If you're a proud owner of an electric vehicle (EV), you know how important it is to have access to charging stations. To encourage the adoption of electric cars, the federal government offers a tax credit for the installation of EV charging stations at home or at a business. In this article, we'll explain everything you need to know about the federal tax credit for electric vehicle charging stations.
The federal tax credit for EV charging stations is available to individuals and businesses that install a qualifying station. The credit is equal to 30% of the cost of the station, up to $1,000 for residential installations and up to $30,000 for commercial installations. To qualify for the credit, the station must be installed by December 31, 2023.
To claim the tax credit, you'll need to fill out IRS Form 8911 and attach it to your tax return. You can claim the credit for the tax year in which the station was installed and placed in service. If you can't use the full credit amount in the first year, you can carry it forward to future years.
It's important to note that the federal tax credit for EV charging stations is non-refundable, which means that you can't receive a refund for any amount that exceeds your tax liability. However, the credit can be combined with other federal and state incentives for electric vehicles.
Overall, the federal tax credit for electric vehicle charging stations is a great way to reduce the cost of installing a charging station at home or at a business. By taking advantage of this credit, you can make EV ownership more affordable and contribute to a cleaner environment.
To learn more about OE Solar's Electric Vehicle charging station installation services, click here. Our expert project planning & finance teams will help design an EV charging station tailored to your needs to help get you going and on your way to staying fully charged and on-the-go!