Ready to save $10,000 on your next new car? You can save that, in rebates and tax credits, just by purchasing an electric vehicle (EV). You can get even more if you do it before the end of 2016.
People are buying $35,000 cars for under $14,000. And that steady flow of cash they've been pouring into your car at the gas station? Gone.
These cars have the letters “EV” at the end of their name, short for electric vehicle. They're super-silent, fast accelerating models powered by electricity from their advanced storage batteries. The ones that rate for the highest rebates and credits come with a list of standard and optional features, including one they all have in common: you can drive any of them 100 miles and back, on a single charge. These fast moving commute cars pack a 4kWh battery. Which means when the light turns green, you leave the gas guzzlers in your dust – without even making a sound.
Some EVs have smaller 2.5 kWh batteries, and still can get you a handsome rebate.
If you're new to the concept it's OK, you won't have to look very far to find an EV you like. Dealerships all over California offer at least one - Ford, Fiat, Kia, Hyundai, Nissan, Toyota, the list goes on.
Locally, at Santa Rosa Platinum Chevrolet, the Chevy Bolt EV(est. 200+ miles range per charge) will start at $29,995 after a federal tax credit of $7,500, GM announced and more rebates may apply making the investment very feasible for many.
The US government and the state of California are offering thousands in tax breaks for your EV purchase.
Let's start with the tax break from Uncle Sam. If you owe more than $7500 in taxes this year, the IRS will allow you a credit against all of that tax debt, if you purchase a qualifying EV by the end of the calendar year.
Here's how it works: The size of the IRS tax break is determined by the size of the battery, which translates into the number of miles you can travel on a battery charge. The trick is, you have to owe $7500 to get that credit. If you owe $4500 in tax, that's the amount of credit you get. You don't get a carryover to the next year, but you have zeroed out your 1040 this year - and have a budget-saving set of wheels to show for it.
Hang on, it doesn't stop there.
In Sonoma County, participating dealers are offering Nissan LEAFs and BMW i3s with significant savings from October 27, 2016 through January 5, 2017. And Sonoma Clean Power is also offering an additional $2,500 incentive by way of their 45-day Drive EverGreen pilot program (Oct.27 - Jan. 5) while funds last, or $5,000 to income qualified customers. Grants and rebates are also available when you purchase your own EV charger.
An additional rebate of $3,000 is available from Northern Sonoma County Air Pollution Control District, if you live in the parts of the county north of the airport.
This is only while the funds last. A good reason to get your EV now.
All over California, you can get a $2,500 cash rebate if you buy or lease a full-service electric car such as the Nissan Leaf, Tesla Model S or Ford Focus EV. Add to that the federal tax credit and you save as much as $10,000.
The Chevrolet Volt, Ford C-Max Energi, Ford Fusion Energi, Honda Accord Plug-In and Prius Plug-In
Read more about our local SoCo Drive Green in 2017 movement:
Sonoma Clean Power adds electric vehicles to its fight to address climate change
Sonoma County to offer incentives for drivers to switch to electric cars
City of Sonoma goes “Evergreen”
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