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What is the Inflation Reduction Act? Do I qualify for the EV incentives?

CR Consumer Reports estimates that 72% of Americans’ next cars will be electric. Understanding how the Inflation Reduction Act works and which electric vehicle and alternative fuel incentives you are eligible for is more important than ever.

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What is the Inflation Reduction Act?

The Inflation Reduction Act was recently passed by the U.S. to incentivize and promote clean energy. The Act aims to invest $369 billion over 10 years into clean energy programs. Within the Act are a number of incentives and programs for electric vehicles, including the Section 30D Clean Vehicle Credit and the Section 30C Federal Alternative Fuel Infrastructure Tax Credit. Let’s take a closer look at these to see how they relate to you.

What is the Clean Vehicle Credit? How do I know if I am eligible for the EV tax credit?

The Clean Vehicle Credit is a tax break to incentivize individuals and businesses to invest in electric vehicles. For new electric vehicles, consumers will be eligible to receive up to $7,500 in credit. For used electric vehicles, consumers will be eligible for up to $4,000 in credit or 30% of the vehicle cost. However, like all governmental subsidies, there are some criteria you need to meet in order to qualify. Here is what needs to be true to qualify:

New EVs

  • The EV battery must be manufactured in North America with minerals mined or recycled from the continent
  • Your income must be $150,000 or less (if a single filer) or $300,000 or less (if a joint filer)
  • The Manufacturer Set Retail Price (MSRP) must be $80,000 or less for SUVs, vans and pick-up trucks or $55,000 or less for other vehicles

Used EVs

  • The “made in North America” requirement does not apply
  • Your income must be $75,000 or less (if a single filer) or $150,000 or less (if a joint filer)
  • Maximum MSRP must be $25,000

What about EV Charging? Is there any tax credit for EV charging?

We’re glad you asked. The Federal Alternative Fuel Infrastructure Tax Credit provides an EV driver $1,000 of credit or 30% of the EV charging installation cost (whichever is of lesser value) for individuals who purchase residential fuel equipment before December 31, 2032. This means, if you plan to install a Level 2 EV charger in your home, you could be eligible for $1,000 of credit for this installation.

Each home is different, and your EV home charger installation price could vary depending on your electrical panel and where you plan to put your EV charger. To find out more and get your EV charger installation quote today, visit Lectrium’s website. We make your home EV-ready so that you can wake up every morning to your battery at the perfect state of charge.

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© 2022 Lectrium. All Rights Reservered.