How much are federal tax credits for an electric car?

I’ve been thinking about finally investing in my first electric car, but the initial high pricetag is dissauding me a little. How much are federal tax credits for an electric car?

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Answer provided by
Allison Stone
Answered on May 11, 2022
First of all, congrats on shopping around for your first electric car! All-electric and hybrid cars are eligible for a federal tax credit of up to $7,500. You can claim a tax credit once for each qualifying vehicle.
The tax credit also must be claimed in the year that the vehicle was purchased. Regardless of the year, you’re able to claim a credit for each electric car purchased.
While electric cars tends to be pricier overall than gas-powered cars, incentives like the federal tax credit help close the gap for eco-conscious consumers. While you’re at it, you can get a great deal on car insurance for your new electric car with the Jerry app.
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