Get More Bang for Your Buck with EV Incentives: US & UK

Navigating the world of EVs can be exciting, especially when you factor in the financial incentives available to buyers and owners, here’s a quick run down from the US and the UK:

United States EV Incentives

One of the main financial incentives is the federal tax credit. Under the existing program, buyers of new EVs can receive a tax credit of up to $7,500. The amount varies depending on the capacity of the vehicle’s battery, but it’s a significant incentive that can make EV ownership more affordable.

Some states provide additional incentives, such as California, which offers rebates up to $4,500 for new EVs through its Clean Vehicle Rebate Project. In Colorado, buyers can access a state tax credit of up to $2,500.

Owners of EVs can also benefit from various grants and incentives aimed at reducing the cost of installing home charging stations. For instance, the Alternative Fuel Infrastructure Tax Credit covers 30% of the installation costs up to $1,000 for individuals and $30,000 for businesses.

Always remember to check with your state’s Department of Motor Vehicles or a tax professional to understand the specific incentives available to you. Embrace the electric future, and enjoy the ride – it comes with benefits!

United Kingdom EV Incentives

One of the most significant incentives is the Plug-in Car Grant offered by the government. Under this scheme, buyers of new EVs can receive a grant of up to £2,500 off the purchase price of cars costing less than £35,000.

In addition to this, the Electric Vehicle Homecharge Scheme (EVHS) provides grants for homeowners to install home charging points. The scheme covers up to 75% of the installation costs, capped at £350, which can significantly reduce the cost of setting up a home charging infrastructure.

Furthermore, owners of EVs can take advantage of favourable tax rates. For instance, zero-emission cars are exempt from Vehicle Excise Duty (VED) but only until April 2025, and company car drivers enjoy lower Benefit-In-Kind (BIK) tax rates for electric cars although they’ve doubled in recent years, they’re still only 2% and way cheaper than petrol and diesel vehicles.

It’s always wise to check with the Office for Zero Emission Vehicles (OZEV) or a tax professional to fully understand the incentives available. There’s also some useful guides from Octopus Energy and EDF Energy that are worth checking out.

Photo by The New York Public Library on Unsplash