EV Tax Credit & Subsidy Calculator Guide
Buying an electric vehicle in the US can come with significant savings thanks to the federal clean vehicle tax credit and state-level incentives. The Inflation Reduction Act allows up to $7,500 in federal credit for new EVs starting in 2024, applied directly at point of sale. However, eligibility depends on the vehicle price cap, your income, and whether the vehicle meets domestic assembly and battery sourcing requirements. Many states offer additional rebates on top of the federal credit. This calculator helps you quickly estimate your total savings and net purchase price.
2024 Federal EV Credit Quick Reference
New EV: up to $7,500 | Price cap: $55K (sedan), $80K (SUV/truck/van) | Income cap: $150K single / $300K joint. State incentives vary — check your state's energy department website.
Frequently Asked Questions
Yes, you can stack a federal credit with state rebates and utility incentives. Each has its own eligibility rules, so check all three separately.
For leased vehicles, the credit goes to the leasing company, not you. Ask the dealer whether the lease payment reflects the credit being passed through.
The US Department of Energy's Alternative Fuels Station Locator (afdc.energy.gov) lists all state and utility EV incentives by location.