fix Quality, Nothing Else Matters"

Stellantis urges owners to fix Takata airbags after another fatality

Stellantis this morning is emphatically urging owners of older Dodge and Chrysler models equipped with recalled Takata airbags to park their cars until they can have recalls performed after the company on Friday confirmed a third fatality. The company’s statement includes instructions for owners and follows this article in ...

View more: Stellantis urges owners to fix Takata airbags after another fatality

Throttle Control Warning Light: What It Means and How to Fix It

What does it mean when the throttle control light comes on? How do I fix my electronic throttle control? How much does it cost to fix my electronic throttle control? Keep your car in top-performing condition! As a car owner, there are a vast array of warning lights integrated ...

View more: Throttle Control Warning Light: What It Means and How to Fix It

How To Sell a Car

How To Sell a Car: Overview 1. Gather Documents Needed To Sell Your Car 2. Learn How Much Your Car Is Worth 3. Prepare Your Car for Sale 4. Decide How To Sell Your Car 5. List Your Vehicle for Sale 6. Work With a Buyer To Complete the ...

View more: How To Sell a Car

The 1984 Corvette Is The Worst Corvette Ever – Here’s How To Fix It

The 1984 Corvette was truly groundbreaking and featured advanced technology, but it’s also the worst Corvette ever made. No Corvette Is Truly Bad The 1984 Corvette was truly groundbreaking and featured advanced technology, but it’s also the worst Corvette ever made. The 1984 Corvette was the worst Corvette of ...

View more: The 1984 Corvette Is The Worst Corvette Ever – Here’s How To Fix It

Here's How Top Fuel Dragsters Crank Out 11,000 Horsepower

How to respond to a customer complaining about price

The age group you need to target — and how to do it

Driving licence renewal guide: how to renew your licence, change the photo or address

How To Maximize Your Car Accident Settlement

How to protect the windscreen wipers on a frozen car

Of Course GM Sells Corvettes to Influencers First (Aka, How to Create Future Customers for Free)

How to pass a road gritter without damaging your car

‘You can easily fix it yourself!' Why your radiators are not working properly - how to fix

The UK's most dangerous and safest roads to drive on during Christmas - how to stay safe

'We promise it works!' How to use shaving cream to prevent cars from fogging up

How to replace a headlight bulb on a Audi RS3 Sedan

OTHER CAR NEWS

; Top List in the World https://www.pinterest.com/newstopcar/pins/
Top Best Sushi Restaurants in SeoulTop Best Caribbean HoneymoonsTop Most Beautiful Islands in PeruTop Best Outdoor Grill BrandsTop Best Global Seafood RestaurantsTop Foods to Boost Your Immune SystemTop Best Foods to Fight HemorrhoidsTop Foods That Pack More Potassium Than a BananaTop Best Healthy Foods to Gain Weight FastTop Best Cosmetic Brands in the U.STop Best Destinations for Food Lovers in EuropeTop Best Foods High in Vitamin ATop Best Foods to Lower Your Blood SugarTop Best Things to Do in LouisianaTop Best Cities to Visit in New YorkTop Best Makeup Addresses In PennsylvaniaTop Reasons to Visit NorwayTop Most Beautiful Islands In The WorldTop Best Law Universities in the WorldTop Richest Sportsmen In The WorldTop Biggest Aquariums In The WorldTop Best Peruvian Restaurants In MiamiTop Best Road Trips From MiamiTop Best Places to Visit in MarylandTop Best Places to Visit in North CarolinaTop Best Electric Cars For KidsTop Best Swedish Brands in The USTop Best Skincare Brands in AmericaTop Best American Lipstick BrandsTop Michelin-starred Restaurants in MiamiTop Best Secluded Getaways From MiamiTop Best Things To Do On A Rainy Day In MiamiTop Most Instagrammable Places In MiamiTop Interesting Facts about FlorenceTop Facts About The First Roman Emperor - AugustusTop Best Japanese FoodsTop Most Beautiful Historical Sites in IsraelTop Best Places To Visit In Holy SeeTop Best Hawaiian IslandsTop Reasons to Visit PortugalTop Best Hotels In L.A. With Free Wi-FiTop Best Scenic Drives in MiamiTop Best Vegan Restaurants in BerlinTop Most Interesting Attractions In WalesTop Health Benefits of a Vegan DietTop Best Thai Restaurant in Las VegasTop Most Beautiful Forests in SwitzerlandTop Best Global Universities in GermanyTop Most Beautiful Lakes in GuyanaTop Best Things To Do in IdahoTop Things to Know Before Traveling to North MacedoniaTop Best German Sunglasses BrandsTop Highest Mountains In FranceTop Biggest Hydroelectric Plants in AmericaTop Best Spa Hotels in NYCTop The World's Scariest BridgeTop Largest Hotels In AmericaTop Most Famous Festivals in JordanTop Best European Restaurants in MunichTop Best Japanese Hiking Boot BrandsTop Best Universities in PolandTop Best Tips for Surfing the Web Safely and AnonymouslyTop Most Valuable Football Clubs in EuropeTop Highest Mountains In ColombiaTop Real-Life Characters of Texas RisingTop Best Beaches in GuatelamaTop Things About DR Congo You Should KnowTop Best Korean Reality & Variety ShowsTop Best RockstarsTop Most Beautiful Waterfalls in GermanyTop Best Fountain Pen Ink BrandsTop Best European Restaurants in ChicagoTop Best Fighter Jets in the WorldTop Best Three-Wheel MotorcyclesTop Most Beautiful Lakes in ManitobaTop Best Dive Sites in VenezuelaTop Best Websites For Art StudentsTop Best Japanese Instant Noodle BrandsTop Best Comedy Manhwa (Webtoons)Top Best Japanese Sunglasses BrandsTop Most Expensive Air Jordan SneakersTop Health Benefits of CucumberTop Famous Universities in SwedenTop Most Popular Films Starring Jo Jung-sukTop Interesting Facts about CougarsTop Best Hospitals for Hip Replacement in the USATop Most Expensive DefendersTop Health Benefits of GooseberriesTop Health Benefits of ParsnipsTop Best Foods and Drinks in LondonTop Health Benefits of Rosehip TeaTop Best Air Fryers for Low-fat CookingTop Most Asked Teacher Interview Questions with AnswersTop Best Shopping Malls in ZurichTop The Most Beautiful Botanical Gardens In L.A.Top Best Mexican Restaurants in Miami for Carb-loading rightTop Best Energy Companies in GermanyTop Best Garage HeatersTop Largest Banks in IrelandTop Leading Provider - Audit and Assurance In The USTop Best Jewelry Brands in IndiaTop Prettiest Streets in the UKTop Best Lakes to Visit in TunisiaTop Highest Mountains in Israel