EV Tax Credits Are Changing: What’s Ahead

[Jbrubakerjr]

The Green New Deal and any 'climate crises' rhetoric is really about transfer of wealth.
But we should have known that when gub'ment says they will give new tax credits they would be attached to a mile long list of exceptions/qualifications. How many EV's in the US are 100% made in NA including all its parts?
To wit:

• Manufacturing restrictions: If your EV (or the individual parts, like batteries) was manufactured or sourced outside of North America, you likely won’t be eligible for the tax credit.

I think mostly the choir is here, so your first statement will get a lot of 'amens' and not be news here.

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[mtsoxfan]

If it works the same way (it should) as my house solar credits this is correct. Being self employed it was easy for me as I just skipped a couple quarterly payments to receive the credit.

Otherwise.....

Our former home we installed solarand weren't allowed to take the whole credit the same year. Had to spread over 3.

 

[AzScorpion]

Our former home we installed solarand weren't allowed to take the whole credit the same year. Had to spread over 3.

You weren't allowed or you didn't have enough to offset the credits? The federal credits (30%) you were able to take all at once if you qualified for them. AZ at the time was also offering an additional $1,000 credit so I ended up getting a total of $6,000 I tax credits for 2016.

Also our lovely electric company changed the rules here for solar and there's no more net metering. Anyone who had purchased/leased before 2017 (might be 2018) is grandfathered in to the old rules for 20 years. It's not attached to the owner but the house so if/when I sell my house the new owners will have this going forward too. It's nice to be able to bank all my excess production from Dec - April/May and have all those banked kWh ready for when it gets hot here. Coming into summer I usually have about 2,000 kWh banked and my system will produce on average 780 kWh/month during peak production months.

I have enough to offset 100% of my electricity use and only pay the taxes and fees to the electric company which average $16.50/month. I really can't wait for the PHEV Ranger to come out as I'll be able to charge from home for free and all my DD around here will cost me $0.

 

[deleriumtremor]

The government giveth and taketh away...

I will just leave this here.

https://www.heritage.org/budget-and...en-who-those-87000-new-irs-agents-would-audit

I used for Forscan to turn down my political content sensor, so if it is over the line, please feel free to delete at will.

 

[mtsoxfan]

You weren't allowed or you didn't have enough to offset the credits? The federal credits (30%) you were able to take all at once if you qualified for them. AZ at the time was also offering an additional $1,000 credit so I ended up getting a total of $6,000 I tax credits for 2016.

Also our lovely electric company changed the rules here for solar and there's no more net metering. Anyone who had purchased/leased before 2017 (might be 2018) is grandfathered in to the old rules for 20 years. It's not attached to the owner but the house so if/when I sell my house the new owners will have this going forward too. It's nice to be able to bank all my excess production from Dec - April/May and have all those banked kWh ready for when it gets hot here. Coming into summer I usually have about 2,000 kWh banked and my system will produce on average 780 kWh/month during peak production months.

I have enough to offset 100% of my electricity use and only pay the taxes and fees to the electric company which average $16.50/month. I really can't wait for the PHEV Ranger to come out as I'll be able to charge from home for free and all my DD around here will cost me $0.

Maybe we didn't have enough. I kinda doubt it because we had over $10k taken out in taxes, and rebate was for a little over $20k.

We were in the same boat, paid $20 per month in taxes/fees. At end of March, we would get a small credit for remaining. Our home was all electric, with heat pumps.

With no net metering, or battery back up prices, it would be difficult to go that route again. Luckily, we have net metering in VT, but its use it or lose it at end of each "year" I could donatee to someone though...

 

[AzScorpion]

Maybe we didn't have enough. I kinda doubt it because we had over $10k taken out in taxes, and rebate was for a little over $20k.

We were in the same boat, paid $20 per month in taxes/fees. At end of March, we would get a small credit for remaining. Our home was all electric, with heat pumps.

With no net metering, or battery back up prices, it would be difficult to go that route again. Luckily, we have net metering in VT,

but its use it or lose it at end of each "year" I could donatee to someone though...

Sounds like you had enough to offset it if you had $10K taken out? I don't do my one taxes, I have a really good accountant I still use from when I was back in MA. He's been doing my business taxes for over 20 years now and he's always been great at getting me every dime back I'm entitled to.

Here they cash us out on our November bill which comes out on December 8th. Whatever credits you have they give you pennies (0.2-0.3) for them and will add this amount to your bill for future billing credits. Normally I end up with about $30-$35 worth so I'll get a bill for Jan & Feb with $0 due. So unless you have good battery storage it's not worth oversizing your solar system because you'll either lose the credits like you do or get pennies on the dollar for them like here.

One thing I don't like is we (I) can't upgrade my system now. If I want to add a few more panels I'll lose my net metering, the 20 year grandfathering and all the other perks. That's all through the local electric company which is pretty dumb because they push you to go green but then tie you down with dumb rules like this.

 

[EKSU]

If we could get an electric ranger with screens for next gen carplay, that would be great.

 

[SigOris]

You weren't allowed or you didn't have enough to offset the credits? The federal credits (30%) you were able to take all at once if you qualified for them. AZ at the time was also offering an additional $1,000 credit so I ended up getting a total of $6,000 I tax credits for 2016.

Also our lovely electric company changed the rules here for solar and there's no more net metering. Anyone who had purchased/leased before 2017 (might be 2018) is grandfathered in to the old rules for 20 years. It's not attached to the owner but the house so if/when I sell my house the new owners will have this going forward too. It's nice to be able to bank all my excess production from Dec - April/May and have all those banked kWh ready for when it gets hot here. Coming into summer I usually have about 2,000 kWh banked and my system will produce on average 780 kWh/month during peak production months.

I have enough to offset 100% of my electricity use and only pay the taxes and fees to the electric company which average $16.50/month. I really can't wait for the PHEV Ranger to come out as I'll be able to charge from home for free and all my DD around here will cost me $0.

Yeah, but it won’t be a MY19 ??????

 

[D Fresh]

This is not political at all.

But why on earth should I pay for some rich prick's car?

 

[Bob902]

This is not political at all.

But why on earth should I pay for some rich prick's car?

AMEN!!!!!

 

[deleriumtremor]

This is not political at all.

But why on earth should I pay for some rich prick's car?

I frankly don’t know, but I can hazard a guess, tradition?

 

[wanted33]

From what I've read (and tried to understand) and videos I've watched this new bill won't help many. There's going to be a lot of surprised people out there when they go to apply for their tax credits and are rejected.

I really didn't expect anymore from politicians my friend. They like to annnounce the start of the game, but not the rules. You learn as you to try to play, and most people always lose. But, wasn't the announcement grand.

 

[AzScorpion]

I really didn't expect anymore from politicians my friend. They like to annnounce the start of the game, but not the rules. You learn as you to try to play, and most people always lose.

But, wasn't the announcement grand.

That was the tell-tale sign right there! If they're all happy about it and are patting themselves on the back you know it only means one thing......Bend over because we're going to pay for this again!

 

[kieefer]

Only 8 Used Vehicles Will Qualify For New $4,000 Tax Credit https://carbuzz.com/news/only-8-used-vehicles-will-qualify-for-new-4000-tax-credit

 

[AzScorpion]

Only 8 Used Vehicles Will Qualify For New $4,000 Tax Credit https://carbuzz.com/news/only-8-used-vehicles-will-qualify-for-new-4000-tax-credit

It's even worse than I thought and a lot of people going to be disappointed when they find this out. I'm sure there's a market for some of these 8 vehicles but personally I wouldn't own any of them. Plus they all need to be under $25K which in todays market isn't always easy to find with used car prices at an all time high.

The credit is worth up to $4,000 or 30% of the car's purchase price (whichever is lower), the cost must be less than $25,000, and the vehicle has to be at least two model years old. It's unclear if the used vehicles will still carry the same North American assembly requirement, but we've created this list assuming that is the case. It's worth noting that the used credits won't kick in until January 1, 2023, but we believe these will be the only eight cars that are eligible.

Note: If you're wondering why there's not a single Tesla vehicle here, that's because we couldn't find one currently for sale under $25,000 due to high demand.

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