Go Electric and Save with State & Federal Tax Incentives for Ford Electric Vehicles
Ready to go electric in the Sunshine State? Florida drivers can access federal and local incentives for purchasing or leasing an electric vehicle (EV) or installing a Level II home charging station. Get the most from your transition to a cleaner vehicle by leveraging current specials, incentives, and tax rebates in your area. At Tropical Ford, we help new EV owners transition to new technology and provide guidance for getting the available discounts to make their new electrified vehicle even more affordable. Thanks to the Inflation Reduction Act of 2022 and the Clean Vehicle Tax Credit in the bill, certain EVs qualify for up to $7,500 in tax credits. Ford electric and plug-in hybrid electric vehicles (PHEVs) qualify for the credit so you can reduce the cost to own.
For more information about current incentives, specials, and federal and local programs, don't hesitate to reach out to our experts at Tropical Ford.
How to Save With the Federal Clean Vehicle Tax Credit
The most important step to get the most from the Clean Vehicle Tax Credit is selecting the right vehicle. Thankfully, you have plenty of options at Tropical Ford for vehicles that meet the qualification requirements and provide excellent value for your lifestyle. Ford electric and plug-in hybrids meet the federal tax incentive eligibility guidelines for final assembly in North America and the manufacturer's suggested retail price (MSRP) cap to qualify for up to $7,500 in tax incentives. There are also income limits to qualify for the credit, which are $300,000 for married couples filing jointly, $225,000 for heads of household, and $150,000 for individuals.
The non-refundable credit is a deduction of your tax liability on the next income tax return. You or your tax preparation specialist will need to file an IRS Form 8936 on your behalf. One way you can benefit from the federal EV tax incentive without needing to file forms with the IRS or wait until tax season is to lease a new Ford EV or PHEV. Tropical Ford will apply the $7,500 tax credit to your lease term and significantly reduce your monthly payments.
Clean Vehicle Credit Qualifying Vehicles
- 2022 or 2023 Ford Escape Plug-In Hybrid
- 2022 or 2023 Ford F-150 Lightning
- 2022 or 2023 Ford Mustang Mach-E
- 2022 or 2023 Ford E-Transit
How to Qualify for the Florida Electric Vehicle Incentives
Florida does not offer statewide rebates or incentive programs for new EV purchases or leases. However, local utility companies like the Kissimmee Utility Authority and Jacksonville Electric Authority offer rebates for purchasing a new EV or Level II home charger installation. There are a few incentives for new EV owners around the Orlando area to help reduce the costs of ownership and charging your electric vehicle at home:
- Residential EV Charging Station Rebates:Â
Install a Level II home charger and get some money back from your local utility company.
- HOV Lane Use:
Clean vehicles, including EVs, PHEVs, Inherently Low Emissions Vehicles (ILEVs), and Alternative Fuel Vehicles (AFVs) can get a special tag to drive in the HOV lane even when there is only one passenger.
- Local Utility Rebates:
Certain utility companies provide rebates for new EV purchases
Contact Tropical Ford for More About EV Tax Credits and Incentives
Our Finance Center at Tropical Ford is the best place to get the most current information about all the available incentives, specials, and tax credits to score low monthly payments on your EV purchase or lease. Enjoy all the benefits of EV technology and state-of-the-art features that make every drive an exhilarating experience. Contact Tropical Ford and search our new Ford EV and PHEV inventory to start your transition today.
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Tropical Ford
9900 South Orange Blossom Trail
Orlando, FL 32837
- Sales: 407-851-3800
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