We’ve written a lot about the financial benefits of solar, electric vehicles, and energy efficiency (spoiler alert: there are a ton of them). Speeding the transition to a clean energy future means getting these game-changing tools in the hands of as many people as possible, as fast as possible. One way to help do that is through financial incentives that make the initial purchase of these products easier.
A plethora of tax credits, utility incentives and other rebates for electric vehicles, solar panels and energy efficiency make it easier to transition to a clean energy future. Let’s break down a sampling of federal and state incentives and how to use them.
Electric vehicles
The federal government offers a $7,500 tax credit for most new electric vehicles. Many new EVs are price below $40,000, which equates to nearly 20% off the sticker price. This dollar amount does decrease for each manufacturers as it hits certain sales thresholds, and at the time of this initial post (early 2022) some of the more well-known names like Tesla and GM no longer qualify for the credit. However, the vast majority of car makers such as Ford, Hyundai and Kia still qualify for the full $7,500 incentive; see this handy breakdown (link in the full article) of exactly which cars qualify and for how much of a tax break.
Almost every state offers some incentive to purchase an EV, from tax exemptions in such places as Washington state and Washington, D.C., to cash rebates in such states as California, Massachusetts and Oregon. These incentives range in value based on a person’s income and/or the size of the purchased electric vehicle’s battery. Additionally, many utility companies across the country offer cash rebates for EV owners who want to install Level 2 chargers in their homes.
The rest of the incentives and how to take advantage of them ➝
