Does Chevy Equinox EV get tax credit?
The Chevy Equinox EV is one of the most anticipated electric vehicles (EVs) on the market, offering a blend of affordability, practicality, and cutting-edge technology. For many potential buyers, a key question is whether this EV qualifies for federal tax credits, which can significantly reduce the cost of ownership. Let’s dive into the details to clarify this important topic.
Understanding Federal EV Tax Credits
The federal EV tax credit is designed to incentivize the adoption of electric vehicles by offering a financial benefit to buyers. However, not all EVs qualify for this credit. Eligibility depends on several factors, including:
- The vehicle's manufacturer and whether they meet the production cap for tax credits.
- The vehicle's assembly location, as certain credits require North American assembly.
- The battery components and critical minerals sourcing, which must meet specific requirements under the Inflation Reduction Act (IRA).
- The buyer's income, as there are income caps for eligibility.
Does the Chevy Equinox EV Meet the Requirements?
As of February 2025, the Chevy Equinox EV is expected to qualify for the federal EV tax credit, but there are a few conditions to consider:
- North American Assembly: The Equinox EV is manufactured in North America, which satisfies one of the key requirements for the tax credit.
- Battery Sourcing: General Motors (GM), the parent company of Chevrolet, has been working to meet the battery sourcing requirements outlined in the IRA. This includes sourcing critical minerals and battery components from approved countries.
- Income Limits: Buyers must meet the income eligibility criteria. For single filers, the adjusted gross income (AGI) limit is $150,000, while for joint filers, it is $300,000.
It’s important to verify the latest information with your dealership or the IRS to ensure the Equinox EV you’re purchasing qualifies for the credit, as eligibility can vary based on the specific trim and battery configuration.
State and Local Incentives
In addition to the federal tax credit, many states and local governments offer additional incentives for EV buyers. These can include rebates, reduced registration fees, and access to carpool lanes. Be sure to check the incentives available in your area to maximize your savings.
Conclusion
The Chevy Equinox EV is poised to be an excellent choice for those looking to transition to an electric vehicle, and it is likely to qualify for the federal EV tax credit, provided it meets all the outlined requirements. With the added benefit of state and local incentives, the Equinox EV could be an affordable and eco-friendly option for many drivers. Always consult with your dealership and tax advisor to confirm eligibility and ensure you take full advantage of the available credits and incentives.
Frequently Asked Questions
Is the Chevy Bolt eligible for the $7500 tax credit?
As of early 2024, Chevy EVs that qualify for tax credit include the Chevy Bolt EV and Chevy Bolt EUV. As more information becomes available, the Chevy Silverado EV, Chevy Equinox EV, and Chevy Blazer EV are expected to qualify as well.
What is the best electric car to buy right now?
Best electric cars at a glance:
- Best electric family car: Tesla Model 3 – find out more.
- Best affordable electric SUV: Renault Scenic E-Tech – find out more.
- Best electric style icon: Renault 5 E-Tech – find out more.
- Best electric performance car: Hyundai Ioniq 5 N – find out more.
Why are GM EVs not eligible for tax credit?
GM lost access to EV tax credits for nearly all of its models on Jan. 1 when new battery sourcing rules from the U.S. Treasury made many EVs ineligible. GM has since regained eligibility for many EVs including the Blazer EV and Cadillac Lyriq after it made sourcing changes.
Which EVS are eligible for $7,500 tax credit?
Which EVs and PHEVs Are Eligible for a Federal Tax Credit?
| Model Year/Vehicle | Credit Available | Retail Price Cap |
|---|---|---|
| 2023-25 Ford F-150 Lightning EV | $7,500 | $80,000 |
| 2025 Genesis Electrified GV70 EV | $7,500 | $80,000 |
| 2024-25 Honda Prologue EV | $7,500 | $80,000 |
| 2025 Hyundai Ioniq 5 EV | $7,500 | $80,000 |
Does Chevy Volt qualify for EV tax credit?
Used plug-in hybrids EVs that qualify for tax credits
| Make/Model/Year(s) | Full Tax Credit |
|---|---|
| CHEVROLET (GM) | |
| Volt (2011-2019) | $4,000 |
| CHRYSLER | |
| Pacifica PHEV (2017-2022) | $4,000 |
Is Chevy Equinox EV eligible for tax credit?
Act now! Equinox EV may still qualify for a federal tax credit* up to $7,500 for eligible buyers. See details.
Can Chevy Equinox EV use a Tesla supercharger?
Magic Dock Locations
Tesla has recently started adding Magic Dock adapters at some of its Supercharger locations. These Magic Docks are compatible with non-Tesla EVs, allowing vehicles like the Equinox EV to connect to Tesla Superchargers at select locations.
What is the difference between the 2024 and 2025 Equinox EV?
Appearance. The 2024 Equinox has a sleek look with a flowing definition that angles across the sides. The front has a strongly angled hood with a wide, curved grille that fades into the sectioned LED headlights. In 2025, the look includes a boxier shape with a squared-off nose and sharp-angled fenders.
What is the salary limit for a 7500 EV tax credit?
The EV tax credit income limit for married couples filing jointly is $300,000. And, if you file as head of household and make more than $225,000, you also won't be able to claim the electric vehicle tax credit. The EV credit income limit is $150,000 for all other filing statuses.
What EVs do not qualify for tax credits?
The Rules. To qualify for a tax credit of up to $7,500, a new EV or eligible plug-in hybrid electric vehicle (PHEV) must meet certain rules: A vehicle's MSRP must not exceed certain limits, so pricey EVs like the GMC Hummer EV, Lucid Air, and Tesla Model S won't qualify.
