The Tax Benefits of Electric Vehicles

It’s true, electric vehicles can save you a lot of money in the long run! But, did you know that there are still tax benefits of purchasing an EV?

The Inflation Reduction Act of 2022 changed the rules for EV credits from 2023 to 2032, giving consumers more time to take advantage of this credit and adopt trendy electric vehicles.

To qualify for the credit, you must:

  • Buy the EV for your own use, not for resale
  • Use it primarily in the United States
  • Your modified adjusted gross income may not exceed:
    • $300,000 for married couples filing jointly
    • $225,000 for heads of households
    • $150,000 for all other filers

For more information, visit the IRS website.

You need more than just an electric car, you need an EV Charger

The one small headache of buying an electric vehicle is charging it. You can charge electric vehicles with a standard wall outlet at your home but it will take a lot longer to get the car fully charged.

For those that live in a condo or an apartment, getting access to an outlet isn’t that easy to do. Luckily, some complexes will have designated parking spots with charging stations.

But the most ideal situation for homeowners is to setup a charging station with the help of an electrician. As we mentioned, a standard outlet will be enough but it could take 24 hours to full charge an empty battery.

So, we recommend looking into a Level 2 EV charger. These are the fancy chargers that you might have seen at a friends house. Level 2 EV Chargers require a 240 volt AC plug which isn’t your common household outlet. 

Most vehicle purchases do not come with this charger so you will need to purchase it separately. Once you do that, a company like Wire Craft can help you safely install it into your home. 

Are you curious about EV batteries?

Most manufacturers have a 5-8 year warranty on batteries but the industry is predicting that batteries will last from 1–20 years before they need to be replaced. EV batteries lose the amount of charge it can hold based on the number of times the battery undergoes the discharge and charge process.

Need an electrician to install an EV charger for your new car?

Are you all in on an electric vehicle? Get a fast and safe EV charger setup at your home with the help of Wire Craft. Request an appointment today!