Claim Electric Vehicle Tax Credits
in Royal Oak, MI
Local, state and federal tax credits are a major talking point among customers when it comes to new electric vehicle sales. Why? Because the breadth of electric car tax rebates now available is only matched in scale by the amount of money they could save you when you buy a new Ford EV nearby. When you stop by Royal Oak Ford, you’ll see what we’re talking about in detail. Our Ford finance team can help you run the numbers and show you what your actual out-the-door price could look like when factoring in EV tax credits of up to $7,500 on select models. If you’re ready to learn more about how to go green and save big, stop by our Ford dealership in Royal Oak today.
How Do I Get My EV Tax Credit?
You will be able to claim up to $7,500 in credit against the federal income taxes you owe once you file for the year. Unlike tax deductions, a tax credit is a dollar-for-dollar reduction of your actual tax liability, which means you’ll be able reduce your tax bill by up to $7,500 when you buy a Ford EV like the new F-150 Lightning or Mustang Mach-E in Royal Oak. When reviewing federal EV tax credit qualifications, keep in mind that you can only claim this rebate during the year in which you purchased the vehicle. If you're also eligible for a tax refund, you'll receive both the refund and tax credit. To learn more, please speak with our Ford financing specialists.
Does Michigan Have Electric Car Incentives?
While no state-level tax credits are available for the purchase of a new Ford EV, a number of utility companies offer a variety of exciting rebates for Level 2 electric car charger installations. DTE Energy, for instance, offers a $500 rebate when you install a Level 2 EV charger. You can also save money by taking advantage of Time-Of-Use (TOU) Rates, which offer customers lower rates for charging an EV overnight or on weekends. To learn more about EV charging rebates or electric car charger incentives, please contact your local utilities provider.
Which Ford Models Qualify for Federal EV Tax Credits?
You can claim federal electric car tax credits on several new Ford models, including the plug-in hybrid Escape, Mustang Mach-E electric SUV, and E-Transit cargo van. Specific Ford EV tax credit details are as follows:
2021 Electric Vehicles & Tax Credits
| Ford Mustang Mach-E (First Edition Premium, California Route 1, Premium, Select, and GT)1 | EV | $7,500 |
2022 Electric Vehicles & Tax Credits
| Ford Escape Plug-In Hybrid1 | PHEV | $6,843 |
| Ford E-Transit1 | EV | $7,500 |
| Ford F-150 Lightning | EV | $7,500 |
| Ford Mustang Mach-E (Premium, Select, and GT)1 | EV | $7,500 |
1 Information listed here is accurate at time of publishing. Tax credits are subject to change.