Buyers of plug-in hybrids and electric cars benefit from a tax credit of $2,500 to $7,500, depending on the size of the battery in the car. The credit maxes out at $7,500 for cars with a 16 kWh battery pack, like the Chevy Volt.
The incentive begins phasing out after an automaker sells 200,000 vehicles that are eligible for the credit. So don’t wait!
Better Electricity Rates
Did you know that many utility companies around the country offer special rates to reduce the cost of powering an electric car or plug-in hybrid? Follow up with your local utility provider to ensure you aren’t paying more than required to charge your vehicle.
Save on Insurance
Several national insurance companies offer discounts of 5 percent or more for owners of electric and hybrid cars. To find out more, inquire with your insurance agent for details.
For more information, please refer to www.fueleconomy.gov for information regarding:
- Vehicle requirements
- How to claim the credit
- Phaseout of tax credits
- Additional information
As always, if you have any questions, please don’t hesitate to contact us through the form below. Some of this can be difficult to understand. Our customer service representatives are experts and can explain everything you need to know to make an educated decision.