As more EVs become available in the Chevrolet lineup, EV owners can now receive a one-time tax credit through the Inflation Reduction Act to help them reduce the EV’s cost. The extra money from the tax credit will be available at the point of sales starting in 2024, which can help buyers get more favorable Chevy financing and make their next EV purchase more affordable.
Here are some EV tax benefits you can get from purchasing a Chevy EV and which Chevy EV models qualify for the incentive.
One-Time Tax Credit of Up to $7,500
As of 2023, car buyers that purchase EVs are eligible for a one-time tax credit of up to $7,500 for new EVs and up to $4,000 in tax breaks for used EVs. As of April 18th, 2023, the $7,500 tax credit will only apply to qualifying new EVs assembled in North America with at least 40% of critical minerals in the battery recycled in the US and 50% of the battery components manufactured or assembled in the US.
To qualify for the full $7,500, the vehicle must meet both the critical minerals and battery components requirements, but EV owners can receive half the amount ($3,750) if they only meet one of them.
Which Chevy EVs Qualify?
Because there are also additional price and weight limits applicable, only a select amount of Chevy EVs qualify for the EV tax credit. These are the Chevy EV models that meet the requirements to qualify for the one-time tax credit:
- Blazer EV
- Bolt EUV
- Bolt EV
- Equinox EV
- Silverado EV
Visit Our Chevy Financing Center to Learn About Chevy EV Tax Benefits
To learn more about the EV tax benefits and available options for Chevy EVs in the Hingham, MA area, visit Best Chevrolet for more information from our team.
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