How to Save Money on your EV Purchase

Anne with her used Nissan LEAF and Toyota Prius.

We’re all looking for opportunities to save a little cash these days. Whether it’s nabbing that extra 10% off while online shopping or scouring the clearance section of the department store, getting a discount every time you make a purchase feels like a win. 

It’s not any different for EVs. There are many incentives targeted at electric vehicles that can make purchasing and maintaining – an EV even more affordable than a traditional gas-fueled car. And taking advantage of some of these is almost as simple as signing up for that 10% emailing-list coupon.

Here are a few ways to save money with your electric vehicle when you’re purchasing (or leasing it): 

  1. Take advantage of federal tax credits to lower your EV price tag.
    If you’re looking to purchase an EV, there are Qualified Plug-In EVs that are eligible for $2,500 – $7,500 in federal tax credits. Unfortunately, this credit is no longer available for EV manufacturers (such as Tesla) that have sold more than 200,000 EVs. However, Nissan, Toyota and Ford are just a few of the nearly 20 manufacturers that still qualify for the full tax credit. See the list on autotracker by evadoption to see which manufacturers still qualify. 
  1. Look at state and local incentives to reduce up-front costs. 
    State and local incentives can also reduce your EV costs. Many of these state-specific rebates are available through purchasing or leasing the vehicle and are offered through state-wide incentives or your electric utility. You can search for these at the Alternative Fuels Data Center or by plugging in your zip code into this Enel X tool

A few examples of 2021 state incentives include: 

  • New York: NYSERDA offers up to $2,000 in rebates off your new EV purchase. 
  • Colorado: State tax credit of up to a $2,500 rebate for a new EV purchase and $1,000 for a lease. 
  • Connecticut: $1,500 rebate for new vehicles with a base price under $42,000 (and exemption from state emissions testing and reduced vehicle registration fee) 
  • Delaware: Up to $2,500 rebate for new battery electric vehicles 
  1. Use discounts when purchasing home charging equipment. 
    Several states and utilities are offering discounts for purchasing home charging equipment for your EVs or plug-in hybrids. Maryland offers 40% off at-home charging equipment which could save up to $700 in up-front costs. Vermont’s Burlington Electric Department provides low or no-interest loans on new EV purchases and $800 – $2,400 in rebates on new and used EVs. Use the Enel X tool or check with your local utility directly to learn what discounts are available. 

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