Rebates and Tax Credits: Most electric car owners in the neighborhood are aware of the $7500 Federal tax credit for purchasing an EV. Additionally, did you know that the state of California sends a rebate check for $2500?
The federal tax credit is received in full for the first 200,000 cars purchased from each manufacturer. Currently, the only manufacturer that this affects is Tesla. By the end of 2017, they expect to have sold about 180,000 cars in the US. Sometime in early 2018, they’ll reach the 200,000 car threshold. The following quarter, the federal credit begins to phase out. First dropping in half, then to 25% and finally going away entirely.