Yes, there are state-specific incentives for leasing plug-in hybrid electric vehicles (PHEVs), though the details and availability vary by state.
New Jersey Incentives for Leasing PHEVs
- New Jersey’s Charge Up New Jersey program offers incentives of up to $4,000 for the purchase or lease of new eligible zero-emission vehicles, which includes plug-in hybrid electric vehicles.
- Additionally, there is an income-based federal tax credit of up to $7,500 available for battery and plug-in hybrid electric vehicles purchased new in 2023 or later, which can also apply when leasing through the commercial vehicle tax credit mechanism.
- New Jersey also provides incentives for electric vehicle chargers and grants for charging infrastructure, which can complement PHEV leasing benefits.
- Note that New Jersey exempts zero-emission vehicles (all-electric) from state sales tax, but this exemption does not apply to plug-in hybrids.
New York Incentives
- The Drive Clean Rebate program in New York offers up to $2,000 off the purchase or lease of certain new electric vehicles, which may include plug-in hybrids depending on model eligibility.
Federal Lease Tax Credit
- When you lease an EV or PHEV, the leasing company typically claims the federal tax credit (up to $7,500), and those savings can be passed to you in the form of lower lease payments.
- The lease tax credit is a commercial credit that often has fewer restrictions than the consumer credit, making it easier for leased vehicles to qualify even if the buyer doesn’t directly qualify for the credit.
Summary
- New Jersey offers direct state incentives up to $4,000 for leasing PHEVs along with federal tax credits that leasing companies can pass to lessees.
- New York offers a rebate up to $2,000 on leases or purchases of eligible EVs, potentially including PHEVs.
- Many states have their own incentive programs, but not all explicitly offer incentives for leased PHEVs; checking local state programs is recommended.
- Leasing a PHEV often benefits from federal tax credits applied to the leasing company, which can translate to lower lease costs for consumers.
If you are interested in leasing a plug-in hybrid, it is beneficial to research your specific state’s clean vehicle programs, as some states like New Jersey and New York actively provide incentives that apply to leases.
Original article by NenPower, If reposted, please credit the source: https://nenpower.com/blog/are-there-any-state-specific-incentives-for-leasing-plug-in-hybrid-electric-vehicles/
