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Several states offer tax incentives to reduce the upfront cost of PEVs to consumers. These incentives are in addition to a federal (nationwide) taxcredit, which ranges from $2,500 to $7,500 depending on battery capacity and gross vehicle weight. Electric vehicles per 1,000 vehicles.
A study by a team from the International Council on Clean Transportation (ICCT) shows that state electric vehicle incentives are playing a significant early role in reducing the effective cost of ownership and driving electric vehicle sales. Source: ICCT. Click to enlarge. Source: ICCT. Click to enlarge. —Jin et al.
Both state and federal governments are encouraging businesses and individuals to start making the switch to EVs, and they are putting up the funds to make it happen — in the form of generous, aggressive EV charging infrastructure taxcredits. And good news — this taxcredit has been extended through 2021.
The Program allocates $5 billion to states, the District of Columbia, and Puerto Rico through 2026. Additionally, the Department of Energys searchable database provides an exhaustive list of state, federal, municipal, utility, and private incentives available to offset the cost of EV charging equipment.
The Program allocates $5 billion to states, the District of Columbia, and Puerto Rico through 2026. Additionally, the Department of Energys searchable database provides an exhaustive list of state, federal, municipal, utility, and private incentives available to offset the cost of EV charging equipment.
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