The Expert Podcast

So, are there still incentives on electric vehicles? Do you still get a rebate or tax credit? How does it work? The Inflation Reduction Act of 2022 has changed the incentives and available rebates on electric vehicles, so you really have to look up what vehicle you're getting to see if it qualifies. Many vehicles have now been made ineligible for rebates.

Let’s take a look at what the Department of Energy says about electric vehicles and tax rebates. The first thing is that the final assembly must be in North America for the vehicle to be eligible. This clean vehicle credit, so to speak, has a requirement that the vehicle be a U.S.-produced vehicle.

The following table provides a list of model-year vehicles that appear to meet that category. Here’s the list of electric vehicles assembled in North America: Audi Q5, Chevrolet Bolt, and some others. However, some of these vehicles already have sales caps, meaning that you can only sell so many vehicles with credits before future vehicles are no longer eligible.

So, make sure that your vehicle is, first of all, on the list. Secondly, check if there's still available cap left, which means this blank space is open. Audi, BMW, the Chevy Bolt, the Ford F-Series, the Ford Transit van, and the Mustang Mach-E are still available. However, the GMC Hummer’s manufacturer sales cap has already been met. A couple of Jeep vehicles, Lincolns, and Nissan Leafs, of course, are still eligible. All Rivian models are still open. Tesla models’ manufacturer sales caps have been met, and 23 models even have some caps already met.

You can check your VIN number to see if the assembly location based on the VIN is still a U.S.-manufactured vehicle. This is a good resource to see if your vehicle qualifies for that tax credit. Keep an eye on the laws, though, because there may be adjustments to this law as well to see if those incentives are expanded or if they are limited to other vehicles.