![]() ![]() For example, Tesla won:Īdditionally, the electric car maker won two-segment model loyalty awards, with the Model Y winning the Luxury Small Utility award and the Model 3 taking home the Luxury Small Car award. during 2022 and recognized Tesla for exceptional performance in various categories. The awards analyzed 11.7 million new retail vehicle registrations in the U.S. Experts believe this new legislation will help the U.S. ![]() The IRS will offset up to 30 percent of the total costs of purchase and installation of charging equipment, up to $100,000 per charger. There is a property credit for companies that install EV chargers. The Inflation Reduction Act also has several credits available for EV charging. history.” It includes $739 billion aimed at “green power, lower costs through tax credits, reduce emissions, and advance environmental justice.” When announced, the government said, “It will offer new access to tax credits as well as grants and incentives to reduce air pollution.” The government says the Inflation Reduction Act is “the most significant climate legislation in U.S. ![]() To check if your vehicle meets requirements, use the vehicle identification number decoder on the Department of Energy’s website. ![]() There is also a used EV tax credit allowing consumers tax credits for up to $4,000 or 30% of the cost of a used EV that’s at least two years old. According to the IRS’ website, purchases made between August 17 (when the legislation was announced) and December 31, 2022, may also qualify for a tax break. The tax credits are not just for vehicles purchased in 2023. Tesla Model Y Performance - 5 seat variant (2-rows) Tesla Model Y Long Range - 5 seat variant (2-rows) Tesla Model Y All-Wheel Drive - 5 seat variant (2-rows) Tesla Model Y Performance - 7 seat variant (3-rows) Tesla Model Y Long Range - 7 seat variant (3-rows) Tesla Model Y All-Wheel Drive - 7 seat variant (3-rows) We'll have to see if Tesla makes any changes to these models to get them under the $55,000 MSRP limit. The Model Y all-wheel drive, long-range and performance five-seat variants do not currently qualify for the tax rebate according to the IRS since their MSRP is above the $55,000 threshold. We may not only see a seven-seater performance Model Y, but we may also see Tesla reintroduce the Long Range Model 3 or Model Y for under $55,000 in 2023. This could be telling of what Tesla plans to offer in 2023. The IRS appears to work closely with vehicle manufacturers to determine eligible models. Interestingly, Tesla does not produce a Model Y Performance in the seven-passenger setup, but it’s available for credit. They include the all-wheel drive, long-range and performance versions in the five-seat and seven-seat variations. Six versions of the Model Y also made the list. Model S and Model X are not on the list of eligible vehicles due to price, but the rear wheel and long-range versions of the Model 3 did make the list if the manufacturer's suggested retail price is below $55,000. But it is important to note that not all Teslas qualify for the clean vehicle tax credit. The Tesla discount disappears on December 31, 2022, and the new government tax credit kicks in. Tesla Models That Qualify for the Tax Credit ![]()
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