≥ 15 kWh
|BMW i3, Chevrolet Volt, Ford Focus Electric, Mercedes Benz B-Class Electric Drive, Mitsubishi i-MiEV, Nissan LEAF and Volkswagen e-Golf|
< 15 kWh
|Audi A3 e-tron, BMW X5 xDrive40e, Ford C-Max Energi, Ford Fusion Energi, Hyundai Sonata PHEV, Mercedes S550e, and Volvo XC90 T8.|
In addition, the federal income tax credit for electric car purchases remains available, which can provide up to $7,500 depending on the size of the battery. Lessees benefit from the federal credit as mentioned in our blog post on purchasing vs leasing electric cars because the federal tax credit is passed through by the leasing company to provide a lower down payment and/or decreased monthly payments on an electric car lease. More details on the tax credit are included below the incentive program dealer listing. Combining the federal tax credit with the Drive Electric Vermont incentive means Vermonters can save up to $8,500 on a new electric car!
Drive Electric Vermont 2016 Incentive Program Eligibility Requirements
- Purchaser or lessee must be an individual who resides in Vermont. Businesses are not eligible.
- Limit of one rebate per household.
- The vehicle must meet the following conditions to qualify for the rebate:
- Must be made by a manufacturer of motor vehicles and be made primarily for use on public streets, roads and highways;
- Has not been modified from original manufacturer specifications;
- Has a maximum speed capability of at least 55 miles per hour;
- Is capable of being recharged from an external source of electric power,;
- Is a new vehicle, the equitable or legal title to which has never prior been transferred by a manufacturer, distributor or dealer to an ultimate purchaser;
- Has an odometer reading of under 500 miles at the time of purchase; and
- Is sold or leased to the Purchaser by a dealer participating in the Drive Electric Vermont rebate program.
- The vehicle must be registered in Vermont at the time of purchase or lease.
This incentive program is made possible through a grant from VLITE, a public benefit, nonprofit corporation.
2016 Incentive Program Participating Dealerships
Federal Tax Credits for the Purchase of Electric Vehicles
Federal tax credits ranging from $2,500 to $7,500 are available to buyers of qualified plug-in electric vehicles. Our vehicle comparison includes the exact amounts for each model.
No date is currently in place for the expiration of these tax credits but once an individual manufacturer sells 200,000 qualifying vehicles the credit will be phased out for that maker over the course of a year.
For more information on current tax credits, visit the U.S. Department of Energyʼs Fuel Efficient Vehicle Tax Information Center.
The Fine Print: The size of tax benefit is governed by the battery size of the vehicle. Since the credit can only be claimed in the year the vehicle was put into service, the annual federal tax liability of the buyer may also be a limiting factor in the size of the tax benefit received. For leased electric vehicles, the credit can only be claimed by the lessor but a portion of the benefit is often passed along to the lessee (driver) in the form of reduced payments.
Federal Tax Credits for Electric Vehicle Charging Equipment
The federal tax credits for Electric Vehicle Supply Equipment (EVSE) for businesses and residents was renewed in December 2015 and is currently scheduled to expire on December 31, 2016.
Homeowners are eligible for a 30% tax credit up to $1,000 based on their charging station installation costs.
Commercial property owners are eligible for a 30% tax credit up to $30,000 on installation costs for charging equipment.
More information on this tax credit, including links to IRS forms, is available at the U.S. Department of Energyʼs Fuel Efficient Vehicle Tax Information Center.