Will Chevy Equinox EV get tax credit?
Yes, the upcoming Chevy Equinox EV is expected to qualify for federal tax credits when it becomes available. The Equinox EV, Chevrolet's all-electric compact SUV, is slated for release in 2024 and will be eligible for up to $7,500 in tax credits under the current electric vehicle incentive program.
Details on the Chevy Equinox EV Tax Credit
The Inflation Reduction Act, passed in 2022, extended and modified the federal tax credit for electric vehicle purchases. Under the new rules, the Chevy Equinox EV will likely qualify for the full $7,500 credit, provided it meets certain criteria:
- The Equinox EV must be assembled in North America.
- The battery components and critical minerals used in the battery must meet certain thresholds for domestic or free trade partner country sourcing.
- The vehicle's manufacturer's suggested retail price (MSRP) must be below $55,000 for cars and $80,000 for SUVs and trucks.
Based on the information available, the Chevy Equinox EV is expected to meet these requirements and allow buyers to claim the full $7,500 tax credit when they purchase the vehicle.
Significance of the Tax Credit
The federal tax credit can make a significant difference in the overall cost of an electric vehicle purchase. For the Chevy Equinox EV, the $7,500 credit could effectively lower the starting price by that amount, making the electric SUV more accessible to a wider range of consumers.
This tax credit, combined with other state and local incentives, can help drive adoption of electric vehicles and support the transition to a more sustainable transportation system.
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.
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.
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.
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.
Which EVs qualify for tax credit in 2024?
Which Electric Cars Were Eligible for a Tax Credit in 2024?
- Acura ZDX EV (2024 model years; MSRP, $80,000 or below)
- Cadillac Lyriq (2024 model year; MSRP, $80,000 or below)
- Chevrolet Blazer EV (2024 model year; MSRP, $80,000 or below)
- Chevrolet Bolt and Bolt EUV (2022 and 2023 model years; MSRP, $55,000 or below)
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.
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 |
Can 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.
How much will the 2024 Chevy Equinox EV cost?
The 2024 Chevrolet Equinox EV is an all-new, all-electric compact SUV with an impressive maximum range of 319 miles. Pricing starts at $43,295. The 2024 Chevrolet Equinox EV combines a low starting price with the excellent range of pricier EVs.
