Why should you consider buying a Ford EV? In addition to the money you get to save not having to buy gas, there’s another significant financial benefit: a tax credit. Schmit Bros. Ford goes over what this could be and other advantages of a fully electric Ford vehicle.
How Does the Federal EV Tax Credit Work?
The federal government now offers a sizable tax credit for electric cars to entice people to buy them. Owners can get up to $7,500 for a new model and up to $4,000 for a pre-owned one. It’s important to note that to claim the full value, the vehicle, and most battery components must be made in North America. Other restrictions apply, among them:
- You must fall within certain income levels
- The car's gross vehicle weight rating must be less than 14,000 pounds
- The battery size has to be at least 7 kWh.
Does Wisconsin Offer EV Incentives?
At the state level, no. However, your utility might. Madison Gas and Electric, Xcel Energy, and Touchstone Energy Network each offer Time of Use incentives when you choose EV charging times that place less strain on the grid. MGE and Xcel also provide incentives for at-home installations of Level 2 chargers (speak to your utility for full details, terms, and conditions).
Claiming Your Ford EV Tax Credit
The great news if you’re looking for a Ford EV is that their models qualify for the tax credit. For example, the 2024 Ford F-150 Lightning will allow you to claim the full $7,500. But on top of that extra cash in your pocket, you’ll get a phenomenal pickup with tremendous power, a long driving range, low maintenance expenses, and zero greenhouse gas emissions.
Take an EV for a Test Drive Around Saukville, WI
We suggest speaking to your tax preparer for fuller details and a better understanding of the tax ramifications of your EV purchase. With that said, if you’re looking for an EV that qualifies, there’s nowhere better than Schmit Bros. Ford to test-drive a great Ford electric vehicle. Stop by today to learn more!