Electric Vehicle Incentives
There are valuable federal, state, and utility incentives* that can help you pay for your electric vehicle and home charging. From the ITC credits you’ll receive for the purchase of an EV, solar, and storage to the PSE&G rebate program, now is a great time to use sustainable energy for your home and car!
Federal Investment Tax Credit
Tax credits are based on the battery size and go up to $7,500 for customers who purchase an Electric Vehicle, but they won’t last forever. The expiration date is separate for each manufacturer and occurs after an automaker sells 200,000 qualified vehicles. More and more manufacturers are introducing EVs, so there is no limit to the choices on the market!
Electric Vehicle Chargers will qualify for ITC credits when combined with a home residential solar system or storage installation. To claim the credit, EV drivers must file Form 8911 with the IRS.
Make sure to include all your energy efficiency upgrades as part of your Sea Bright Solar contract to receive the greatest value.
State Incentives
Depending on your state, utility, and jurisdiction, various incentives and initiatives related to alternative fuels and vehicles, advanced technologies, or air quality may be available. Below are a few, but to learn more about what you might qualify for, please click here.
PSE&G Incentive – PSE&G’s Clean Energy Future – Electric Vehicle (EV) Program received approval to invest millions to build out New Jersey’s EV charging infrastructure, which will have customer and societal benefits. It will also put the state on track to become a front-runner in transportation electrification. The EV program is designed to support the deployment of EV chargers across a wide range of customers and sectors. What that means for you is that you will receive a $1,500 rebate for the installation of a Level 2 charger, further offsetting its cost! Learn more.
AC Electric – Whether you’re an EV driver or considering buying an EV, you already know the benefits of fuel savings and lower maintenance costs. And now, as an Atlantic City Electric residential customer, you may be eligible for a rebate up to 50% of electrical upgrade costs – or a maximum of $1,000 – for installing a Level 2 EV charger at home.
Charge Up New Jersey – Receive an incentive of up to $4,000 when you purchase or lease a new all-electric vehicle in New Jersey in addition to a rebate of up to $250 when you purchase an eligible electric vehicle charger for your home. This incentive can be combined with utility incentives for installation of a home charger.
RequirementsÂ
To be eligible for the electric vehicle charger incentive program, candidates are required to meet the criteria listed below and provide the necessary documentation as part of their submission:
Necessary documentation for submission includes:
- A receipt confirming the purchase of a Level 2 smart charger.
- An image scan showing the serial number of your charging unit.
- A New Jersey driving license to validate residency and as a distinct form of identification.
- Current electric vehicle registration from New Jersey that lists a home address within the state.
- The charging unit must be a newly purchased item and set up at the applicant’s home in New Jersey.
- Eligibility allows for a maximum of two charging unit incentives per applicant; the second is only permissible if there has been a change to a new residential address.
- A single incentive is designated for each vehicle registration, identified by its Vehicle Identification Number (VIN).
- As of March 15, 2023, the charger must be certified by Energy Star to qualify.
New York State Drive Clean Rebate
Open to all New York State residents, the Drive Clean Rebate offers a point-of-sale rebate towards the purchase or lease of a new electric car. Taking advantage of the Drive Clean Rebate is very easy: simply purchase a qualifying electric car from a participating dealer, and a discount of up to $2,000 will be applied when you pay.
Federal Tax Credit for EVSE
Receive a federal tax credit of 30% of the cost of purchasing and installing an EV charging station (up to $1,000 for residential installations and up to $30,000 for commercial installations).
Con Edison offers the SmartCharge New York program, providing incentives for electric vehicle (EV) drivers who charge their vehicles during off-peak times. Participants can earn a $25 bonus after three months of charging, 10 cents per kWh for off-peak charging, and up to $35 per month during summer peak times for avoiding charging during peak hours (2 p.m. to 6 p.m. EST, June 1 through September 30). Off-peak times are defined as midnight to 8 a.m. EST daily. The program aims to reduce grid stress by encouraging off-peak charging​.
California IncentivesÂ
California offers state and local incentives for purchasing electric vehicles. One California incentive is the Clean Vehicle Rebate Project (CVRP), which offers rebates for buying and leasing qualifying electric vehicles. It varies by the make and model of the vehicle, as well as the individual’s income level. PG&E, SCE, and SDG&E customers may be eligible for this rebate, which can be as high as $7,000 for certain vehicles. Incentives vary by utility company and location. Learn more!
Manufacturers Discounts
For vehicles placed in service on or after April 18, 2023, the credit amount will depend on the vehicle meeting the critical minerals requirement ($3,750) and/or the battery components requirement ($3,750). A vehicle meeting neither requirement will not be eligible for a credit; a vehicle meeting only one requirement may be eligible for a $3,750 credit, and a vehicle meeting both requirements may be eligible for the full $7,500 credit.
For vehicles placed in service before or on April 17, 2023, the credit is calculated as a $2,500 base amount plus, for a vehicle that draws propulsion energy from a battery with at least 7 kilowatt hours of capacity, $417, plus an additional $417 for each kilowatt hour of battery capacity in excess of 5-kilowatt hours, up to an additional $5,000 beyond the base amount. In general, the minimum credit amount will be $3,751 ($2,500 + 3 * $417), representing the credit amount for a vehicle with the required minimum of 7 kilowatt hours of battery capacity. Learn more.
The credit is nonrefundable, so you can’t get back more on the credit than you owe in taxes. You can’t apply any excess credit to future tax years. Learn more.
For vehicles purchased in 2022 or before, credit eligibility was determined under different criteria.
