It’s no secret that electric vehicles tend to be a bit more expensive than their gas-powered counterparts. That’s largely because the technology is newer, and it takes a bit more investment to actually produce an EV because of the costs associated with the battery and advanced construction.
While it’s true that electric vehicles are becoming more and more affordable, now that the federal tax credits are no longer available, many would-be owners are left wondering how they’re going to afford an EV.
The major tax breaks may be gone (for now), but the good news is, there are still a couple of ways you may be able to stretch your dollars and save money on an electric vehicle purchase. If you live near our Genesis dealership in South Florida, read on to find out how.
Alternative Fuel Vehicle Refueling Property Credit
The IRS may not offer the full $7,500 credit for qualifying electric vehicles anymore, but they haven’t gotten rid of all their incentives. This credit is intended to give taxpayers money back when they install EV chargers in their home or business.
The credit for individuals is 30% of the cost of the item, up to a max of $1,000. So, basically, if you spent $1,000 on a shiny new EV charger for your garage, you could expect to get around $300 back.
Of course, there are some caveats. The credit must be claimed in the same tax year as the installation, so if you miss it, you’re out of luck. The credit is also only available for certain census tracts—you must live either in a low-income or a non-urban area.
Right away, you’ll notice that that probably disqualifies a lot of Greater Miami, so if you live in, say, Hialeah or Coral Gables, you may not be eligible. However, there are still plenty of places in Miami-Dade County that might qualify. Simply check the IRS website and follow the instructions to see if you can reap the benefits.
FPL EVolution Home
Florida Power & Light offers a program that allows you to pay as little as $31 a month to have an EV charger installed in your home. Here’s where this really comes in handy: the program allows for unlimited charging during off-peak hours, so if you do a significant amount of charging every month, you can save quite a bit of money as long as you avoid the peak hours.
Program requirements are pretty simple—you just have to own a single-family home or townhouse with a garage, have a decent Wi-Fi signal, and be in good standing with the utility company.
Be forewarned, though. The program comes with a 10-year term, and if you move or decide to cancel early, you’ll likely have to pay a hefty fee for the equipment removal.
Check out all the FLP EVolution details here.
FPL Time-of-Use (TOU) Rates
FPL offers another program that may work well for Genesis owners near Doral, FL. It works like this: when you enroll in the program, instead of paying a flat rate, you pay more during peak hours, but you pay significantly less during off-peak hours.
Currently, the TOU rate for peak time is about 26 cents per kilowatt-hour, while the rate for off-peak hours is just 9 cents per kilowatt-hour. You’ll have to do some math to figure out whether this program will work for you in the long run, but for shoppers who don’t mind making some minor lifestyle adjustments, it can mean noticeable savings.
One thing to note: you can’t enroll in both FLP programs at the same time. Read more about TOU rates here.
Electric Vehicle Insurance Regulation
Electric vehicle owners sometimes bemoan the fact that they have to pay more for car insurance, but this Florida law states that insurance companies can’t impose extra surcharges for factors like payload, new tech, and the materials the vehicle is made of, unless the charges are justified by hard data.
We recommend talking with your insurance provider for more specific information, but this law may still save you a few bucks compared to residents in other states.
High Occupancy Vehicle Lane Exemption
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This one may not necessarily save you money, but it could absolutely save you time. Florida also has a law that allows “inherently low emission vehicles” to use an HOV lane at any time, no matter how many passengers are in the car. All you have to do is get it certified and slap the proper sticker on the window.
Discover More EV Incentives at Braman Genesis
Are you curious about other ways you can save money when you shop for a Genesis EV? At Braman Genesis, we have low APR financing offers, Genesis lease deals, and manager’s specials so you can pay bottom dollar for a top-tier luxury electric vehicle.
Contact us online or call us at 786-574-3095 to get started.
