Qualified Electric Vehicle
Candlefocus EditorElectric vehicles are much more energy efficient than traditional fuel-powered vehicles; some models can go up to 200 miles on a single charge. As a result, electric vehicles have much lower emissions than traditional vehicles. In addition, electric vehicles require less maintenance as they have fewer moving parts to maintain.
To be eligible for the full $7,500 electric vehicle tax credit, the vehicle must have an EPA rated fuel economy at least that of a comparable gasoline-powered vehicle and be purchased from the manufacturer. The credit phases out when the manufacturer has sold 200,000 of these vehicles, after which the credit is 25% of the original figure.
These qualified electric vehicles can save consumers money over the long-term as they are cheaper to own, operate, and maintain than gasoline-powered vehicles. They also help improve air quality and reduce greenhouse gas emissions, decreasing our dependence on foreign oil and helping to support the economy. Electric vehicles are a great way to switch to a greener transportation option while saving money in the long run.