State and Federal Incentives for Electric Vehicles

There are many ways you can do your part to protect the environment. One way more people in the Sunshine State are doing just that is by driving electric vehicles. Over the past few years, electric vehicles have seen a nice bump in sales, and in large part that has to do with some really great state and federal incentives electric vehicle ownership offers. Let’s take a look at a few ways that Florida is powering up the electric vehicle revolution.

Charging up the Savings

To make EVs even more appealing, Florida is working to expand its charging infrastructure. This makes electric vehicles more convenient and comes with additional perks. Some Florida utility departments offer various programs, including rebates for home charging station installation and reduced rates for off-peak charging. It’s a bit like getting a discount on fuel cost. Just for choosing to charge at home when the demand for electricity is lower.

Federal Tax Credits Rev up the Deal

Beyond the state-level incentives, the federal government offers far more substantial tax credits for electric vehicle buyers than Florida residents are eligible for. The latest federal tax credit can be as high as $7,500, depending on the model of EV you purchase and your tax situation. This incentive is designed to reduce the upfront cost of electric vehicles, making them a competitive option versus traditional gas-powered cars.

Knowing the Details

It’s important to note that these federal tax credits are not a one-size-fits-all deal. The full credit amount only applies to new, qualified EVs, and the benefit begins to phase out once a manufacturer has sold a certain number of eligible vehicles.

Electric vehicles like gas powered vehicles need to be covered and Florida Farm Bureau Insurance has the high-quality auto insurance you need. Use our Agent Finder to get in touch with a local agent and for a quote today.