Electric Vehicle Federal Tax Credit up to $7,500
The Inflation Reduction Act introduces a number of significant changes to the tax credit for new electric vehicles (section 30D). These changes will phase in over time. Effective immediately after enactment of the Inflation Reduction Act (after August 16, 2022), the tax credit is only available for qualifying electric vehicles for which final assembly occurred in North America. Further changes to the eligibility rules began in 2023.
Overall, the reforms in the Inflation Reduction Act mean that the tax credit for electric vehicles will evolve considerably over the coming months and years. New Requirements Effective April 18, see links below for details.
Separately, starting in 2023, the Inflation Reduction Act also establishes tax credits for pre-owned clean vehicles (section 25E) and for commercial clean vehicles (section 45W). Treasury and the Internal Revenue Service will release more information on all the clean vehicle credits in the coming months.
Information about vehicles purchased in 2022 and before or for vehicles purchased in 2023 and after.
- Source: U.S. DEPARTMENT OF THE TREASURY, August 16, 2022
- Consult your tax adviser to make sure you qualify
- Max tax credit $7,500
- Restrictions apply, subject to change without notice
New York State Drive Clean Rebate for Plug-In Electric Cars
The State of New York offers rebates on new electric plug-in electric vehicles of up to $2,000 for eligible vehicles through the Charge NY Initiative and the Drive Clean Rebate Program. For more information visit the New York State Energy Research and Development Authority
- Combine with Federal Tax Credit if available
- Restrictions apply, see program website for details
EV Charging Equipment Federal Tax Credit up to $1,000
Consumers who purchase qualified residential charging equipment may receive a tax credit of 30% of the cost, up to $1,000.
- Consult a tax professional to see if your installation qualifies
- Visit IRS website for additional information
New York State Alternative Fuels and Electric Vehicle Recharging Property Credit
For tax years beginning on or after January 1, 2013, the Tax Law allows a credit to certain taxpayers who invest in alternative fuels vehicle refueling property or electric vehicle recharging property. The credit for alternative fuels vehicle refueling property and electric vehicle recharging property is available only when the property is used in a trade or business located in New York State. This credit is not refundable, but any unused credit may be carried forward indefinitely. You must use Form IT-637 to claim this credit.
The credit for each installation of property is equal to the lesser of $5,000 or 50% of the cost of property less any cost paid from the proceeds of grants that:
- is located in New York State;
- is used 50% or more during the tax year in a trade or business carried on in New York State;
- constitutes alternative fuels vehicle refueling property or electric vehicle refueling property; and
- has not been paid for from the proceeds of grants awarded before January 1, 2015, including grants from the New York State Energy Research and Development Authority or the New York Power Authority.
- Restrictions apply, see program website for details.
NYSEG Residential EV Time of Use (TOU) Rate Plan
NYSEG’s Residential Day-Night electricity service rate offers another option to NYSEG electricity customers to effectively manage their energy costs.
Price Guarantee Program* Customers that select the EV TOU rate plan shall be eligible to receive a one-time price guarantee for service for a period of one year commencing with the first full billing cycle after the customer registers the PEV with the utility. Restrictions apply.
To see how this rate plan can reduce the cost of your EV charging, check the link below.
Commercial: DC Fast Charging Incentive Program
The Direct Current Fast Charging (DCFC) Incentive Program provides an annual declining per-plug incentive payable to qualifying public DCFC operators for approximately seven years (2019-2025). The purpose of the incentive payment is to support DCFC while utilization is relatively low by offsetting electric delivery cost. The incentive will be paid annually after twelve months of billing and shall not exceed the billed delivery cost for that period.
Commercial: Electric Vehicle Charger Make-Ready Program
The EV Charger Make-Ready Program offers rebates to business and municipal customers who install EV chargers. The purpose of the rebates is to offset construction costs associated with the electrical infrastructure (make-ready) required to support L2 and DCFC chargers. Qualifying participants may be eligible for up to 100% of their make-ready costs.
Commercial: Fleet Assessment Service EV Pilot Program
Considering EVs for your fleet? We can help with our Fleet Assessment Services. By providing site feasibility, rate analysis, estimated billing impacts and charging recommendations, we will assist you with making informed decisions when transitioning your commercial fleet to electric vehicles.