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Electric Vehicles

Average Lifespan

20-25 years

Health Benefits

No air pollution or noise pollution

Electric vehicles are either partially or fully powered by electricity. Full electric vehicles (EVs or BEVs) are powered only by electricity, and plug-in hybrid electric vehicles (PHEVs) can use both gasoline and electricity.

Most EVs on the market today have a range of more than 200 miles on a single charge, and are 3-6 times cheaper to drive than gas vehicles!

Incentives and Costs

Expand each section to see amounts for different households.

There is an existing EV credit that will be replaced with this one in 2023.

Tax Credit (New EV)

Save up to $7,500

For new EVs with max cost of $80,000

Starting in 2024, the EV tax credit will essentially convert into an upfront discount.

The $7,500 new EV tax credit applies to electric vehicles with a maximum MSRP of $55,000 and vans, SUVs, and pickup trucks with a maximum MSRP of $80,000. Starting in 2023, the credit will also be subject to geographic manufacturing requirements that may initially limit the list of eligible models. And starting in 2024, these tax credits will be transferable to dealers, essentially converting into an upfront discount.

All the details

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How does it work?

Electric vehicles are either partially or fully powered by electricity. Fully electric vehicles (EVs) have a battery instead of a gasoline tank, and an electric motor instead of an internal combustion engine. Plug-in hybrid electric vehicles (PHEVs) are a combination of gasoline and electric vehicles, so they have a battery, an electric motor, a gasoline tank, and an internal combustion engine.

Most EVs on the market today have a range of more than 200 miles on a single charge, which means most people can satisfy all of their daily driving needs by charging their EV overnight at home. To charge the vehicle quickly, you may want to install a dedicated “Level 2” charging system. If you live in an apartment or condo complex, your building may offer charging services, and if you live in a city there could soon be a charger on every utility pole in your neighborhood. You may also be able to plug in at your workplace, or at one of the growing numbers of public charging stations.