Used or Leased EV Tax Credit?

Fiat 500e EV tax credit

Leasing a new electric vehicle can cost as little as $20-$100 per month.

This is because you can combine the generous federal EV tax credit with state EV tax incentives to get super savings on “plugin hybrid” vehicles and “all electric” vehicles.

Plus, if you have solar on your home, you can power your EV with energy from the sun… And enjoy the 30% federal investment tax credit on your solar PV system. 

Then you’ll have “free” electricity to power your EV.

Can I Get The EV Tax Credit On A Used Car?

What about a used EV?

Can I get the EV tax credit and enjoy the savings of a used EV car?

Unfortunately if you’re hoping to take advantage of a tax credit on a used EV, you’re out of luck.

A used EV is not eligible for the federal or state EV tax credit.

The tax credit stays with the original buyer who can take thousands of dollars in federal and state tax incentives.

Unfortunately, if the original owner was a dufus and did not take advantage of it when he or she purchased the car, it’s gone for good.

Can I Get The EV Tax Credit If I Lease?

You can lease an electric vehicle and take advantage of the $7500 federal EV tax credit.

It is immediately applied to the cost of your lease with the lease finance company.

The $7,500 federal EV tax credit will be treated like a $7,500 down payment on your lease.

This does NOT include any possible state incentives you may be able to get for your EV lease or purchase.

There are state electric vehicle incentives that could get you another $2,500-$3,000 in benefits.

Total state and federal EV tax incentives of around $10,000.

The Best EVs to Lease

You can find great lease deals on new EVs. If you live in California, one great deal is the Fiat 500e.

You can get lease it for less than $200 per month.

Over the course of a three year lease, you would pay $7,300 before taxes, not including any down payment.

You can also get crazy deals on used BMW i3s.

Cost of leasing a brand new EV for three years?

Between 20-$100 per month. Not bad for a brand new EV.