The US government’s EV federal tax credit program offers up to $7,500 for eligible new electric vehicles like select Tesla models, aimed at promoting electric vehicle adoption by offsetting costs based on specific criteria including vehicle price and battery specifications.
Discover Which Tesla Models Qualify for Up to $7,500 in Federal EV Tax Credits
According to Car Buzz, the U.S. government is incentivizing the switch to electric vehicles with a new program that offers up to $7,500 in tax credits for qualifying new electric models under the EV federal tax credit program. Additionally, used electric vehicles can qualify for up to $4,000 in credits. Eligibility criteria include the car’s price, battery type, manufacturing location, and the buyer’s income.
Tesla, a top electric vehicle maker, has models that qualify for the full $7,500 tax credit. For example, the Model 3 Long Range AWD and Performance versions are eligible if their total cost, including options, stays under $55,000. Similarly, all versions of the Model Y—like the Long Range RWD, Long Range AWD, and Performance are eligible as long as they cost under $80,000 with options. The Model X AWD also qualifies, except for the more expensive Model X Plaid, which costs more than $80,000.
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$7,500 Tax Credit Alert: Top Electric Cars Eligible for Federal Incentives (PHOTO: Cars.com)
Tesla‘s Cybertruck Set to Qualify for Federal EV Tax Credit in 2024
Looking forward, Tesla’s upcoming Cybertruck is expected to become eligible for the tax credit later in 2024. Both the Rear-Wheel Drive and All-Wheel Drive models of the Cybertruck are likely to meet the requirements based on their expected prices and features. This move shows Tesla’s strategy to benefit from federal incentives while expanding its electric vehicle offerings.
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