Everything You Need to Know About EV Tax Credits

Going green in Texas has taken on a new meaning with the launch of the 2024 Mazda CX-90 PHEV. Buying an EV provides opportunities for rebates, incentives, and credits from numerous sources. El Dorado Mazda offers several choices in electric vehicle options.

Does the State of Texas Offer Any Tax Credits?

Although the state of Texas does not currently have any state-specific tax credits or incentives, the federal government does. As far as state incentives and tax credits, Texas offers an incentive that businesses can capitalize on when they install charging stations but, not on the individual citizen level.

Do Energy Providers Offer Incentives?

Don’t be dismayed that the state doesn’t offer any incentives because in Texas, many energy service providers offer a break. One way to obtain an incentive is to install a home charging station. For example, as of now, Austin Energy offers up to $1200 for a newly installed level two charging station. Southwestern Electric Power Company offers up to $250 for installing a level two charger and United Cooperative Services offers up to $500.

Before installing a home charging station, be sure to check with your local energy provider since credits and incentives change frequently.

Will EV Buyers Pay More than Gas Vehicle Buyers?

Although there was a measure introduced in 2021 to raise the fees when registering an EV, it was ultimately quashed. For now, all vehicle owners whether a gas or electric vehicle, will incur the same fees.

Are There Other EV Incentives Available?

The short answer is yes. Although not a state program, the federal government may offer up to $7500 for zero-emissions driving in a new EV, depending on the make and model. For a previously owned EV, up to $4000 may be offered. Be sure to check if the EV you’re eyeing is eligible for rebates like these.a

Learn More About Tax Credits in McKinney, TX

Explore the advantages of electric vehicle ownership at our Mazda dealership. Not only are there financial advantages, but you will also be an environmental pioneer. Go green with a Mazda CX-90 PHEV today!