Virginia Electric Vehicle Tax Credits
BMW offers a diverse range of electric vehicles to liven up your trips around DC. In addition to taking home a stunning vehicle, there are quite a few benefits to owning an electric vehicle in Virginia. Virginia electric vehicle tax credit is one of the best advantages of purchasing an electric vehicle in Sterling. You could even receive a property tax credit or discount on electric utility if you charge your vehicle during certain times of the day. Learn more about the Virginia electric tax credit with the experts at BMW of Sterling today! For more information, feel free to contact us anytime.
Does Virginia Give a Tax Credit for Electric Vehicles?
So, does Virginia give a tax credit for electric vehicles? Yes! The Virginia state tax credit for electric vehicles is quite the incentive to head over to a local dealership and pick one up. To qualify for the Virginia electric vehicle tax credit, you must be a Virginia resident meeting the required income level, meaning you can make no more than 300% of the current poverty guidelines. Eligibility can also depend on how much the vehicle costs. While you may qualify for a Virginia EV tax credit income threshold, the vehicle you purchase has to have a maximum base price of $55,000 and must be powered solely by electricity.
If you meet these requirements, you’ll be eligible for rebates of up to $2,500. Even after this rebate, you could still be eligible for an enhancement rebate of up to $2,000. You could also be eligible for a reduced property tax and take advantage of discounted electricity rates for charging your vehicle at home. The credits are based on a first-come, first-served basis until all the funding has been allocated for the year.
Does Virginia Give a Tax Credit for Used EVs?
The electric vehicle tax credit also applies to used electric vehicles as an incentive to increase the purchase of EVs in Virginia. Eligible used EVs also qualify for rebates of up to $2,500 and an enhanced rebate of up to $2,000. However, the purchase price of the vehicle must be under $25,000.
Additional Virginia Electric Vehicle Credits
If you often find yourself stuck in traffic on Maryland highways, owning an EV gives you additional benefits. Vehicles exhibiting a Virginia Clean Special Fuel license are authorized to use the Virginia High Occupancy Vehicle lanes (carpool lanes), regardless of your passenger size.
Furthermore, depending on your electric utility provider, you may qualify for a rebate upon purchasing a new Level 2 EV charging station. While there isn't a charging station credit from the state, many utility companies offer rebates when installing a home charging station.
Federal Electric Vehicle Tax Credit
In addition to the Virginia electric vehicle tax credit, you can see savings on the federal level when you purchase an EV. This credit ranges from $2,500 to $7,500 and aims to alleviate the initial financial burden of owning these vehicles. However, eligibility for the credit depends on your vehicle's gross weight and battery capacity. EVs must have a minimum battery capacity of five kilowatt-hours and use an external energy source for recharging the battery. Once a manufacturer sells 200,000 qualifying vehicles in the United States, this incentive will be phased out.
Come Purchase Your Electric Vehicle at BMW of Sterling!
Now that you know more about the Virginia state tax credit for electric vehicles, stop by BMW of Sterling to check out our EV inventory today! Be sure to visit our finance center for more information about the Virginia electric vehicle tax credit. If you’re interested in upgrading to an electric vehicle, learn more about how EV charging fits into your lifestyle.