You may be pondering whether or not it is worth it for you to purchase an electric vehicle (EV) charging station — it could be a significant investment, especially if it is a fast charger. However, if you are still ruminating, you need to think fast, because the tax credit for these devices ends on December 31.
If you already have a 240 volt outlet that can recharge your vehicle within 7 hours overnight, and you only use it to go to work and back during the week, then maybe you can hold off on the charging station purchase.
However, if you do make trips more often than that, the charging station could certainly be worth it.
According to Green Car Reports, the tax credit covers 30% of the charger’s cost, but with a maximum credit of $1,000.
(You’ll want to use Form 8911 when you file your taxes early next year.)
A credit for 10 percent of the purchase price of an electric motorcycle or three-wheeled vehicle was also renewed, and also expires again on December 31.
(That one’s Form 8834.)
More info on plug-in car and related tax incentives is available over on Plug-In America.
With the US Congress not exactly functional at the moment, not much is expected to get done by the end of the year, and these tax credits are almost certainly going to expire. So, think fast…
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