🚗 Tax credits for clean vehicles are here!

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February 23, 2024

Weekly Energy Saving Tip

Thinking about purchasing a vehicle?  A clean vehicle may be a great choice! There are many benefits to owning and using a clean vehicle, like cutting emissions for a cleaner environment and saving you money on fuel.   

Plus, to support Americans switching to sustainable transportation, the U.S. government is offering tax credits for buying both new and used clean vehicles, including electric vehicles (EVs), plug-in hybrid vehicles, fuel cell vehicles, and related equipment, such as chargers.

Available tax credits include:

• Up to $4,000 for used clean energy vehicles.
• Up to $7,500 for new clean energy vehicles.
• Up to $1000 for a home electric vehicle charger.

Whether you're considering a new or used EV, these incentives make sustainable driving more affordable than ever.

Before buying, you'll need to:

• Find an eligible vehicle. See the list of qualified used clean vehicles and the lists of qualified new vehicles purchased in 2023 or later and those purchased in 2022 or earlier.
• Review the requirements for purchasing. You’ll need to meet requirements for income, vehicle type, price, and vehicle history. These requirements are different for new and used vehicles—our checklists make it easy.

You can either claim your tax credit when you file your taxes or, starting in 2024, have the option to transfer the credit to a dealer and immediately reduce the price when purchasing the vehicle. Ask your dealer if they qualify.

Some states may also offer additional tax credits. Be sure to check your local government sites to see how your savings could stack up.

Visit Energy Saver for the full details, requirements, and checklists to guide you through the process of buying a clean vehicle:

Each week, Energy Saver sends you tips and facts to help you save more energy and money at home.

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Energy Saver  |  Financing & Incentives  |  Why Clean Energy Matters