EV Charging Station Tax Breaks End Saturday
EV charging station tax breaks end December 31, 2011. EV buyers were eligible for up to 50 percent of the total installation cost in tax credits for installing 220 volt EV charging stations. Congress did not take any action to extend the EV charging station tax breaks, but drivers can still earn a $7,500 credit for buying a new EV vehicle. Learn more in our guide below.
Free Car Insurance Comparison
Secured with SHA-256 Encryption
|
Written by
D. Gilson, PhD
|
|
Reviewed by
Jeffrey Johnson
|
UPDATED: Jan 19, 2021
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident car insurance decisions. Comparison shopping should be easy. We are not affiliated with any one car insurance company and cannot guarantee quotes from any single provider.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about car insurance. Our goal is to be an objective, third-party resource for everything car insurance related. We update our site regularly, and all content is reviewed by car insurance experts.
Americans have embraced hybrid technology in the last few years, but fully-electric cars have yet to catch on except with a small handful of consumers. And while we’re certain electric vehicles (EVs) are nowhere near becoming the first choice of consumers, many new models will appear in 2012, including consumer-oriented choices like the Ford Focus Electric.
There are misfit cars such as the Chevrolet Volt that offer a mix of EV utility and a gasoline engine for when the electric range is exhausted, but the majority of EVs have to be charged with an electrical source in order to operate.
It’s possible to charge many EVs with a standard 110-volt outlet, but in order to get the best performance and fastest charging times, owners have to install EV charging stations that operate on 220 volts.
Such stations can cut the time it takes to fully charge an EV in half, meaning full capacity is reached in as little as four hours.
In the past, owners that install chargers have been able to take advantage of tax credits that covered a significant portion of the cost of installation. 2010 saw tax credits of up to 50 percent of the total cost available as part of a government stimulus package.
The deductions for 2011 aren’t quite as large, but taxpayers who installed such stations can deduct 30 percent of the cost, up to $1,000 when they file next year. And commercial enterprises are allowed to deduct up to $30,000.
But despite the upcoming new models that will debut in the next calendar year, Congress has taken no action on extending charging station tax credits, so as of Saturday, December 31, the program officially ends.
Of course, Congress can reinstate these tax credits retroactively once they come back into session in January, but as of yet, there’s been no solid action indicating they will do so.
The biggest tax break on EVs remains in place, however. Buying an EV will still garner a tax credit of $7,500, greatly reducing the cost of such vehicles.