Electric Vehicle Incentives

There are valuable federal, state, and utility incentives* that can help you pay for your electric vehicle and home charging. From the ITC credits you’ll receive for the purchase of an EV, solar, and storage to Minnesota’s Net Metering, now is a great time to use sustainable energy for your home and car!

Federal Investment Tax Credit

Tax credits are based on the battery size and go up to $7,500 for customers who purchase an EV, but they won’t last forever. The expiration date is separate for each manufacturer and occurs after an automaker sells 200,000 qualified vehicles. More and more manufacturers are introducing EVs, so there is no limit to the choices on the market!

Electric Vehicle Chargers will qualify for ITC credits when combined with a home residential solar system or storage installation. Make sure to include all your energy efficiency upgrades as part of your Wolf River Electric contract to receive the greatest value.

Current ITC rates infographic showing 30% (2024-2032), 26% (2033), and 22% (2034) with solar system, battery storage, and EV charger
Manufactures Discounts

For vehicles placed in service on or after April 18, 2023, the credit amount will depend on the vehicle meeting the critical minerals requirement ($3,750) and/or the battery components requirement ($3,750). A vehicle meeting neither requirement will not be eligible for a credit; a vehicle meeting only one requirement may be eligible for a $3,750 credit; and a vehicle meeting both requirements may be eligible for the full $7,500 credit.

For vehicles placed in service before or on April 17, 2023, the credit is calculated as a $2,500 base amount plus, for a vehicle that draws propulsion energy from a battery with at least 7 kilowatt hours of capacity, $417, plus an additional $417 for each kilowatt hour of battery capacity in excess of 5 kilowatt hours, up to an additional $5,000 beyond the base amount. In general, the minimum credit amount will be $3,751 ($2,500 + 3 * $417), representing the credit amount for a vehicle with the required minimum of 7 kilowatt hours of battery capacity. Learn more

The credit is nonrefundable, so you can’t get back more on the credit than you owe in taxes. You can’t apply any excess credit to future tax years. Learn more.

For vehicles purchased in 2022 or before, credit eligibility was determined under different criteria.

*Ask your representative about which incentive you’re eligible to receive. Please consult a tax advisor on your ability to claim these nonrefundable tax credits.