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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.



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