An Overview of Local and Federal Incentives for Electric Cars and Plug-In Hybrids

December 27, 2013

Different electric and hybrid car websites are doing their best to get information on the ever growing number of state and federal-based incentives for buying a plug-in hybrid or electric car. It is essential for potential electric car buyers to know the amount of money that can be saved prior to purchasing a plug-in vehicle. Some of the key information and incentives available will be highlighted below.

Better and Special Rates of Electricity

There are several electric utilities nationwide that provide better and special rates of electricity. These include time-of-use rates, which minimize the cost of electric car or plug-in hybrid power. The low rate of electricity can greatly lower a car’s charging cost. It is advisable for prospective buyers to check with their local utility companies to known the exact rates.

Charging Equipment

A 30-percent credit for purchase and charging equipment cost can be claimed by electric vehicle buyers. This can add up to thirty thousand dollars for businesses and one thousand dollars for individuals. The rules scheduled to culminate on 31st December 2011 were extended to the year 2013.

Insurance Discounts

Many key insurance companies including Farmers give discounts of up to five percent. They may also provide more discounts for hybrid and electric car owners. It is recommended to get more details from the insurance agents. It is also essential to find out more about the type of companies that give the best rates of discounts to electric vehicle owners.

Conversions

A tax credit amounting to ten percent of the conversion cost was received by drivers that converted a gas-powered car into an electric car, or a normal car into a plug-in hybrid. Unfortunately, this incentive came to an end on 31st December 2011. Additional incentives are provided by individual states like Florida and Colorado. These incentives include state tax credits and rebates.

Some of the State Incentives

Colorado

Some of America’s most generous tax credits for plug-in hybrids and electric cars are offered by the state of Colorado. As much as eighty-five percent of the cost premiums for plug-in hybrids and electric cars are available in some cases. Most of such incentives are being phased out.

District of Columbia

In this district, all cars getting 40 or more miles a gallon are often exempt from tax that is usually imposed on an original title’s certificate.

Georgia

This state offers credits on income tax amounting to at least twenty percent of an electric car cost. Any eligible business enterprise can receive an income tax credit for purchasing or leasing an electric vehicle charger located within the state.

 

Filed under: Electric Cars,hybrid cars

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1 Comment Leave a Comment

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