What Recent Changes Should I Know About the Federal EV Tax Credit and Home Charger Incentives?
Federal programs encouraging electric vehicle ownership are changing. The Clean Vehicle Credit, which offers up to $7,500 in federal tax savings, is set to expire on September 30, 2025, unless extended by Congress. The tax credit for installing a home EV charger will no longer be available after June 30, 2026. If you’re planning to buy an EV or install a home charger in Springfield, MO, it’s important to understand these timelines and how they impact your potential savings.
How Is the Federal EV Tax Credit Calculated, and What Must a Vehicle Do to Qualify?
The federal tax credit can total up to $7,500, split into two parts:
- $3,750 if the vehicle meets the critical minerals requirement
- $3,750 if the vehicle meets the battery components requirement
Vehicles meeting only one condition qualify for a partial credit; those meeting neither do not qualify for the credit.
What Are the Eligibility Requirements for Vehicles to Receive This Credit?
To qualify for the federal credit, a vehicle must:
- Be new
- Have a battery capacity of at least 7 kilowatt-hours
- Weigh less than 14,000 pounds
- Have final assembly in North America
- Be manufactured by a qualified company
There are also price caps:
- $80,000 MSRP for vans, SUVs, and pickup trucks
- $55,000 MSRP for other vehicles
Sellers must report buyer details to the IRS to confirm eligibility.
When Do These Federal Incentives Expire, and Could These Dates Change?
The Clean Vehicle Credit is scheduled to expire on September 30, 2025, while the home EV charger credit will expire on June 30, 2026. Congress may extend these deadlines, but currently, these are the firm dates to keep in mind.
What Steps Should I Take If I’m Planning to Purchase an EV in Springfield, MO?
If you’re considering an EV purchase, verify that the vehicle you want qualifies for the credit. You can find eligible vehicles on the IRS website or reach out to the team at Audi of Springfield for assistance. Taking action before the credits expire can help you maximize your savings.
How Can Audi of Springfield Help Me Understand and Take Advantage of EV Tax Credits and Incentives?
Our experts at Audi of Springfield are ready to guide you through the latest EV tax credits, eligibility requirements, and incentive programs. Whether you’re exploring Audi’s electrified models or want more information on federal credits, we’re here to assist.
How Do I Contact Audi of Springfield for More Information or Support?
Contact Audi of Springfield in Springfield, MO today to learn more about EV tax credits, eligible vehicles, and charging solutions. Our team is ready to provide personalized assistance to help you make the most of available incentives.
