Lowering your carbon footprint and eliminating gas station trips are both great reasons to buy n EV. However, one of our favorite reasons is that you may qualify for a rebate and Hyundai EV tax credit when you go green. Here's what you need to know before you buy a new EV at Keyes Hyundai.
Federal Incentives
The federal EV credit is the one with which most of us are familiar. This credit is up to $7,500 for people who purchase a new electric vehicle or plug-in hybrid. The credit is for “up to” $7,500 for a few reasons.
First, not all green vehicles qualify for full credit. Generally, a regular hybrid won't get you the total $7,500. A plug-in hybrid, or PHEV, usually will, as will an all-electric vehicle.
You'll only get the full credit if you owe that much in taxes. For example, if you owe $5,000, you'll only get a $5,000 tax credit. That extra $2,500 doesn't go back in your pocket or carry over to another tax year.
Other Incentives
The federal tax credit is the most significant incentive toward an EV or PHEV, but local incentives are also available for drivers who pick up a Hyundai electrified vehicle. California will give you a rebate of up to $750, and your utility company could offer some incentives. It all depends a lot on where you live, so do a quick search and ensure that you're taking advantage of all possible incentives for going green.
If you have any more questions about green vehicles or EV incentives, we can help. Visit our Hyundai dealers in Van Nuys and take a closer look at all of our efficient car and crossover options. We look forward to seeing you!
