Effective from January 1, 2023, individuals purchasing a qualified used electric vehicle (EV) or fuel cell vehicle (FCV) from a licensed dealer at a price of $25,000 or less may be eligible for a used clean vehicle tax credit, also known as a previously owned clean vehicle credit. This credit amounts to 30% of the sale price, with a maximum credit cap of $4,000.
It’s important to note that the credit is nonrefundable, meaning you cannot receive more in credit than what you owe in taxes. Additionally, any excess credit cannot be carried over to future tax years. For further information, please refer to additional resources to learn more.
Notably, Electric Vehicle Chargers qualify for Investment Tax Credits (ITC) when installed in conjunction with a residential solar system or storage installation. To maximize the value received, ensure that all your energy efficiency upgrades are included in your Energy Plus Solar contract.