According to a recent study by EY, more than 40 percent of those planning to buy a new car are thinking of going electric. The rapidly growing popularity of these alternative vehicles coupled with recent federal initiatives to support alternative fuel sources has helped 47 states implement EV and solar incentives, helping to accelerate this trend further.
Federal incentives for electric vehicles
The Qualified Plug-in Electric Drive Motor Vehicle Tax Credit offers individuals who purchase a new electric vehicle a tax credit worth $7,500 for vehicles with specific standards including:
- Purchased after December 31, 2009
- Uses a traction battery (as the vast majority of EVs do)
- Battery has at least 4-kilowatt hours (kWh) of capacity
- Uses an external plug-in source to recharge
- Has a vehicle weight rating of up to 14,000 pounds
- Meets emissions standards
States incentives for electric vehicles
Many states like Minnesota, Wisconsin, and Massachusetts are using a portion of their Volkswagen Environmental Mitigation Trust funds to support various clean transportation efforts, including grant programs to increase EVSE (Electric Vehicle Supply Equipment) deployment. Additionally, Minnesota, Wisconsin, and Massachusetts have programs in place by local utility companies to help adopt electric vehicles, including those that reward consumers who use off-peak hours for charging. Going a step further Massachusetts Department of Energy Resources’ Clean Vehicle Project provides grants to public and private Alternative Fuel Vehicle fleets and related electric vehicles. This program may include muti-unit and solar-powered charging stations worth thousands of dollars in savings. You can find a comprehensive list of what incentives are available in each state here.
Why solar is the perfect complement for your EV
If you have an EV or plan to buy one soon. Your installer can help you design and plan to integrate a home charging station into your system, helping to further reduce your vehicle’s operating costs as you tap into clean, inexpensive solar power.