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Quick Guide to Federal EV Tax Credits – 2024

Sources: Plug In America, Electrek.co, IRS, FuelEconomy.gov

There’s no doubt there’s been plenty of confusion regarding the new tax credits for EVs. We’ve culled a number of sources for the most up to date information, so you can be well informed.

Keep in mind, manufacturers are continually making changes to take advantage of the new rules – or introduce sales incentives that match or beat them – so you’ll want to stay vigilant as you go car shopping.

Here’s the latest from Plug In America:

PURCHASE – Vehicle Requirements:

  • Must be listed on FuelEconomy.gov website
    https://fueleconomy.gov/feg/tax2023.shtml
  • MSRP limit on vehicle price
    – $80,000 for SUVs, Pickup Trucks and Vans
    – $55,000 for all other vehicles
  • Income limits:
    – $300,000 for joint filers
    – $225,000 for head of household
    – $150,000 for single filers
  • Only one taxpayer can claim the tax credit
  • Your tax credit can be signed over to the dealer, lowering the vehicle price. A certified dealer will give you a tax rebate document with your purchase papers.
  • Must be purchased for personal use, not for resale
  • Must be primarily used in the U.S
  • Must be new
  • Seller must report required information (your name, tax ID# and VIN) to you at the time of sale and to the IRS
  • You WILL still be required to file the credit on your taxes, showing you transferred it to the dealer, using the document received at the dealership.

How The Credit Works

  • $3,750 for minerals; $3,750 for battery components
  • Applies to vehicles purchased on April 18, 2023 and onward
  • Based on receipt of the vehicle, not the date you ordered
  • Modified Adjusted Gross Income (MAGI) for 2023 or 2024 can be used
  • Pricing based on MSRP, not extras like destination charges, taxes, fees
  • Prior sales limits do not apply, so brands like Tesla and GM are eligible

Used EVs are eligible too!

The new law also allows up to $4,000 tax credit for a used EVs meeting eligibility requirements.

  • Tax credit can be up to 30% of sales price, up to $4,000
  • Must be listed on website:
    https://fueleconomy.gov/feg/taxused.shtml
  • Vehicle sale price must be $25,000 or less
  • Must be older than two model years (pre-2021)
  • Must be sold by a dealer
  • Income limits
  • – $150,000 for joint filers
    – $112,500 for head of household
    – $75,000 for single filers
    • Your tax credit can be signed over to the dealer, lowering the vehicle price. A certified dealer will give you a tax rebate document with your purchase papers.
    • Purchaser is eligible once every 3 years
    • Must be purchased for personal use, not for resale.
    • Can’t be the original owner of the vehicle.
    • Can’t be claimed as a dependent on someone else’s tax return.
    • Must be primarily used in the U.S.
    • Each vehicle is only eligible for one tax credit
    • Dealer must report required info to you and to the IRS.
    • Businesses, non-profits, and fleets not eligible

The dirty little secret: Leasing!

Due to what is considered a loophole in the new law, virtually any EV can receive the full tax credit if it is leased through a commercial lessee. Many of the vehicles not subject to the purchase tax credit can receive it via this leasing method. A list of current brands and models eligible for the leasing credit are listed on this Electrek article.

Vehicles who do not qualify, such as the Kia EV6, the company is already changing incentives to match or beat the federal credit. But here’s how it stands right now:

  • Must be made by a qualified manufacturer.
  • Must be propelled by an electric motor of at least 7kWh and be able to charge
  • The credit amount is the lower of:
  • – 15% of the sales price for Plug-In Hybrids
    – 30% of the sales price for all electric vehicles
    • Lessee will get the credit; make sure they pass it on to you, and that you receive your IRS document for tax filing!

Commercial EV Credit

With the advent of larger vehicles like the Tesla Semi, the bill also includes incentives for large-scale commercial vehicles users to benefit.

  • Must be made by a qualified manufacturer and be able to charge from an external source of electricity
  • Vehicles under 14,000 lbs: 7kWh motor
  • Vehicles over 14,000 pounds: 15kWh
  • Rebate maximum:
  • – $7,500 under 14,000 lbs
    – $40,000 over 14,000 lbs
  • Must be new
  • Must not be acquired for resale.
  • Only eligible for one tax credit.
  • Must be used for business purposes.
  • Seller must report required information to you and the IRS

I can’t stress it enough: the rules – and manufacturer’s moves to work around these restrictions – may change. So please double-check details before you sign on the dotted line.

In Memoriam: Lloyd Reece, President of the Nevada Electric Vehicle Association

It is with deep sadness that we announce the passing of Lloyd Reece, the esteemed President of the Nevada Electric Vehicle Association (NVEVA). Lloyd was a pioneering figure in the electric vehicle community, whose passion and dedication to sustainable transportation left an indelible mark on our organization and the broader electric vehicle movement.

A Legacy of Innovation

Lloyd’s involvement with electric vehicles dates back to the late 1970s, a time when the concept of electric cars was still in its infancy. He was involved in the early days of electric vehicle development, including his work with Lectra Motors, a Las Vegas-based company that convert nearly 1,000 Datsuns into all-electric vehicles in the late 70s and early 80s. Although the venture was short-lived, it showcased Lloyd’s commitment to advancing electric vehicle technology during a pivotal time in automotive history [2].

Contributions to the Community

As President of the Nevada Electric Vehicle Association, Lloyd was a tireless advocate for electric vehicles. He worked to educate the public about the benefits of electric transportation and was instrumental in promoting policies that supported the growth of the electric vehicle industry in Nevada. His efforts helped to raise awareness and visibility for electric vehicles, making significant strides in a state that is now home to major electric vehicle initiatives.

Lloyd was not only a leader but also a mentor to many in the electric vehicle community. He consulted with individuals looking to convert gas engines to electric, while sharing his knowledge and passion with aspiring enthusiasts. His hands-on approach and willingness to engage with the community inspired us to explore the possibilities of electric transportation [2].

Remembering Lloyd

Lloyd Reece’s legacy will live on through the many lives he touched and the advancements he championed in the electric vehicle sector. His vision for a cleaner, more sustainable future will continue to guide the Nevada Electric Vehicle Association as we move forward in our mission.

We extend our heartfelt condolences to Lloyd’s family, friends, and all who had the privilege of knowing him. His contributions to the electric vehicle community will not be forgotten.

Join Us in Honoring Lloyd

As we mourn the loss of our beloved president, we invite all members of the community to join in a memorial service. Additional details will be posted as soon as possible.

All In with Clark County: Help us make it better

After the record-setting summer we experienced last summer, it’s become clear: we must act now to make live in our home happier, healthier, and more sustainable for all.

The Nevada Electric Vehicle Association is proud to support The efforts by Clark County Department of Environment and Sustainability – aka All In Clark County – to make life in Clark County better for all.

Please take a moment to fill out this survey, to know your experiences and priorities for Clark County moving forward.

All In On Climate – Action Survey

https://publicinput.com/survey-paul

We also invite you to participate in the numerous educational opportunities All In Clark County will be offering each month of the year.

Register at All In Clark County Events

Plug In America: Exciting Data in New EV Driver Survey

Plug In America, in partnership with EPRI’s EVs2Scale2030 initiative, is proud to present the fourth annual EV driver survey. This survey builds on data collected over the past three years.

It taps into electric vehicle (EV) drivers, using Plug In America’s reputation as a trusted source for both early and new adopters. This particular survey includes responses from over 4,200 respondents, with more than 3,300 of those respondents being EV drivers. The survey was fielded from January 2024 through March 2024. 

What’s new

  • Report was created in collaboration with EPRI to include survey development, data analysis, and growing our respondent network.
  • The EV Driver Profiles section highlights survey results from groups traditionally less represented in the survey – younger drivers, female drivers and drivers of the following races/ethnicities: Asian/Asian American or Pacific Islander, Black or African American, Hispanic/Latino, Native American or Alaska Native.
  • We received more non-EV driver respondents than ever.
  • We received a statistically significant number of respondents from California and Texas and will soon release those state reports and associated analysis.

Get your copy today at Plug In America’s website.

Top 10 Electric Vehicles Based on Value for the Dollar

The electric vehicle (EV) market is growing rapidly, with automakers offering more options across different price ranges. If you’re looking for an electric vehicle that delivers the best bang for your buck, it’s essential to consider factors like price, range, performance, features, and incentives. Here’s a list of the top 10 electric vehicles available in the U.S. based on overall value for the dollar in 2024.

1. Tesla Model 3

Starting Price: $40,240
Range: 272–333 miles
Why It’s a Value Leader:
The Tesla Model 3 remains a top contender in the EV market due to its competitive pricing, strong performance, and industry-leading software features such as Autopilot. Its long driving range, efficient charging network, and resale value make it a great value. Tesla’s Supercharger network is also a significant plus, giving it an edge in convenience.

Tesla Model 3

2. Chevrolet Bolt EV

Starting Price: $27,495
Range: 259 miles
Why It’s a Value Leader:
The Chevrolet Bolt EV is one of the most affordable electric vehicles on the market, offering a long range at a low price point. It provides a surprisingly spacious interior for its size, a decent tech package, and great efficiency. Plus, it qualifies for the full $7,500 federal tax credit, which makes it an incredible value for budget-conscious buyers.

3. Hyundai IONIQ 5

Starting Price: $41,450
Range: 220–303 miles
Why It’s a Value Leader:
The Hyundai IONIQ 5 is one of the most stylish and innovative EVs on the market, blending futuristic design with excellent performance. It offers advanced tech, fast charging, and a comfortable interior. With a long range and plenty of standard features, it delivers a lot of value for the price, especially considering Hyundai’s warranty.

4. Kia EV6

Starting Price: $42,600
Range: 232–310 miles
Why It’s a Value Leader:
The Kia EV6 shares a platform with the IONIQ 5 but distinguishes itself with a sportier design and driving dynamics. It offers a spacious cabin, advanced technology, and ultra-fast charging. Kia’s solid warranty and excellent features for the price point make the EV6 a strong value proposition.

5. Ford Mustang Mach-E

Starting Price: $42,995
Range: 250–312 miles
Why It’s a Value Leader:
Ford’s Mustang Mach-E combines the iconic Mustang brand with electric power, providing excellent performance and driving dynamics. The Mach-E is a well-rounded EV with a spacious interior, decent range, and strong tech features. It’s a great option for those seeking a balance between performance, comfort, and value.

6. Nissan Leaf

Starting Price: $28,040
Range: 149–212 miles
Why It’s a Value Leader:
The Nissan Leaf is one of the most affordable EVs in the U.S. market, making it a top pick for budget-conscious buyers. While it doesn’t offer the longest range, it excels in city driving and shorter commutes. The Leaf has proven reliability, low maintenance costs, and qualifies for federal and state incentives, making it a budget-friendly EV option.

7. Volkswagen ID.4

Starting Price: $38,995
Range: 209–275 miles
Why It’s a Value Leader:
The Volkswagen ID.4 is a practical and family-friendly electric SUV that offers plenty of value for its price. With a comfortable interior, solid range, and an easy-to-use infotainment system, it provides a balanced package for buyers looking for an all-electric crossover. Plus, it comes with three years of unlimited DC fast charging at Electrify America stations.

8. Hyundai Kona Electric

Starting Price: $33,550
Range: 258 miles
Why It’s a Value Leader:
The Hyundai Kona Electric is another affordable EV with an impressive range for its price. It combines nimble handling, a comfortable ride, and a comprehensive list of standard features. With Hyundai’s long warranty and competitive pricing, it’s a strong value in the electric crossover segment.

9. Chevrolet Bolt EUV

Starting Price: $28,795
Range: 247 miles
Why It’s a Value Leader:
The Chevrolet Bolt EUV offers the same solid value as the Bolt EV but with more space and SUV-like styling. It delivers a competitive range, a comfortable ride, and access to GM’s Super Cruise hands-free driving system (available in higher trims). The price point, coupled with federal and state incentives, makes it a solid option for those needing more space than the Bolt EV offers.

10. Rivian R1T

Starting Price: $73,000
Range: 270–400 miles
Why It’s a Value Leader:
The Rivian R1T is a luxury electric pickup truck with serious off-road capability and high-tech features. While it’s on the higher end of the price scale, it’s one of the few electric trucks currently available, and it offers excellent value for buyers who want a premium, adventure-ready EV. Its high-quality materials, ample range, and innovative features (like the Gear Tunnel and built-in kitchen option) justify the price for those who can afford it.

Final Thoughts

These electric vehicles offer a blend of affordability, range, features, and performance, making them some of the best values on the market today. Whether you’re looking for a budget-friendly EV like the Chevrolet Bolt or a higher-end option like the Rivian R1T, there’s a value-packed electric vehicle to suit your needs. With federal tax credits and state incentives, the cost of going electric is more attainable than ever.

Complete List Of EVs and PHEVs Available In USA: Aug 2024

Interested in an electric vehicle or PHEV, not sure what your choices are? The Electric Vehicle Association has created a handy guide to see all the options in detail, and is recently updated. Feel free to click on the link below to download a copy.

NOTE: Not all vehicles are sold in every state, so check with your local dealer for availability.

https://www.shift2electric.com/_files/ugd/49f443_ada61819dfba40c98ad92f60932b33d3.pdf

Used EV Prices are Down – Now is the Time to Buy!

The used electric vehicle (EV) market in 2024 is seeing significant shifts, driven by falling prices and enhanced tax incentives, creating a favorable landscape for prospective buyers. Here are some key trends:

Pricing Trends

Used EV prices have dropped dramatically since 2021, near pre-pandemic levels. In 2023, prices fell by an average of 33.7%, far outpacing the 5.1% drop for traditional internal combustion engine (ICE) vehicles​ (Electrify News Site). This price drop is largely due to increased supply as more new EVs enter the market and automakers like Tesla adjust pricing to meet demand. Notably, Tesla models have experienced some of the steepest price declines. A used Tesla Model 3 can now be found for under $15,000, a far cry from its new price tag​ (Electrify News Site).

Aside from Teslas, other affordable models on the used market include the Nissan Leaf, Chevrolet Bolt, Kia Soul EV, and BMW i3, with many of these vehicles priced under $15,000​ (Electrify News Site). The increased availability of long-range models has further enhanced the appeal of used EVs, offering more affordable options without sacrificing range.

Tax Incentives

The federal tax credit for used EVs is playing a pivotal role in stimulating demand. Under the Inflation Reduction Act (IRA), buyers of used EVs can qualify for a tax credit of up to $4,000, provided the vehicle is at least two years old, priced under $25,000, and purchased from a dealership​ (Investopedia)​ (Electrek). Starting in 2024, this credit can be applied directly at the point of sale, reducing the vehicle’s upfront cost rather than being claimed later on tax returns​(Investopedia).

This change makes used EVs even more affordable. For example, a used Tesla Model 3 priced at $15,000 could cost as little as $11,000 after the tax credit​ (Electrify News Site).

The Buying Experience

While the lower prices and tax incentives are making used EVs more accessible, buyers should remain aware of certain considerations. Battery health is a key factor, as EV batteries typically degrade by about 2% per year​ (Electrify News Site). Additionally, the availability of home or public charging infrastructure should be assessed before purchasing, particularly for those who drive long distances or live in areas with limited charging options​ (Electrify News Site).

Overall, 2024 presents a unique opportunity for buyers looking to enter the EV market at a lower cost. With prices expected to remain attractive and tax incentives now available upfront, the used EV market is becoming an increasingly viable option for budget-conscious consumers.

If you have more questions about EVs, or the experience of owning an EV, feel free to ask us!

Ask a Question

List: Nevada Auto Dealers working to slow EV adoption

We hate to post news like this, but its important for our members to know.

Late last year, automotive dealers sent a letter to the Biden Administration, asking them to “put on the brakes” regarding new rules that will spur even greater EV adoption growth. These dealers claim to be speaking for YOU, the customer, when they say we don’t want electric vehicles. (Side note: 2023 was a record year, clocking 1.2 million in EV sales in the US alone.)

Source: https://www.axios.com/2023/11/28/car-dealers-electric-evs-biden

Quite frankly, we consider it ironic, considering the record level of EV sales they enjoyed last year, and it’s time to call them on their hypocrisy. It’s time for us to fight back, and say YES, WE DO want EVs!

We’ve included a list of Nevada dealerships below who were signatories on that letter. As you’re shopping for a new EV or hybrid, we encourage you NOT to patronize these establishments. There are plenty of other choices in Nevada, and we encourage you to use your economic power to send a message.

Audi Henderson
Audi Las Vegas
Audi Reno Tahoe
AutoNation Buick GMC Henderson
AutoNation Buick GMC West Sahara
AutoNation Honda East Las Vegas
AutoNation Nissan Las Vegas
AutoNation Toyota Las Vegas
AutoNation Volkswagen Las Vegas
BMW of Henderson
BMW of Las Vegas
Cadillac of Las Vegas
Capital Ford
Carson City Toyota
Centennial Hyundai of Las Vegas
Centennial Subaru
Centennial Toyota
Corwin Ford Reno
Corwin GMC Buick Cadillac Reno
David Wilson’s Toyota & Scion of Las Vegas
Desert 215 Superstore CJDR
Dolan Chrysler Dodge Jeep Ram
Dolan Dodge Ram FIAT
Dolan Lexus
Dolan Toyota
Findlay Acura
Findlay Cadillac
Findlay Chevrolet
Findlay Honda
Findlay Honda Henderson
Findlay Kia
Findlay Lincoln
Findlay Mazda
Findlay Nissan Henderson
Findlay Toyota
Findlay Volkswagen
Findlay Volvo Cars Las Vegas
Fletcher Jones Imports
Henderson Hyundai Superstore
Honda West
Jaguar Land Rover Las Vegas
Jerry Seiner Buick GMC Las Vegas
Jerry Seiner Mazda
Ken Garff Mesquite Ford RV
Key Acura of Reno
Lamborghini Las Vegas
Land Rover Henderson
Land Rover Reno
Lexus of Henderson
Lexus of Las Vegas
Lithia Chrysler Jeep of Reno
Lithia Volkswagen of Reno
Mercedes-Benz of Henderson
Mercedes-Benz of Reno
MINI of Las Vegas
Reno Mitsubishi
Subaru of Las Vegas
Tom Dolan’s Reno Kia
Tom Dolan’s Reno Mazda
List: Nevada Auto Dealer signatories to the EV Voice of the Customer Letter.
Source: EV Voice of the Customer

Again, we encourage you to seek out other dealerships for your EV needs.

ICE versus EV: How much can you save?

Thinking about an EV, but not sure of the savings? How about an easy way to calculate and compare?

A big thanks to ChooseEV for this handy page, so you can compare how much you could save by switching to an electric vehicle.

You can type specifically which model you have now, and compare to the model you’re considering. What a handy tool!

ChooseEV – Savings Calculator

ChooseEV Savings Calculator

Great Questions about Electric Vehicles: Part 4

We had a local resident email us with some AMAZING questions about electric vehicles. They were so good, we decided to share them with you on our web page. This is Part 4, talking about vehicle costs, and charging with solar power.
———————–

Q: Will electric cars ever be affordable for those on fixed income?

While EVs tend to be more expensive at purchase, there are a few factors that help make that initial purchase less painful. The main one is something called “total cost of ownership.” That means while EVs tend to cost more when you purchase them, the money you save from reduced maintenance and fuel costs more than make up for the initial expense.  Imagine no oil changes, no radiator flushes, no belts and timing chains to replace, and far less wear to your brakes.

The second one has to do with federal incentives available starting in 2023.  There is a program for tax incentives for new AND used EVs as part of the IRA infrastructure bill that tries to offset some of that initial expense of going electric. For new EVs that qualify, you can receive up to a $7,500 tax credit; used EVs that qualify can receive up to a $4,000 credit. But what if you don’t owe that much in taxes?  Here’s a little secret: if you lease ANY new electric vehicle, you can get $7,500 off the initial price! 

The third idea: consider a used electric vehicle. Due to the fact that many EV enthusiasts lease an EV for three years, in order to get the newest and latest technology, that means a large number of used EVs in great shape are available every year. And as we mentioned in the previous post, even used EVs can qualify for a tax credit – as long as they fall within the parameters, like being more than two years old, and less than $25,000 sale price.

Q: What should one know before assuming they can charge their EV with a solar panel? How many solar panels are needed for one EV? How long does charging take with solar panels?

While many EV drivers use solar panels, it’s not exactly a cut-and-dried solution. Typically, these two things are done separately – solar panels to power your home, and an EV that is powered from the grid.  A solar system that also uses batteries can be used to charge the vehicle, directly but these will vary widely, depending on the company and your local utility’s energy program.

Most people who install solar do it primarily to handle the home’s energy needs, which will also “help” charge the car. Again, a battery system can be used for this, but everyone’s situation is different. If you want a system to power your entire home, as well as your vehicle, it will determine how many panels your home would need.

Another alternative is to use what’s known as community energy. Companies like Arcadia Power allow you to sign up, link to your utility, and use wind or solar energy to power your entire home. It requires no installation or complicated home electrical wiring. Arcadia claims renewable credits on your behalf, and you can truly say your home AND car are 100 percent powered by renewables.

Q: What if the sun isn’t shining? What if power goes out during charging, will it harm the battery in any way? Will it automatically restart charging when the power comes back on?

No harm will come to the EV’s battery if the power goes out – happens at my home more than I care to admit, due to local utility outages. It’s literally just like your cell phone – charging will typically resume as soon as the power comes back on.  However, if your home had some kind of battery storage, the charge may not be interrupted at all. It would depend on what type of system you install on your home.

And if you do decide to install solar on your home, we cannot stress this enough: hire a reputable, licensed contractor. Ask for references, and talk to other clients. Here in Las Vegas, we like to recommend Robco Electric. Their company has done countless solar AND electric vehicle charging installations, and they’re good friends of NVEVA. Ask for Krystal, and tell her the NVEVA sent you!

NOTE: NVEVA does NOT use affiliate links at this time.

Great Questions about Electric Vehicles: Part 3

We had a local resident email us with some AMAZING questions about electric vehicles. They were so good, we decided to share them with you on our web page. This is Part 3, talking about end of battery life.
—————————-

Q: What happens when the battery can no longer be charged? Is there fair warning in advance, or does one end up surprised and stranded with a dead vehicle — and what options does one have to fix or replace it? 

If you’ve owned anything else, like a cell phone, you know batteries lose their charge.  And just like your cell phone, the battery doesn’t die immediately.  Typically, you will observe a slow decline in how many hours the phone will work until you need to charge it again.  Same goes for EVs – in fact, the current battery technology is the same as your cell phone. So you would start to notice you don’t seem to get as many miles per charge as you used to.  In the case of EVs with battery degradation, the issue is observed over months or even years.  So it definitely doesn’t happen “on the spot.”

Repair options will depend a lot on the brand of vehicle – frankly, some do better than others in the service department. This is where certain brands get higher ratings than others.  We would always recommend to do your homework – check with other owners, check publications like Consumer Reports, etc. – before making a purchase.

Of course, all of this is dependent on if you even need to replace the battery at all. A recent long-term study shows that Tesla Model S and X batteries have only degraded about 12 percent on average after 200k miles. Here’s the link.

Q: I’ve heard when the battery dies you basically end up paying nearly the same as for a new vehicle. How is that ever going to be affordable on a modest, or a fixed income?

In the earliest days of current electric vehicles (circa 2005), the batteries could be incredibly expensive.  However, these costs have lowered due to economies of scale (basically, the more you make, the cheaper each one becomes to make). And in those earlier days, the batteries suffered from greater reliability issues.  However, now that EVs have become more mainstream, and more companies are making them, the costs have continued to go down.  Now, it is typical if your battery did have to be replaced it would fall under the vehicle warranty.  If it exceeded those miles, the current estimate would be to cost about the same as a new engine in an ICE car.

As electric vehicles become more mainstream, costs of production will continue to fall.  The EV incentives portion of the IRA bill is designed to offset the difference between an EV and a comparable gas car.  The incentives are also designed to go away after a few years, as it’s expected EVs and gas cars will be roughly the same price by then.  So if you need to watch your pennies (as I do), your best options will probably be either: 1) leasing a new EV, or 2) purchasing a used EV that qualifies for the $4,000 credit.

These rules can and will change over time, so it’s best to check the IRS website for the official vehicle lists and qualifications to get the credit. And don’t forget: leasing instead of buying may work better for your situation.  Be sure to check with your accountant or tax advisor to see what works best for you.

In our next post, we’ll talk about charging with solar.