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EV CHARGER TAX CREDIT: WHAT YOU NEED TO KNOW
The federal EV charger tax credit for electric vehicle charging stations and
equipment is back with a few key changes.
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By Kelley R. Taylor
last updated 5 September 2024
in Features
The EV charger tax credit is back, thanks to the Inflation Reduction Act (IRA) —
massive climate, energy, tax, and healthcare legislation. You may have heard
that the IRA contains billions of dollars in tax incentives, including a tax
credit for new and used electric vehicles. But the IRA also brought back the EV
charger federal tax credit for electric vehicle charging stations and equipment
that had expired two years ago.
To take advantage of the tax break, there are some changes to the EV charger
federal tax credit that you will want to be aware of. Here’s what you need to
know about those changes and new proposals for high-powered EV charger networks
from major automakers and the Biden administration.
--------------------------------------------------------------------------------
Related: Point of Sale EV Tax Credits Are a Hit
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EV CHARGER TAX CREDIT 2024: IS AN ELECTRIC CAR CHARGER TAX DEDUTIBLE?
The federal tax credit for electric vehicle chargers originally expired a couple
of years ago. However, the Inflation Reduction Act’s Alternative Fuel Refueling
Property tax credit extends the EV charger tax incentive for ten years — through
Dec. 31, 2032.
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So, what does that mean for you? Essentially, if you install a home EV charging
station, the tax credit is 30% of the cost of hardware and installation, up to
$1,000. Also, beginning last year the EV charger tax credit for business and
home installations applies to other EV charger equipment like bidirectional
(i.e., two-way) chargers.
Businesses that install new EV chargers or EV charger equipment can also benefit
from a tax incentive of up to 30% of the total cost of equipment and
installation. However, they will have to meet certain labor and construction
requirements to be eligible to claim the full incentive.
Related: How the EV Tax Credit Works
Before the IRA, the limit on the amount of the EV charger tax credit for
businesses was $30,000. That limit applies to projects that were completed
before the end of last year. However, under the IRA, if you complete the
business installation project after 2022, the tax credit per property item is up
to $100,000 per EV charger.
All of this means that while electric vehicle chargers are not entirely tax
deductible, you might benefit, to some degree, from the tax incentives in the
Inflation Reduction Act that apply for refueling property.
HOW TO CLAIM THE EV CHARGER TAX CREDIT: FORM 8911
To claim the federal tax credit for your home EV charger, or other EV charging
equipment, file Form 8911 with the IRS when you file your federal income tax
return.
* You will need your receipts that show the purchase price of the EV charger
and any fees for installation of the charger.
* You will also need to know your tax liability for the year that you’re
claiming the credit. That’s because the EV charger tax credit is subtracted
from any federal tax that you might owe on that year’s return.
Also, the EV charger tax credit isn’t a refundable tax credit, so you won't
receive cash back as a result of claiming the credit.
BIDEN EV CHARGER PLAN
Early in 2024, the Biden-Harris Administration announced $623 million in grants
to help build an EV charging network across the U.S. According to the
administration, the national network of EV chargers will include at least
500,000 publicly available chargers by 2030.
The massive investment in EV charging stations stems from the Bipartisan
Infrastructure Law that the White House says, “invests $7.5 billion to build a
national EV charger network so that charging EVs is predictable, reliable, and
accessible.”
In a statement, U.S. Transportation Secretary Pete Buttigieg said the "funding
will help ensure that EV chargers are accessible, reliable, and convenient for
American drivers while creating jobs in charger manufacturing, installation, and
maintenance for American workers.”
MAJOR AUTOMAKERS PLAN EV CHARGER NETWORK
In mid-2024, BMW and six other leading automakers intend to launch an extensive
EV charger network across North America.
As Kiplinger has reported, the group, which includes General Motors, Honda,
Hyundai, Kia, Mercedes-Benz Group, and Stellantis NV, announced in late July
that the EV charging stations will be available to all electric vehicle
customers. The stations will offer combined charging system (CCS) and North
American charging standard (NACS) connectors.
According to a statement released by the companies involved, a joint venture has
been established to develop a minimum of 30,000 chargers. The goal is to
increase the appeal of zero-emission driving for millions of customers. These
chargers will be installed in both urban areas and along highways.
Related: Automakers to Roll Out Massive EV Charger Network
HOME SOLAR AND EV CHARGER FOR HOME
In a related addition to the EV charger tax credit, the Inflation Reduction Act
provides incentives for installation of home solar panels with the Residential
Clean Energy tax credit. For home and residential solar product installations,
the IRA allows a nonrefundable tax credit of up to 30% of the total cost.
That 30% tax credit is based on eligible expenses like solar panels, power
cells, labor, permitting and developer fees, other necessary related solar
equipment, batteries, and inspection costs.
Related: Should You Go Solar?
The solar energy tax credit applies for the next ten years — through December
2032. The tax credit is available for the year in which you complete the solar
installation.
The home solar panel tax credit can be beneficial on its own, of course. But it
also has potential positive implications for people interested in using solar
panels to charge their electric vehicles. That’s because if you’re eligible for
both home and residential solar tax breaks and the tax credit for EV chargers
and equipment, you could reap the benefits of two significant clean energy tax
incentives in the new law.
And if you’re even luckier, you could be one of the consumers who is eligible
next year to claim the EV tax credit for new and used electric vehicles.
EV CHARGER STATE REBATES AND INCENTIVES
In addition to the federal tax credit for EV chargers and EV charging equipment,
numerous state and regional incentives are available that you might benefit from
if you have a home EV charging station.
Keep in mind that the availability, amount, terms, and conditions surrounding
state EV charger incentive programs vary considerably. So, it’s important to
check your state to understand how the incentives work in your area.
Additionally, the U.S. Department of Energy has a searchable database on its
website that can help you find state tax credits and rebates that might help
offset or lower the cost of your EV charger and EV charging equipment.
MORE ON CLEAN ENERGY TAX CREDITS
* Tax Credits in the Inflation Reduction Act: What You Should Know
* States That Won't Tax Your EV
* How the EV Tax Credit Works
* Want to Lease an EV? There's a Tax Credit 'Loophole' for That
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Kelley R. Taylor
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Senior Tax Editor, Kiplinger.com
As the senior tax editor at Kiplinger.com, Kelley R. Taylor simplifies federal
and state tax information, news, and developments to help empower readers.
Kelley has over two decades of experience advising on and covering education,
law, finance, and tax as a corporate attorney and business journalist.
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