Driving an electric car can be expensive, especially if your talking about the initial sticker price of $69,900 for a Tesla Model S. Lucky for you, the U.S. government has tax credits designed to get you behind the wheel of the new generation of electric vehicles. Government incentives differ depending on the model, cars with high kilowatt battery systems, like the Tesla, are eligible for $7,500 in the form of a Federal tax rebate. While quite enticing already, Obama is aiming to sweeten the deal with an increase of the credit to $10,000 in his 2014 budget.
Leaving the White House, we find a much more divided approach to electric vehicle incentives, likeWashington state, who classifies electric vehicles as exempt from all sales tax on initial purchase and future maintenance of EV automobiles. Not all states are created equal though, Wyoming currently offers no tax incentives, although that is the national trend. Besides the Teton state, 21 other states give no rebates or deductions for making the switch to one of the many new electric cars, like the BMW i3.
So you might be asking yourself, does Obama really want me to own a Tesla? Maybe. We can at least ascertain the current structure of Federal tax rebates rewards higher Kilowatt models like the Tesla Model S, but the newer Nissan Leaf also qualifies for the full deduction, so who’s to really say what car the president want’s you to drive, maybe its a bicycle.