In 2022, I purchased a plug-in hybrid and wrote about it here. I knew there were incentives like federal tax credits and possibly state incentives. I purchased a vehicle that was eligible for the $7,500 federal tax credit and I will be sure to write about that when I file my 2022 taxes in 2023. As I did some more research, I found additional EV financial incentives that I wanted to share.
I decided to get a Level-2 charger installed at my home because charging from a regular wall outlet just didn’t cut it. I looked to see if my electric company had any incentives surrounding EV chargers. I eventually found out that my electric company will give a pre-paid gift card for a few hundred dollars by purchasing and installing a supported Level-2 charger.
Now that I knew what type of charger I needed, I found the Level-2 charger online at Costco. I paid an electrician to wire and install my 240 volt outlet and he installed the charger on my wall. The charger works great and I can control it from an app.
Another incentive from the electric company is that you will receive credits by charging your EV during off-peak hours. More incentive to charge after 11pm when the demand for electricity is low.
I also found that my state has an incentive for purchasing and installing a Level-2 charger. The incentive is up to $700 on the purchase of the Level-2 charger and the electric wiring costs.
Just right there is $1,000 in incentives. Was it worth it though? Here’s my estimated expenses breakdown
Level-2 charger: $600
Total estimated expenses: $1950
With a rebate of $1000, my out of pocket expense was $950. Was it worth it? I see it as definitely worth it. Here’s why.
- I get to charge my car much faster which helps me to use less gas and use more of the electric battery because it’s always charged
- Incentives from my electric company while charging during off-peak hours will be there until the electric company eliminates the program
- House is more marketable if I were to sell it
- I’m teaching my children the environmental benefits from using electric vehicles
Like many others, I asked myself whether or not going electric was worth it, financially and practicality. All said and done, going with an EV or PHEV was a great decision. From the amount of money saved not using gas to the multiple rebates I’ve claimed, just the EV financial incentives was worth it. If you are interested in following my journey, email subscribe to get alerts of latest posts or follow me on Facebook, Instagram, and Pinterest.
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