The Federal government already offers tax credits of up to $7,500 on the purchase of a new, qualifying electric car. This isn’t just a deduction: a tax credit increases your refund or decreases your amount owed rather than just affecting your taxable income. Well, if that wasn’t enough to whet your wallet, now a Vermont organization called Drive Electric Vermont is offering an additional $500 incentive for each electric car.
Electric vehicles are sometimes restricted in terms of range, though some (the Chevy Volt, for example) have backup gasoline engines, and others (e.g., Tesla models) have such a long driving range that it generally isn’t an issue. Regardless, owning an electric car means changing some habits, including getting used to charging the vehicle, sometimes over the course of hours, rather than filling gas in minutes.
However, electric vehicles are much less expensive to drive in terms of fuel than gasoline or diesel powered vehicles. Regardless of the source of the electricity, they’re also far better for the climate, though of course the most climate-friendly way to go is to charge your vehicle with a renewable energy source like wind or solar.
Many Vermont communities now offer rapid EV charging stations, sometimes for free. For example, my credit union (Vermont State Employees Credit Union) is adding a new charging station at its Montpelier location.
Electric vehicles do tend to be a good bit more expensive than gasoline-powered vehicles, but Federal rebates and this $500 incentive can help take some of the sting out of that.
Disclaimer: Sustainable Williston has no affiliation or direct experience with Drive Electric Vermont.