Incentives Make it Easy to Own an EV
As we break away from our dependence on oil, electric vehicles are becoming more and more popular, especially among younger drivers. By providing incentives to make the purchase, operation and maintenance of an EV more attractive, many U.S. states are offering great advantages to be all-in with electric cars. Here is a brief list of some of the incentives that are currently being made available to EV owners, brought to you by all of us at Service King Darby Creek.
New Plug-in Car Tax Credits
(Please Note: These change all the time and every state has a different set of policies to qualify, so always stay abreast of what is going on in your particular state.) Buyers of plug-in hybrids and electric cars can benefit to the tune of $2,500 to $7,500, based on the size of the vehicle's battery. Cars with 4 kWh battery packs are eligible for a $2,500 tax credit. The credit peaks out at $7,500 for cars with a 16 kWh battery pack, such as the Chevy Volt. The credits were offered as part of the American Recovery and Reinvestment Act, otherwise known as the “stimulus bill.”
The incentives will disappear after an automaker sells 200,000 vehicles that are eligible for the credit. And there’s a wide range of state and local tax incentives for EV purchasers as well, but they differ state-by-state. Colorado, for instance, offers up to $6,000 in state tax credits for owners of electric vehicles, which is in addition to the federal tax credit. Louisiana furnishes a tax credit for up to 10 percent of the cost of an electric vehicle (up to $3,000), for example.
A comprehensive state-by-state list compiled by the National Conference of State Legislatures of incentives for hybrid and electric vehicles also can be found at www.ncls.org. The government is phasing out the electric vehicle tax credits as sales volume increases, so now is the time to get an EV pronto!
Lower Electricity Bills
Many electric utilities around the country offer special rates, including time-of-use (TOU) rates, to minimize the cost of powering an electric car or plug-in hybrid. The reduced EV rate can seriously cut down on the cost of charging your car. Awlays inquire with your local utility company for accurate rates and other details.
Several major insurance companies offer discounts of 5% or more for owners of electric and hybrid cars. Inquire with your insurance agent for details, because more and more insurers are featuring considerable savings for EV owners.
Rebates for Charging Equipment
Some states offer EV buyers and businesses a credit for the buying the vehicle, as well as for some of the costs for purchasing charging equipment.
Here in Columbus and all over OH, people becoming part of the Electric Evolution, so why not join the green movement and save money while saving energy. If more and more people can take advantage of these incentives, pretty soon we can be an all plug-in planet.
Sources: BMW, Hybrid News and Wikipedia