There are different rebates Utah EV tax credit incentives that could be available to you if you purchase an electric vehicle in UT. Some rebates and incentives are federal, and some are set in place by state and local governments. In Utah, there’s plenty of incentive to purchase an electric vehicle. Below, we cover what you can expect when buying an electric vehicle in Utah and the owner’s benefits you may enjoy.
The Federal Plug-In Electric Drive Vehicle Tax Credit can reduce the cost of buying a new EV by up to $7,500. This is based on the kilowatt-hour capacity of the EV’s battery. Leasing an EV is usually a different story; the credit goes to the purchaser of the car. So, if you lease from a dealer, the dealership will likely claim the federal EV tax credit. However, they may pay the savings forward with lower monthly lease payments.
Again, the cap for the energy-efficient vehicle tax credit is $7,500. Your EV must have a battery capacity of at least 5 kWh, which would earn you a credit of $2,500. For every additional kWh of battery capacity, $417 is added until the maximum federal tax credit ($7,500) is reached. This means that, while a hybrid will net some federal EV tax credit, an all-electric vehicle like a Chevy Silverado EV or Chevy Bolt will bring more tax credit because their batteries are larger.
Important: It’s also important to highlight that once a manufacturer has sold over 200,000 qualifying vehicles, the federal tax credit will expire. For the best chance of getting the federal EV tax credit, buy your EV or hybrid early in the calendar year.
You can expect the following Utah EV tax credits and Utah EV incentives when you purchase an electric vehicle like the Chevy Equinox EV:
Utah EV incentives and Utah electric vehicle tax credit guidelines can change often. For the most recent information contact Ken Garff Chevrolet or check our Chevy information hub.
With Chevy slated to release more electric vehicles with each upcoming model year, you can rely on Ken Garff Chevrolet to keep you up to date on everything you need to know about federal EV tax credits, Utah EV incentives, and more. Not sure yet if you’re ready for a new Chevy Blazer EV or Chevy Bolt EV? Find out more about the benefits of electric cars and how to save on EV charging with Ken Garff Chevrolet. Contact us online or by phone at (801) 980-2102 with any questions about our electric inventory or to schedule a test drive in American Fork.
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