With the rise of electric vehicles (EVs) becoming more and more popular, it’s no wonder why the federal government has taken steps to incentivize consumers to make the switch. Currently, consumers who buy used electric vehicles can qualify for a federal tax credit up to $7,500. Unfortunately, there are limited resources available to help consumers determine which used EVs qualify for these incentives. To make this process easier for everyone, a new tool has been created that allows users to quickly and easily figure out which used EVs apply. In this article, we’ll discuss how the tool works and what it could mean for drivers everywhere.
The new online tool from the Department of Energy
The Department of Energy has released a new online tool that allows consumers to see which used electric vehicles (EVs) qualify for federal tax incentives. The tool is designed to help consumers make informed decisions about purchasing used EVs, and to encourage more people to switch to electric vehicles overall.
The tool works by allowing users to input the make, model, and year of their used EV, and then provides information on whether or not the EV qualifies for the federal tax credit. The tax credit is worth up to $7,500, and can be applied towards the purchase price of the EV or towards the lease of an EV.
The Department of Energy’s goal is to increase awareness of the federal tax credit and to encourage more people to switch to EVs. Used EVs often times sell for less than new EVs, making them more affordable for many consumers. With this tool, consumers can easily see which used EVs qualify for the federal tax credit, and make an informed decision about their purchase.
How to use the tool
If you’re in the market for a used electric vehicle (EV), you may be able to get a federal tax credit of up to $7,500. But there’s a catch: the tax credit is only available for EVs that were purchased new and have never been previously registered.
That’s where the new tool comes in. The tool, developed by the National Renewable Energy Laboratory (NREL), shows which used EVs qualify for the tax credit.
To use the tool, first select your state from the drop-down menu. Then, enter the make, model, and year of the used EV you’re interested in. The tool will tell you whether or not the EV qualifies for the tax credit.
If you’re looking for an EV that qualifies for the tax credit, keep in mind that there are a limited number of used EVs on the market that meet these criteria. So if you find one that does qualify, don’t hesitate to buy it!
What EVs qualify for the tax incentive
The new tool allows users to select their EV make and model and find out if it qualifies for the federal tax incentive. The incentive is available for used EVs that have been purchased after December 31, 2009. To qualify, the EV must be powered by a battery with a capacity of at least 4 kilowatt-hours and have a range of at least 20 miles. Used EVs that meet these criteria are eligible for a tax credit of up to $7,500.