If you’re thinking of buying an electric car like the Chevy Bolt EUV, you’re probably focused on the part about not ever needing to buy gas again. However, it’s also great for your bank account in addition to helping the environment, especially since your purchase or lease may qualify for a generous tax credit. Phelps Chevrolet is here to help!
Federal EV Tax Credit
The Inflation Reduction Act drastically reduced the number of EVs eligible for a $7,500 federal tax credit. It also created a series of stipulations to qualify for the incentive.
- The vehicle must have a battery size of at least 7 kWh and a gross vehicle weight rating of less than 14,000 pounds.
- Besides the vehicle, most battery components must be made in North America.
- Also, you need to make enough money to deduct $7,500, but each tax status has specific income restrictions.
Good news: the Chevy Bolt and Chevy Bolt EUV both qualify.
Does North Carolina Offer a Tax Credit?
While many states supplement the federal tax credit with state incentives, North Carolina doesn’t. They do offer an emissions tax exemption, however.
Furthermore, if you rely on Duke Energy for your power, you’ll be happy that the company will give you financial assistance for adding a charging station to your home. They will provide up to $1,133 to install a Level 2 charging station.
Find Your First, or Next, Electric Car in Greenville, NC
Are you ready to claim your tax credit? Come down to Phelps Chevrolet to browse and test-drive the electric vehicles we have in stock.
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