U.S. regulators have announced eligibility requirements for new all electric, plug-in hybrid, and fuel cell electric vehicles with regard to a new $7,500 federal income tax credit available as part of the Inflation Reduction Act (IRA) signed into law last August. Critically, both the Chevy Bolt EV and Chevy Bolt EUV qualify for the full U.S. EV tax credit. Meanwhile, models from several other brands will not be eligible for the new tax credit.
In order to qualify for the full $7,500 EV tax credit, vehicles are required to have a minimum battery capacity of at least 7 kWh, a gross vehicle weight rating under 14,000 pounds, and the vehicle must be produced by a qualified manufacturer. The vehicle must also be purchased new, it must undergo final assembly in North America, and it must meet critical mineral and battery component requirements with regard to sourcing. Finally, the vehicle MSRP cannot exceed $80,000 for vans, SUVs, and pickup trucks, and $55,000 for other vehicles.
The Chevy Bolt EV and Chevy Bolt EUV are not the only GM vehicles to qualify. Per a report from Reuters, General Motors previously indicated that it expects several of its new all-electric vehicles to qualify for the full $7,500 tax credit, including the Cadillac Lyric, the Chevy Equinox EV, and the Chevy Blazer EV, all of which the treasury has confirmed will indeed qualify.
The new EV tax credit coincides with President Biden’s goal of making half of all new car sales electrified vehicles 2030. Last week, the Environmental Protection Agency (EPA) released its most strict emissions rules to date, forecasting that 60 percent of new vehicle sales would be EVs by 2030.
The new requirements also mean that several other manufacturers will lose access to the EV tax credit, including BMW, Nissan, Volkswagen, Volvo, and Hyundai. In addition, models from other manufacturers, including those from GM crosstown rivals Ford and Stellantis, will have access to only half of the $7,500 tax credit ($3,750).
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Comments
Smh… government is spending to reduce inflation seems a bit counter intuitive. Let’s call this what it is, essentially a bailout out for failing special interest groups.
This is about saving the environment and reducing our dependence on foreign oil.
And bringing manufacturing investments back to the US.
ORNL published a tool to see which EVs qualify and for how much on the fueleconomy(dot)gov website.
This is the link for EVs purchased after 4/18/2023.
https://www.fueleconomy.gov/feg/tax2023.shtml
I think this makes the Bolt the least expensive (net) GM vehicle out there. Last year there were still new GM vehicles under $15,000 (Spark with a manual trans, if you could find one). This year I think the new Trax is the least at about $21,000. I think this makes the new Bolt, after subsidy sit at about $19,999. In a few states there are subsidies that would lower it further still.
Even better, the Bolt EV starts at $26, 500, so that would only be $19,000 if you buy it at MSRP. Better still, starting in calendar year 2024 we can get the discount up front at purchase so we don’t even have to deal with a tax credit. I wish they would have done that this year. Time to hit up my congresspeople and lobby them to get that starting this year!
The convoluted requirements for this tax credit almost makes you think lobbyists were involved. That said, I’ve been a Bolt owner for 2 1/2 years and if the Equinox is even close to the car I now have, will buy one. Despite the extra half hour at the fast charger, the Bolt is way ahead of the rest even without the tax credit. IMHO.
Everyone knows the best way to save the environment is to buy a new disposable EV every 5 years. Very eco forward.
Why are you on this site? You don’t own an EV, yet you think you know all about them.
You’re a consumer in every sense of the word. Enjoy “saving” the world with EVs 😂. Absolutely delusional if you think that’s really the reason big business is try to cram them down your throat.
The only thing I’m personally concerned about is saving money. That’s why I bought an EV. If saving the environment is a side benefit that’s great. You seem to have no problem with big oil cramming high prices down your throat.
No one makes disposbale EVs. But I do find it amusing how triggered some people get by them.
How come I am seeing that the April IRS revisions of rebates EXCLUDED the Bolt & Bolt EUV… Says battery requirements are not met by the Bolts… & that rebate would be only $3,500… Who is correct?
Well, well, well…..Bought a Bolt EV late last year because of the tax credit as an incentive to move to an EV, and other reasons. Filling my taxes now and the Bolt has been excluded. @Jonathan Lopez, you need to do your homework before publishing this article with misinformation. Check out the https://fueleconomy.gov/feg/tax2022.shtml site and show me where the Bolt is eligible for a tax credit.
Problem is, the dealers can’t give a buyer any garage wiring info for charging. Get the car home, then what?
You can plug it into a 120 outlet. Or set up a 220 outlet. Or GM will give you $1500 towards a in home fast charger or give you a $1500 credit with EV Go for fast charging elsewhere. 120 works just fine for me.
my EVGO credit was only $500, not $1500.
True, and despite how they make it sound, the deal is not for a charging station to be installed, but only a 240 volt outlet. With that you can only max out at 7.2 kw, not the 11.5 kw possible with a normal level 2 station. But, that IS still a lot better than level 1.
That said, it’s true that a 120 v outlet can be enough if you only need about 40 miles or less added per day.
I’m waiting for my EUV to be built and I’m curious. What sort of charging speed do you get with a 120v outlet? My understanding is it is about 1 kw. Is that accurate? And do you get about 4 miles per kwh if you take advantage of regen braking?
I only got 3-4 miles per hour on 120 volts. My level two gets 25-28 miles on a 40 amp circuit. With one pedal driving I get 3.5 miles per KWh in the winter in Pa . with temperatures in the 20’s. That’s with heater on, plus heated seats and steering wheel. Without the air conditioner on I get 4.9 miles per KWh, with it on I get 4.5KWh.
That’s some sweet milage in good weather, and even in cold its not bad. Good to know, as I’m in Milwaukee area and have cold winters, too. Thanks!
I’m fortunate in that a Sendik’s grocery store about 2 miles away from me has free level 2 charging in its parking lot which is one of the things that pushed me to take the plunge and get an EV. Though I’m thinking even if I paid for juice at home it’d still be a lot cheaper per mile than my Focus.
You get about 4 miles per hour of charging at 8amps using 120. You can set it to 12 amps in the MyChevy phone app for a quicker charge. Make sure to have an electrician check your home outlets to make sure they can sustain up to 20 amps so you don’t have a house fire! I have two ICE vehicles so I just cycle them in and out with the Bolt.
The 2022 bolt I bought came with the choice of an installed way of charging the car or a credit for charging.
I took the credits because this is my 2nd Bolt I installed the charging equipment needed when I had the first Bolt.
anyone know if anybody is making any carbon fiber covers that fit over that awful piano black dash and console ? , that is without a doubt the worse thing about the interior of a Bolt, GM could have done that for 10 bucks more a car
One unfortunate detail I found in the fine print is that the credit is not refundable, so you can’t get more benefit than you owe in fed taxes and can’t apply extra discount to future tax years. So people with higher incomes will get more discount than lower incomes, which really ought to be the opposite. 🙁
Your right. The tax benefit is more beneficial to high income earners. I’m retired and it’s going to be worth about $2500 for me. That said, I appreciate any benefit I can get.
Being able to drive an EV is a huge benefit to me cost wise and would be worthwhile even without a tax break.
Well it’s official, the Bolt is dead, just announced
Really sad that Chevy is discontinuing this great car. It’s an affordable EV for the average person. Hopefully, the Equinox EV starts at the rumored 30K price tag. That would be worthwhile compared to 40 or 50K competitors. I’ll hang onto mine, it saves me a lot of money.