Skip to main content

IRA Federal Tax Credit can save you $7500 when buying an Electric Vehicles EV

One of the reasons for me to purchase my Tesla Model Y now was that I got the full IRA Federal Tax Credit of $7,500 - that is a substantial amount of money to save when buying a new EV. It surprises me that still a lot of people don't seem to know about this tax incentive. I think it is worth to understand the program because makes an EV more affordable.

All variants of Tesla Model 3 and Model Y qualify for this credit, among other selected brands and model such as Chevrolet Bolt, Ford Marche, GM Lyric, VW ID4, etc. The credit amount depends on criteria such as where the car is made, where the battery is made and where the battery materials are coming from. Therefore, the credit might change over time for certain cars. In addition, there is a requirement regarding income and price of the car. You can find more details about this here IRA Clean Vehicle Purchase Credits.


Tesla has posted a short summary regarding price and income on their website that explains this in more detail. Take a look to see if you might qualify.



Comments

Post a Comment

Popular posts from this blog

My new Tesla Model Y

Early in August 2023, I finally decided to place an order for a Model Y - from the App. No dealership, no haggling, no waiting, I just configured it and placed an order on the iPhone.  A couple weeks later, I got the text - it's ready. I had decided to pick it up in Fremont - where the car is made. And I have to say this car is amazing. It's not only my first new car (my whole life I saved money by buying used cars, mostly Honda's) it is an amazing car. It's beautiful, it is quiet, it is luxurious, it is fast (really fast), it has amazing audio (love Spotify streaming!) and the interior is so sporty/comfortable/simple you just want to sit in there. But most important was that I can charge it almost everywhere (SuperCharger network) and that it has lots of cargo space for my work. Everyday, when I see it in my driveway I still cannot believe that this is my car now.  I have been waiting for this for almost 10 years (I will explain in a later post why I waited to buy a Te...
Post a Comment
Read more

Charging Options for my Tesla Model Y

Many people that are not familiar with EVs still consider "range anxiety" as something to worry about when owning an electric vehicle. Of course, there is a bit more planning involved in road-tripping with an EV, but that is not necessarily bad since you have to take breaks anyway. But, let's first discuss the various charing options and how I use them: Home charging: The advantage of an EV is that you can charge it at home (if you have a place to park within 20 feet of electricity) and no need to spend time at gas stations for daily driving. There are three options for charging a Tesla at home using Tesla equipment (there are other home chargers that I don't discuss here) Wall Connector: This connector has to be installed by an electrician, requires 240V/48Amp and delivers up to 44 miles per hour. It costs $475 plus installation. There is a new variant "Universal Wall Connector" that has a connector for non-Teslas. Great if you have different brand EVs.  M...
Post a Comment
Read more

How to efficiently charge your EV at home

I do most of my charging (90%) at home. Therefore, I thought a lot about how to most efficiently charge the car. My efficiency considerations are in three areas (there are probably more, but I focus on those for now): Use the lowest cost of energy $ per kWh throughout 24 hours: Dependent on your location and the utility company you are using, there might be different $ per kWh rates throughout the day or night. Also, some utilities offer special EV rates. Check with your utility to see what you can do to minimize charging cost.    Use the "cleanest" energy: Since we have solar and home battery, I try to use as much energy as possible from our solar panels to charge the car. In addition, you should avoid charging at high electricity demand times (in our area 3pm to 9pm)  because then the utilities use "peaker plants" to stabilize the grid, often using "dirtier" energy. Also, Tesla now offers an option in selected location to charge from solar only. Check ou...
Post a Comment
Read more