Yes, there are government incentives for buying Plug-in Hybrid Electric Vehicles (PHEVs). These incentives come from both federal and state levels:
Federal Incentives
- Federal Tax Credits: For new PHEVs purchased in 2023 or later, buyers may qualify for a federal tax credit of up to $7,500 if the vehicle meets specific criteria, such as being assembled in North America and meeting battery sourcing requirements. Some vehicles may qualify for a partial credit, like $3,750, depending on the specifics of the vehicle and the purchase.
- Tax Credit Transfer: Starting in 2024, buyers can transfer the federal tax credit to the dealer at the time of purchase, allowing them to receive the credit as a discount on the vehicle price instead of waiting for tax season.
State and Local Incentives
In addition to federal incentives, many states offer their own incentives for PHEVs, which can include:
- State Tax Credits or Rebates: Some states provide additional tax credits or rebates for buying PHEVs.
- Non-Monetary Incentives: Benefits like access to high-occupancy vehicle (HOV) lanes, free parking, or exemptions from certain fees and inspections are also common.
These incentives vary widely by state, so it’s important to check what is available in your specific location.
Original article by NenPower, If reposted, please credit the source: https://nenpower.com/blog/are-there-any-government-incentives-for-buying-phevs/
