Georgia Electric Car Tax Credit: EVs & The Peach State
Photo by Samuel Agbetunsin on Unsplash
Many folks of a certain age can probably remember the first time they owned a smartphone. These devices were indeed cutting-edge at the time and offered a multimedia experience like never before, and they were also very expensive. Then, fast-forward a decade or so; it would be considered weird if someone doesn’t own a smartphone.
The society-altering change is happening with electric vehicles or EVs. According to Bloomberg, the United States is the latest country that passes the critical tipping point of EV adoption, which is 5%. This means that of all the new cars sold in America, 5% of them are all-electric vehicles or plug-ins. As electric cars become more mainstream and affordable, it’s fair to expect that adoption rates will increase.
With that said, if you’re planning to buy a new or used electric vehicle in Georgia, you probably have questions about the Georgia electric car tax credit. In that case, you’ve come to the right place because we have the scoop.
Does Georgia Have Electric Car Tax Credit?
Disclaimer: Before we start, this article is for informational purposes only. After all, we fancy ourselves as car experts, not tax professionals or financial advisers. Before investing in a significant purchase like an EV, we recommend discussing it with your financial and legal advisors first.
No. Although many states have tax credits and incentives for individual buyers of new or used electrified vehicles, Georgia isn’t a state that’s particularly friendly with EVs. As such, the peach state doesn’t offer any tax credits, rebates, or incentives of any form. In comparison, states like New York provide a refund for up to $2,000 with its Drive Clean Rebate program.
However, some utility companies in Georgia do offer incentives for EV owners, and they’re listed below:
Cobb EMC
Cobb EMC offers eligible members a rebate of $250 by installing an ENERGY STAR-certified Level 2 EV charging station in their homes. Basically, you can qualify for the EV charger incentive if you own a single-family home, install the EV charger, and sign up for Cobb EMC’s Energy Network. In addition, Cobb EMC also offers the NiteFlex program, where you can pay lower charges if you charge your EV during off-peak hours, and it even includes 400 kWh of free energy each month.
If you’re a residential member of Cobb EMC, these incentives are worth going for because these incentives can add up. However, there’s a relatively long list of eligibility requirements, so keep that in mind before you enroll.
FEEL SECURE IN THE CAR YOU CHOOSE
You don’t want to buy a car - you want to get the best deal on the car you’re looking for. The CoPilot app will notify you if there’s a similar vehicle in your area at a better price, so you’re always certain you got the best deal available.
Georgia Power
Georgia Power is another utility company that provides various rebates and bill credits for its residential customers with EVs. Like the previous company, Georgia Power offers a $250 refund for customers who have installed a Level 2 Charger in their homes. Alternatively, you can buy a Level 2 Charger from Georgia Power and receive an instant rebate of $250.
For instance, the ChargePoint Home Flex Level 2 EV Charger is available at a full price of $749. But with the rebates, the price comes down to $449. Plus, you may be eligible for another $50 for the Energy Efficiency Rebate.
Moreover, the company also has a program called Plug-in Electric Vehicle rate that gives you energy discounts by charging your EV during off-peak hours, 11 pm to 7 am – all to encourage nighttime charging.
Even if the Georgia electric car tax credit is non-existent, all is not lost. EV owners may still qualify for a tax credit of up to $7,500 at a federal level with the help of the Federal Electric Vehicle Tax Credit.
What is the Federal Electric Vehicle Tax Credit?
Last year, the Biden administration passed the Inflation Reduction Act of 2022, which is designed to reduce the deficit and inflation through various strategies, including combating climate change. Long story short, the Inflation Reduction Act of 2022 was a win for the EV industry, thanks to several generous incentives. The new incentive program did make some significant changes to the old Federal Electric Vehicle Tax Credit.
THE BEST USED SUVS UNDER $10,000
We looked into price, reliability, features, and more to create this list of the best used SUVs under $10k on the market today. Take a look - some of the best used SUVs have gone mostly overlooked or forgotten.
How Do I Qualify for the New Electric / Hybrid Tax Credits?
Effective January 1, 2023, clean vehicle buyers may qualify up to $7,500, but there is a long list of requirements that should be met, including:
- Vehicles purchased must not be for resale.
- The new electrified vehicle is eligible for half the tax credit ($3,751) if the battery components were manufactured and assembled in the U.S.
- The other half of the tax credit ($3,750) is only obtainable if the EV contains critical minerals processed in America or in countries which the U.S. have trade agreements with.
- The EV must be assembled in the U.S.
- Qualified vehicles will depend on the vehicle type and their MSRP cap. Basically, it comes down to $80,000 for vans, SUVs, and trucks, while the cap is $55,000 for other vehicle types.
- Household income is also a qualifying factor, and there’s a limitation. Joint filers have a $300,000 income limit, $225,000 for the head of households, and $150,000 for single filers.
- New for 2023, used EVs with a price tag of up to $25,000 are eligible for a $4,000 federal tax credit.
It’s worth mentioning that the credit has expiration dates, and the act is no longer available after December 31, 2032. Feel free to read out Electric Vehicle & Hybrid Tax Credits guide to learn the specifics about this act.
How Can I Get The Georgia Electric Car Tax Credit?
As mentioned, the Peach state is not very friendly to EVs, so there’s no way to get EV tax credits at a state level. However, major utility companies in Georgia do offer various incentives and energy discounts under certain conditions. Your best bet is to call your local utility company and find out if there are incentives you can avail of.
Ultimately, your best recourse is to avail the Federal Electric Vehicle Tax Credit. With the correct type of EV, you can get up to $7,500 in tax credits for your new clean vehicle. In addition, buyers of used EVs of up to $2,500 may be entitled to a $4,000 tax credit.
THE BEST USED LUXURY CARS ON THE MARKET
Buying a used or CPO luxury car is one of the smartest buys you can make - you can get a lot of car for not much money. You can pick up a three-year-old luxury car for about half of what you’d pay new. Check out this list of the best used luxury cars on the market to find the best deals.
Get a Curated List of the Best Used Cars Near You
The CoPilot car shopping app is the easiest way to buy a car. Tell us what you’re looking for and we’ll search the inventories of every dealership in your area to make you a personalized list of the best car listings in your area.
Only looking for newer models? CoPilot Compare is the search engine for nearly-new cars. Only see cars five years or newer with low mileage — CoPilot Compare is the best way to find off-lease, early trade-in, and CPO cars.
The best part? CoPilot is built using the same technology that dealerships use to buy and sell their inventories, so we have more info on each vehicle than competitors. CoPilot doesn’t work with dealerships, so there are no sponsored posts or other shady practices — just the most info on the best cars. Check out our About Us page to see how CoPilot works.
