How Do EV Tax Credits Work?

The government and automotive industry have banded together to incentivize buyers to purchase electric vehicles. With EV tax credits available, drivers who visit Scott Cadillac are encouraged to browse electric Cadillac vehicles, including the 2024 Cadillac LYRIQ. There are new restrictions and regulations for these tax credits, however. So let’s discuss how these EV rebates work and which cars are eligible. 

What EV Tax Credits Are Available?
There are multiple EV tax credits available, from federal to state initiatives. The federal EV rebate program offers up to $7,500 for purchasing electric vehicles, assuming the car meets efficiency standards and the driver meets basic income requirements.

For Pennsylvania drivers, the Alternative Fuel Vehicle Rebate Program (AFVRP) grants drivers up to $3,000 on eligible vehicles for personal use. Income restrictions apply for this program as well. In addition, the Alternative Fuels Incentive Grant provides additional rebates to commercial EVs.

Regulations and Restrictions
To qualify for the AFVRP, a vehicle must meet state emissions regulations. The program is designed for fuel-efficient, clean cars like the Cadillac LYRIQ. New and pre-owned vehicles are eligible for this rebate, regardless of whether you purchase or lease the car. However, pre-owned vehicles must be no more than seven years old and have 75,000 or fewer miles.

Depending on the type of vehicle you drive, you’ll be eligible for up to $2,000 through the AFVRP if your total family income meets regulations. An additional $1,000 is available if you meet the stricter income brackets.

Preview the 2024 Cadillac LYRIQ at Scott Cadillac
The 2024 Cadillac LYRIQ is eligible for these EV tax credits, and Scott Cadillac can preview it for you. Visit us today to learn more about this upcoming EV model and the incentives for which you may qualify.

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