What recent changes should I know about the federal EV tax credit and home charger incentives?
Federal incentives for electric vehicles are changing. The Clean Vehicle Credit program, which offers up to $7,500 in tax savings, will expire on September 30, 2025, unless extended. Additionally, the tax credit for installing home EV chargers will no longer be available after June 30, 2026.
How much tax credit can I receive when purchasing an EV?
The total federal tax credit can reach $7,500. It’s divided into two parts: $3,750 if the vehicle meets the critical minerals requirement, and $3,750 if it meets the battery components requirement. You must meet both to qualify for the full credit. Vehicles meeting only one condition receive a partial credit; vehicles meeting neither do not qualify.
What are the eligibility requirements for vehicles to qualify for the credit?
To qualify, a vehicle must be new, have a battery capacity of at least 7 kilowatt-hours, weigh less than 14,000 pounds, be manufactured by a qualified company, and have its final assembly in North America. There are also price limits: $80,000 MSRP for vans, SUVs, and pickup trucks, and $55,000 for other vehicle types. Sellers must report buyer information to the IRS to confirm eligibility.
When do these federal incentives expire?
The Clean Vehicle Credit program is currently scheduled to expire on September 30, 2025. The home EV charger installation credit will expire earlier, on June 30, 2026. Both deadlines could change if Congress extends these programs.
What should I do if I’m planning to buy an electric vehicle?
If you’re considering an EV purchase, it’s important to verify if the vehicle qualifies for the credit and to act before the incentives expire. You can check eligible vehicles on the IRS website or contact Trophy Nissan for guidance.
Who is Trophy Nissan and how can they help with EV purchases?
Trophy Nissan is your local Nissan dealership in Mesquite, TX. Our team is here to help you find qualifying EVs and provide support with understanding available tax credits and incentives.
How can I contact Trophy Nissan for more information?
Visit us or reach out directly to our sales team for assistance with EV options and incentives.