The 6 Plug-in Hybrids and EVs You Can Buy Today That Qualify for EV Tax Credits

Electric vehicles (EVs) have surged in popularity over the last decade thanks to improving technology, increased driving range, and growing awareness of their environmental benefits. However, for many consumers, the upfront costs of purchasing an EV have been prohibitive. Fortunately, federal EV tax credits and additional state-level incentives have made these vehicles more affordable.

According to Experian, EV registrations were up 60% in the first quarter of 2022 compared to 2021. [1] This growth is likely to continue accelerating with the recent passage of the Inflation Reduction Act, which includes provisions to encourage domestic manufacturing of EVs and extends tax credits to 2032. [2]

But which EVs and plug-in hybrid models on the market today actually qualify for these lucrative tax credits? This guide will overview the vehicles that meet the criteria, analyzing their key specifications, pros and cons, and cost savings to help you determine if one could be the right eco-friendly choice for your needs.

Overview of EV Tax Credits

The federal electric vehicle tax credit originally offered consumers a potential credit up to $7,500 for qualifying plug-in electric drive vehicles purchased for use and not resale. [3] Credits have begun phasing out for some automakers, but the Inflation Reduction Act makes several key changes, including: [4]

  • Extends credits to 2032
  • Removes 200,000 unit manufacturer cap
  • Introduces battery component and critical mineral requirements
  • Adds North American final assembly provision

Additionally, many states and even some local utilities offer EV buyers extra incentives. When combined, the savings can reduce the effective cost by 10-15% or more.

The 6 Plug-In Hybrids and Full EVs That Qualify

While Tesla and General Motors recently hit the 200,000 unit cap, causing credits to phase-out, several models from other automakers still meet the criteria. Here are six 2023 plug-in hybrids and EVs likely to qualify:

1. Nissan Leaf

The Nissan Leaf debuted in 2010 as one of the first broadly available modern EVs. Today, it remains a top-selling model, praised for its affordable pricing and standard high-tech safety features.

Key Specifications:

  • Range: Up to 226 miles
  • Battery: 62 kWh lithium-ion
  • 0-60 mph acceleration: 6.5 seconds
  • Starting MSRP: $28,040

Analysis: While it lacks the driving range of newer rivals, the Leaf remains an excellent urban runabout. Tax credits make this EV with ProPilot Assist even more budget-friendly.

Nissan Leaf EV

Photo by Frimu Films | Shutterstock

2. Jeep Grand Cherokee 4xe

Jeep dives into electrification with the plug-in hybrid 4xe trim of its popular Grand Cherokee SUV. It promises improved fuel efficiency without sacrificing extreme off-road capabilities.

Key Specifications:

  • EV Range: 25 miles
  • Total range: 470 miles
  • Battery: 17 kWh
  • Towing capacity: 6,000 lbs
  • Starting MSRP: $57,700

Analysis: Ideal for adventurous families who want to tread lightly, the 4xe adds eco-cruising and some silence to the Grand Cherokee experience.

Jeep Grand Cherokee 4xe

Photo by rebinworkshop | Shutterstock

3. Rivian R1S

This all-electric SUV comes from Rivian, an emerging American startup challenging Tesla in the luxury EV space. Early models boast impressive performance and a class-leading driving range.

Key Specifications:

  • Range: 316 miles (700+ miles expected later)
  • Battery: 135 / 180 kWh
  • 0-60 mph: 3 seconds
  • Wading Depth: Over 3 feet
  • Starting MSRP: $78,000

Analysis: The R1S redefines expectations for an electric SUV, offering speed, refinement and legitimate capability for adventure.

Rivian R1S EV

Photo by Miro Vrlik | Shutterstock

4. Ford E-Transit

Businesses and contractors seeking an eco-friendly work van would do well to consider the E-Transit cargo van, Ford’s first fully electric commercial vehicle.

Key Specifications:

  • Range: 126 miles
  • Battery: 68 kWh
  • Payload: 3,080 lbs
  • Starting MSRP: $47,185

Analysis: Offering familiar Ford toughness and connectivity tech, the electric Transit can reliably tackle local jobs while reducing emissions and costs.

Ford E-Transit

Photo by Jonathan Weiss | Shutterstock

5. Chevrolet Bolt EV and EUV

The Bolt hatchback and slightly larger Bolt EUV make a compelling case for affordable EVs after battery fixes and redesigns. These compact Chevys are practical, packed with tech, and eligible for the full $7,500 credit.

Key Specifications:

  • Range: 259 miles
  • Battery: 65 kWh
  • 0-60 mph: 6.5 seconds
  • Super Cruise available
  • Starting MSRP: $27,495

Analysis: With robust EV range and lower cost, the Bolt family hits a sweet spot for first-time EV adopters seeking long-term savings.

Chevy Bolt EV

Photo by Felix Mizioznikov | Shutterstock

6. Ford F-150 Lightning

Ford strikes electric truck gold with the F-150 Lightning – an innovative EV pickup offering worksite productivity with zero emissions. Upgrade to the extended-range battery for 300+ miles of driving.

Key Specifications:

  • Range: 230 / 320 miles per charge
  • Battery: 98 / 131 kWh
  • Towing capacity: 10,000 lbs
  • Torque: 775 lb-ft
  • Starting MSRP: $41,769

Analysis: The Lightning electrifies America‘s best-selling vehicle, blending raw capability with smart tech and lower lifetime costs.

Ford F150 Lightning EV truck

Photo by Mike Mareen | Shutterstock

Conclusion

Between upfront purchase incentives like tax credits and long-term savings on gas and maintenance, switching to an EV or plug-in hybrid is getting easier every year. The six models highlighted, including the Nissan Leaf, Jeep 4xe, Rivian R1S, Ford E-Transit, Chevy Bolt and Ford F-150 Lightning, represent some of the top options on sale now likely to qualify for credits up to $7,500.

Carefully compare driving range, charging options, performance specs and overall functionality when deciding if one could meet your household or business needs while producing zero direct emissions. Test drive your favorites while the deals last!

References

[1] Experian: State of Electric Vehicles. https://www.experian.com/content/dam/marketing/na/automotive/quarterly-webinars/credit-trends/ev-mdm-2022.pdf

[2] The White House: The Inflation Reduction Act. https://www.whitehouse.gov/wp-content/uploads/2022/08/IRA-One-Pager.pdf

[3] Alternative Fuels Data Center: Federal Tax Credits for New All-Electric and Plug-in Hybrid Vehicles. https://afdc.energy.gov/laws/10513

[4] Electrek: Here’s Every Electric Vehicle That Still Qualifies for US Federal Tax Credit. https://electrek.co/2022/08/16/electric-vehicles-that-qualify-for-us-federal-tax-credit/

Did you like those interesting facts?

Click on smiley face to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.

      Interesting Facts
      Logo
      Login/Register access is temporary disabled