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Are electric cars subsidized by the government?

I'm shopping for a new electric vehicle, but I'm finding the ticket price to be very expensive. Are there any government subsidies available for electric cars?

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Chanice Boyd · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
You’re in luck! The American government still subsidies the purchase of some electric vehicles. In fact, you can get cash incentives at both a federal and state level.
The U.S. wants to see a lot of consumers driving electric cars to meet its emission goals, so they still have some attractive handouts for people who are ready to buy.
As of 2010, new electric vehicles may be eligible for a
federal income tax credit
of up to $7,500. The amount you get will be based on the vehicle’s battery capacity. So if you throw in possible state subsidies, you could be looking to save up to $10,000 on a new purchase.
Electric car batteries are costly to produce, but in hopes of moving toward a cleaner world, governments have put these grants in place to help with the expense.
Guess what? The savings keep coming even after buying your new EV. The friendly agents at
Jerry
will find you great insurance at the lowest price. Before every policy renewal period, you’ll be presented with new competitive quotes, which means you’ll always have the best coverage at the best price. If you want to switch policies, that’s fine! Jerry can help cancel your old policy.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.

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