I was at Electrify Expo this weekend in Washington, DC. I met a community member (and heck of a nice guy) named Don at the event when he swung by the SOLIX booth.
(Interested in upcoming expos? Click to see where they are and to get a free ticket for you and your +1.)
Among the things Don and I chatted about in the sustainable energy arena was the Inflation Reduction Act, which President Joe Biden modified to include an electric vehicle tax credit.
If you live in the US, and you’re planning to buy a new EV, you could get a tax credit of up to $7,500 this year. Buying a used EV could bring a tax credit of $4,000 this year.
Even better? Starting in 2024, if you buy through a dealer you could knock that $7500 off the price of your car because the Inflation Reduction Act of 2023 allows dealers to collect your tax credit directly from the IRS.
To learn more about the clean vehicle credit, I read this piece on NerdWallet, a very reputable source for consumer-oriented financial news.
While I’m definitely more interested in EV today than I was even six months ago, I’m not sure I’ll be swinging a new car payment next year. That used option sounds pretty appealing though, even if it doesn’t qualify me for a $7500 credit.
What do you think? Does this impact your consideration of an EV at all?