Electrical Vehicles: Financial Incentives lower purchase cost.

We are passionate about Real Estate. We are also passionate about EVs.

Perhaps you’re saying to yourself “Well that’s great, but I can’t afford an EV.” Autotrader shows many used EV’s starting at $6k.

If you’d prefer new, you may qualify for the financial incentives below.

(The 2023 Chevy Bolt and Nissan Leaf retail for below $30k new)

Please see the table below for financial incentives

You may also be eligible for a special decal to use the carpool lanes! More info on that here.

Each of the programs have links in the bold text, click away!

Non Income Contingent:

You earn plenty of money, congrats! You’ll see in the chart below that you currently qualify for up to $10,250 off an EV! As of June 2022 the federal incentive is a tax credit. That means it reduces the amount of federal taxes owed at the end of the year, up to $7500. Federal legislation has been discussed to change this to a rebate, reducing the sticker price by that amount. The California Clean Fuel reward is a $750 reduction off the sticker price. The Clean Vehicle Rebate Project offers $2,000 for a battery electric vehicle.

Income Contingent:

Fret not! There are amazing programs for Californians of lower income. Many of these programs require applying BEFORE you purchase the vehicle. You may qualify for up to $17,750! The federal $7,500 incentive is currently a tax credit. The CVAP $5,000, CVRP $4,500, Clean Fuel reward $750, and LADWP rebate can all be combined. (Though you’ll need to apply for each program separately.)

Another option is the replace your ride program. This cannot be combined with the CVAP, CVRP or clean fuel reward. If you have an older gas car you’re willing to trade in, the program offers up to $9500 toward a used EV. The big caveat here is it needs to be purchased through an approved dealership. We’ve found plug-in auto to have the largest selection. Sometimes this is a good option if your current car is worth less than $9500. The standard award is $5000. They offer another $4500 for folks living in certain zip codes.

The chart below compares the purchase price, annual maintenance costs, and annual fuel costs in California over 10 years. The five lowest cost options are highlighted in green. We used the figure of 14,263 miles traveled per year (Fed Hwy Admin), maintenance per mile of $.010 for gasoline, $0.06 for electric (US Gov), average electricity price of $0.18/kWh (US Energy Info Admin), and average gasoline price of $6.25 (AAA on June 3rd, 2022). You’ll see that the initial cost of an EV is higher up front, but pays for itself long term.

While we try to bring you up to date information, we are not financial or legal professionals. You should always consult your own financial and legal professionals as to your specific rights and eligibility. Nothing here should be taken as legal or financial advice.