Is it just us, or does every day feel like Earth Day right now? Outside our windows, flowers emerge from their slumber. Trees unfurl new leaves. And our beautiful green and blue planet continues spinning towards spring.
Another reason every day feels like Earth Day right now? Because every day is Earth Day when you drive and charge an EV. The lifecycle emissions of an EV can be up to 70% lower than that of an old-fashioned, polluting internal combustion engine (ICE) car. Investing in an EV and EV charger instead of fossil fuels is one of the best things you can do for our planet and all living creatures on it, including the health of children near you.
One way to celebrate Earth Day this year is to learn more about going electric, including exploring the thousands of dollars you can save with tax credits for an EV and an EV home charger.
The right thing for your wallet is also the right thing for the planet
There’s never been a better time to buy an EV or EV home charger. In the U.S. right now, there are tons of federal, state and local tax savings and rebates for both EVs and EV home chargers. Here’s an overview:
Federal tax credits
There are several tax credits available when investing in an EV or EV home charger:
- EVs:
- New EVs are eligible for up to $7,500 in tax credits.
- Used EVs are eligible for up to $4,000 in tax breaks.
- Drivers now have the choice to either claim a credit on their tax returns OR claim the credit at the dealership to lower the price of the EV directly.
- Make sure your EV model is eligible under the rules, including final assembly in the U.S.
- EV home chargers:
- Receive a tax credit of up to 30% off an EV charging station plus installation costs (up to $1,000).
- For example, you could get a tax credit covering up to $1,000 of the cost of the award-winning ChargePoint Home Flex and your installation costs. (Psst—buy your Home Flex now and save an additional $40 to celebrate Earth Day!)
- The tax credit is only available in certain census areas, so make sure to check your eligibility.
State tax credits and rebates
You can receive tax credits and rebates for buying and leasing an EV in states ranging from Oklahoma and Illinois to New York and Colorado. While this following list is by no means exhaustive and constantly evolving, it gives you a sample of how you can save even more money on an EV if you live in one of the many states with EV-related tax credits and rebates:
- Oklahoma:
- Oklahoma offers a one-time income tax credit of up to $50,000 for buying an EV. The maximum credit for passenger vehicles weighing up to 6,000 pounds is $5,500.
- Oklahoma also offers a tax credit up to $1,500, or 10 percent of the cost of an EV, when an EV is resold as long as a tax credit has not already been claimed on the vehicle.
- Illinois:
- Illinois offers a point-of-sale rebate of up to $4,000 for buying a new EV.
- New York:
- New York offers a point-of-sale rebate for the purchase or lease of a new EV up to $2,000.
- Colorado:
- Colorado offers an EV tax credit of up to $5,000 for purchasing or leasing a new EV.
- The tax credit amount depends on the purchase year of the EV.
- EVs with a suggested purchase price below $35,000 may qualify for an additional tax credit of $2,500.
Local rebates and additional savings
From local governments to utilities, many organizations and companies of all sizes are supporting the EV revolution. Not just because it’s good for the planet but also because it’s good for business. While we can’t profile every local incentive across our many diverse communities, here’s a snapshot of the local support that exists for buying an EV home charger:
- Florida:
- Jacksonville Electric Authority provides eligible customers with a $300 rebate towards electrical upgrades necessary to install a Level 2 home charger like ChargePoint Home Flex.
- Kissimmee Utility Authority offers a $100 rebate for installing a home charger.
- Texas:
- Austin Energy offers EV owners a rebate of 50% to purchase and install a Level 2 home charging station for up to $1,200.
- North Texas: United Cooperative Services offers a 50% rebate on a Level 2 home charger up to $500 in 14 counties.
- Minnesota:
- Dakota Electric: $500 rebate to install a home charger
The list goes on. And that’s not including how you can save even more with discounted electricity rates for off-peak charging, special HOV access and the thousands of dollars saved from no gas and far less repair and maintenance.
Find EV and EV home charger incentives near you. Also, have some fun seeing how much more you can save by going electric over the lifetime of your EV with the ChargePoint EV savings calculator.
By going electric, you can make every day count as Earth Day. Our everyday choices add up, and going electric is one of the best things we can do for the planet and the people we love.
