The explosion of the electric-vehicle (EV) market over recent years has been fueled in part by various incentives. Vehicle manufacturers, local and federal governments, and other agencies have sought to encourage buyers to opt for an EV. Although the availability of such incentives varies depending on where you live, most states have provisions that allow you to benefit in some way from purchasing an EV. Here at Sunset Cadillac of Venice, we've taken a closer look at the benefits you can get right here in Florida when you purchase an EV like the brand-new Cadillac LYRIQ.
Florida Tax Breaks and Incentives
There is no statewide tax incentive in Florida if you purchase a new or used EV. However, if you investigate options offered by your local electric utility company, you may still discover incentives for an EV purchase. Many electric utility companies offer a rebate for an EV purchase or incentives on your energy price to encourage you to charge your EV at home during certain times of the day. These perks may help to make owning an EV an affordable option.
Examples of the rebates available include $100 from the Kissimmee Utility Authority if you purchase a new EV. Also, the Orlando Utilities Commission offers a $200 rebate if you purchase or lease a new EV or purchase a used one.
It's a similar story when it comes to the availability of incentives for the cost of getting a charging station installed at your home. Although no state program is offered, you can find a variety of options from electric utility companies across the state. For instance, the Jacksonville Electric Authority offers $300 to help you pay for the cost of upgrading your wiring to support a Level 2 charger. Another incentive saves you up to $7 per month if you charge your EV during off-peak hours. The Kissimmee Utility Authority offers $100 toward the purchase of a home charging station.
If you decide to get a solar-panel system installed to help charge your vehicle in a more environmentally friendly way, there are some statewide benefits you can look forward to. For example, getting solar panels installed will increase the value of your home, but you won't be required to pay any additional property tax. In addition, your purchase and installation of panels will be exempt from sales tax, which could translate into significant savings for you.
Federal EV Tax Breaks
If you purchase a new EV in Florida, you can qualify for the federal EV tax credit of up to $7,500. The credit is up to $4,000 if the EV is used. You can opt to receive a nonrefundable credit on your taxes or transfer this benefit to the dealership so that they can lower the price of the EV by the corresponding amount at the point of sale.
EVs must stay within certain price caps to qualify. For instance, the price of vans, trucks, and SUVs can't exceed $80,000. The cap is $55,000 for other vehicles. If you purchase a used EV, the tax credit only applies if the vehicle costs less than $25,000.
Another requirement is that the EV must have undergone final assembly in North America. The National Highway Traffic Safety Administration has information on the final assembly details of all vehicles. An easier option is to visit an online database to check whether the vehicle you're interested in qualifies for the tax incentive. Here at Sunset Cadillac of Venice, one of our experts can advise you so you know whether you can claim the federal tax credit on your EV purchase.
There are some additional rules to be aware of if you purchase a used EV. You can claim up to $4,000, but the credit can't be any more than 30% of the vehicle's sale price. The tax credit can only be claimed for the first transfer of a vehicle's ownership, and the vehicle must have a battery capacity at least 7 kWh. Finally, the vehicle must be at least two years old at the time of purchase and weigh less than 14,000 pounds.
EV Ownership Tips
After you purchase an EV, you can take several important steps to make the most of it. By charging your EV at home, you can take advantage of any benefits that may be offered by your electric utility company. Charging at home is also generally cheaper than using public stations, which are great in a pinch to top up your battery but can be expensive.
You should also familiarize yourself with the maintenance requirements for an EV, since there are some significant differences in comparison to what's required for a gas-powered vehicle. For example, you won't need to worry about oil changes and getting engine components inspected for an EV. However, the tires will still need to be rotated, brake pads will need to be checked, and fluids will have to be flushed and replaced from time to time. An EV's battery pack is not likely to need maintenance during its life span, which typically ranges from 12 to 15 years.
When it comes to specific maintenance tasks, brake pads usually last longer on an EV than on a gas-powered vehicle due to the regenerative braking capability. This involves the motor redirecting energy to the battery when your vehicle slows down. Due to the additional weight of an EV created by the battery pack, the tires on an EV may need to be replaced sooner than those on a gas-powered vehicle.
Check Out Your EV Options at Sunset Cadillac of Venice
If you're ready to purchase an EV in Florida, why not make Sunset Cadillac of Venice your first stop? You can explore the benefits of top-rated EVs, such as the 2024 Cadillac LYRIQ. We'll give you the chance to test-drive your dream EV before you commit to a purchase, and you can talk to our professional finance team to arrange a loan or lease agreement. At our Venice service center, our team of Cadillac experts will happily take care of your EV maintenance needs.
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