Buying an EV More Accessible than Ever

The clean vehicle tax credit, a part of Biden’s landmark climate investment the Inflation Reduction Act, is now available as an instant rebate at approved dealers. The tax credit provides up to $7,500 toward a new electric, hydrogen, or plug-in hybrid vehicle, and up to $4,000 for a used one.

This change makes purchasing an EV more accessible than ever, especially for low- and middle-income households. Citizens should also keep their eyes peeled for additional incentives available from their state and local governments, or utilities, like PECO, that they can combine with federal incentives to drop the price even lower.

A few things to keep in mind when looking for this rebate: First, make sure to go to a dealership that is registered with the IRS for this program. Second, note that dealers will either reduce the purchase price or provide cash to the buyer. And third, make sure that the model you want to buy is eligible for the incentives. 

Overall, it is easier and more accessible to buy an EV now more than ever. To make use of this tax credit and other incentives available through the Inflation Reduction Act, check out our Clean Energy Home Toolkit.