Are You Thinking About Cashing in on an EV

[RHeinz]

The EV Tax Credit is Real (We got a plugin hybrid minivan last year). If you've been thinking about making the switch to and EV and cashing in on that tax credit, here is how it works.

There are three broad qualifications for the EV Tax Credit:
1. You must make less than $150,000 per year if you file taxes individually or less than $300,000 married and filing jointly.
2. Your EV car must cost less than $55,000.
3. Your EV truck, van, or SUV must cost less than $80,000.

However, because of some additional requirements written into the law, not all EVs within the price requirements qualify. Luckily, you can find the details on the IRS’s EV Tax Credit webpage (Manufacturers and Models of Qualified Used Clean Vehicles | Internal Revenue Service).

What's new this year is a tax credit for used EV purchases. This credit can equal up to 30% of the vehicle purchase price with a max of $4,000.

For the used credit the income requirements are a little different:

• $150,000 if married and filing jointly.
• $112,500 for heads of households.
• $75,000 for all others.

Here is a list of all qualifying used EVs
(Manufacturers and Models of Qualified Used Clean Vehicles | Internal Revenue Service).
And remember, if you're buying a new car, Carmigo is the best way to sell your old one.

1) Don’t forget the 240 VAC 50 amp service you will have to add to your garage to charge it overnight, and hope your home electrical service is capable of supporting it.
2) Oops, live in an apartment? No one said it was fair…. (EV’s are racist????)
3) Pray like hell that the increasing demand for charging vehicles in the evening doesn’t cause electrical shortages or cause the price to soar Due to demand.

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[RHeinz]

Reason is I would go electric when I install solar/wind at the house. Some kind of battery like a powerwall as well. I would need to get at least a weeks round trip to and from work and then another 50 or so. That way in the winter when daylight is only during the day I can top off or charge the ev on the weekend.

To fully charge a 350 mile range EV takes about 120kwh (According to Tesla). I believe a Tesla power wall will store only 14 kwh. I don’t think you could ever get enough solar panels or wind generators on a single home to supply this volume of energy.

I believe Tesla Power Walls are around $25,000 each?

 

[AZ_Liberty]

I only drive stick shifts.

Nobody makes an electric with three pedals.

 

[Blksn955.o]

To fully charge a 350 mile range EV takes about 120kwh (According to Tesla). I believe a Tesla power wall will store only 14 kwh. I don’t think you could ever get enough solar panels or wind generators on a single home to supply this volume of energy.



I believe Tesla Power Walls are around $25,000 each?

yep, A big reason why I have not gone solar at home yet those are spendy batteries as well and only a small amount of what the ev battery holds. At least another gen or two in battery tech.

 

[carmigo]

I only drive stick shifts.

Nobody makes an electric with three pedals.

Maybe one day there will be one!

 

[Calm horse]

Hard NO! I bet the EV craze will fade! I just can't see it working..major lack of infrastructure....our power grids are already on the brink..no charging stations....most homes do not have the capability to add a a charging device without spending thousands to upgrade their panels and electrical service
I'm not saying EV is gonna disappear or should disappear but it's impossible for it to be the future of the automotive industry .(atleast while I'm alive)

 

[vzqhsg]

Ya mean the EVs that do as much if not more to the earth. Nope...don't have time to sit and wait for them to charge on a trip. Short distances...etc...etc...etc.

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