What recent changes should I know about the federal EV tax credit and home charger incentives?
Federal incentives for electric vehicles have been revised with firm expiration dates. The Clean Vehicle Credit offers up to $7,500 in potential savings, but it’s set to expire on September 30, 2025, unless renewed by Congress. A separate credit for installing a home EV charger is also ending—currently scheduled to expire after June 30, 2026.
How much tax credit can I receive when purchasing an EV?
The federal EV tax credit is split into two equal parts adding up to $7,500 in potential savings:
- $3,750 for meeting critical minerals sourcing guidelines
- $3,750 for meeting battery component manufacturing rules
If a Hyundai EV meets both criteria, you may qualify for the full amount. Vehicles that only meet one receive a partial credit. No eligibility equals no federal tax benefit.
What Are the Vehicle and Buyer Eligibility Requirements You Must Meet to Qualify for the EV Tax Credit?
Eligibility depends on multiple factors. To qualify, a vehicle must be new, have at least 7 kilowatt-hours of battery capacity, and undergo final assembly in North America. There are also price caps: $80,000 for trucks, vans, and SUVs, and $55,000 for sedans and other passenger vehicles. Buyer income limits also apply, and dealerships must report the sale to the IRS for the credit to be claimed.
When Do The Federal Electric Vehicle Incentives End?
Here are the expiration timelines:
- Vehicle tax credit: ends September 30, 2025
- Home charger credit: ends June 30, 2026
These deadlines may shift depending on legislative action, but current guidance indicates you should act before these dates to secure benefits.
Thinking About Buying a Hyundai EV?
If you’re planning to go electric, it’s smart to act early. Start by confirming which Hyundai EVs qualify, whether your income meets IRS guidelines, and how much you could save. You can check this yourself, or let the team at Van Hyundai assist you.
How Van Hyundai Can Support You
Our Springfield-based team is here to help you navigate Missouri’s evolving EV landscape. At Van Hyundai, we’ll walk you through which Hyundai EVs on our lot currently meet federal credit guidelines, help you determine your eligibility based on IRS income limits, and help with the required IRS reporting.
Visit Van Hyundai in Springfield, MO to explore your EV options and available incentives. Whether you’re buying your first electric vehicle or upgrading your charger setup at home, we’re here to make the process easier—and to help you get the most value from today’s incentives.
