The Tesla federal rebate has just made it a lot easier for people to invest in electric vehicles (EVs) by introducing the new $7,500 federal EV rebate. This rebate can be availed directly off the purchase price of a Tesla, reducing the price significantly. With this change, Tesla is now offering an opportunity for 250 million Americans to invest in EVs, up from the previous 75 million in 2023.

Firstly, let’s talk about the eligibility criteria for the $7,500 Fed EV rebate. As we mentioned earlier, the same income limits that were applicable in 2023 still apply in 2024. This rebate is available for those with a modified adjusted gross income (AGI) from the year they take delivery or the year before. It’s important to keep in mind that the IRS won’t require you to pay any amount if you receive this rebate, as long as your modified AGI is under the income threshold in one of the two years.

To avail the $7,500 rebate, you’ll need to click yes during the ordering process while purchasing a Tesla. This discount will be applied directly, reducing the purchase price significantly. It’s important to note that this rebate is available only for Tesla’s electric cars, so you wouldn’t be able to avail it if you’re purchasing a non-electric car from Tesla.

If you’re someone who’s looking to invest in a Tesla, this new rebate is an excellent opportunity to do so. EVs are much cheaper to maintain and are environment friendly. The $7,500 rebate directly off the purchase price is a significant discount that can make a difference in the total cost of owning an EV.

It’s essential to keep in mind that this rebate is available for a limited time only, so if you’re interested in availing it, you should hurry up and make your purchase. This rebate can also be availed along with other State and Local rebates, which can further reduce the total cost of owning an EV.

More EVs lose US tax credits including Tesla, Nissan, GM vehicles

The impact of new battery sourcing rules on EV tax credits in the US has resulted in several EV models having lost their eligibility for up to $7,500 in tax credits.

Firstly, it’s important to understand the details of the new battery sourcing rules that have affected the eligibility of several EV models for tax credits. The U.S. Treasury issued guidelines in December 2020 aimed at promoting the domestic production of EV batteries and reducing reliance on Chinese imports. Under these guidelines, EV manufacturers must certify that the battery cells used in their vehicles were not produced in China. If the battery cells were produced outside of the US, manufacturers must provide a detailed breakdown of the percentage of each element within the cell’s chemistry and its country of origin.

As a result of these guidelines, the number of EV models qualifying for tax credits has fallen significantly. Previously, there were 43 models eligible for tax credits, but now only 19 models remain eligible. This includes different versions of the same vehicle type. For example, even though the Tesla Model 3 is still eligible for tax credits, certain versions of the model, including the Standard Range Plus and Long Range variants, are no longer eligible due to their battery sourcing.

This change in eligibility for tax credits has significant implications for both consumers and manufacturers. For consumers, the loss of tax credits could mean paying more for an EV, making it less affordable for some buyers. However, it’s worth noting that some of the most popular models, such as the Tesla Model S and the Hyundai Kona Electric, are still eligible for the tax credits, so this news is not all doom and gloom.

For manufacturers, this change in rules could impact their decisions around where to source their battery cells from. Previously, many manufacturers sourced their battery cells from China, which was the cheapest option. However, under these new rules, they may have to start sourcing cells from other countries or even produce them domestically, which could significantly increase their costs.

Point of Sale EV Rebates and Dealer Franchise Laws

The point of sale rebate for electric vehicles (EVs) at car dealerships is a financial incentive provided to customers at the time of purchasing an electric vehicle. This rebate is intended to promote the adoption of electric vehicles and reduce the overall cost for consumers. The rebate is typically applied directly to the purchase price or offered as a discount, making electric vehicles more affordable for buyers.

However, the implementation of point of sale rebates can be affected by dealer franchise laws. Dealer franchise laws vary by state and regulate the relationship between car manufacturers and dealerships. In some states, these laws may restrict or limit the ability of manufacturers to sell directly to consumers, requiring the involvement of independent dealerships in the sales process.

The impact on point of sale rebates arises when manufacturers are prohibited from selling directly to consumers or offering direct incentives. In such cases, manufacturers may have to work within the framework of existing dealership networks to provide rebates. This could potentially affect the visibility and ease of access to rebates for consumers, as the rebate process may be influenced or constrained by the dealership’s policies and practices.

It’s important to note that the specific impact of dealer franchise laws on point of sale rebates for electric vehicles can vary depending on the state and its regulatory environment. In states where direct sales by manufacturers are permitted, the implementation of point of sale rebates may be more straightforward and accessible to consumers. Tesla not having car dealerships has been a huge point of contention in the automotive industry.

Tesla’s new $7,500 Fed EV rebate is an excellent opportunity for individuals wanting to invest in an EV. It is a significant discount that can help reduce the purchase price of a Tesla significantly. With this change, Tesla is now offering an opportunity for 250 million Americans to invest in EVs, up from the previous 75 million in 2023.

The eligibility criteria are the same as earlier, and the rebate can be availed directly off the purchase price of a Tesla. With reduced maintenance costs and being environmentally friendly, investing in an EV has never looked better. So, hurry up and make your purchase before the rebate is over!