Besides being the more environment-friendly option and having a lower carbon footprint, EVs come with additional benefits you’re going to love. Once you buy your new car, you can receive a Clean Air Vehicle (CAV) decal, issued by the California Department of Motor Vehicles (DMV) — that is, of course, if your car meets certain specified emission standards. The decal allows you to drive on the High Occupancy Vehicle (HOV) lane, even when it’s just you in the car. Yep, that’s right, you get unconditional access to the carpool lane!
In addition to the HOV lane privileges, according to the 2022 laws and regulations, electric vehicle owners can qualify for certain incentive programs. Federal tax credits can go up to $7,500 while California ones can go up to $750, encouraging buyers to make environmentally-friendly purchases by reducing their overall income tax. Of course, amounts vary depending on your county and city, and income limits also apply. Many of these incentives will change come 2023 in accordance with the Inflation Reduction Act. Starting next year, the federal tax credit will go up to $4,000 for used EVs and up to $7,000 for new EVs, but again, income limits will apply. Exempted from these laws are cars manufactured outside of North America and certain brands such as Hyundai and Kia will probably be disqualified from any tax credit next year. So, it’s wise to take the upcoming changes into consideration while planning on when to buy your electric vehicle.
There are still many incentives, besides the state and federal ones, and they differ from city to city, and county to county. For example, in Orange County the residents of Irvine can benefit from the South California Edison (SCE) Incentive, ‘Pre-Owned EV Rebate’, as well as the South Coast AQMD Incentive, ‘Replace Your Ride’. Meanwhile, residents of Anaheim can benefit from the latter, but not the former. Accordingly, make sure you know all the benefits you’ll be reaping from your purchase, before making the big decision.
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