What Should Drivers in Decatur, IL Know About Recent Changes to the EV Tax Credit and Home Charger Incentives?
The federal government is phasing out some EV-related tax incentives. The Clean Vehicle Credit—worth up to $7,500—is scheduled to end on September 30, 2025, unless it’s extended. The home EV charger installation credit is also being discontinued after June 30, 2026. If you're planning to go electric, it’s important to act while these benefits are still in place.
How Much Can You Save With the Federal Tax Credit When You Buy an EV?
The full credit is $7,500 and is split into two parts. You’ll get $3,750 if the vehicle meets critical mineral sourcing rules, and another $3,750 if it meets battery component requirements. If only one is met, you may still qualify for a partial credit. No compliance means no credit.
What Vehicles Qualify for the Clean Vehicle Credit?
To qualify, an EV must:
- Be new at the time of sale
- Have a battery of at least 7 kilowatt-hours
- Weigh under 14,000 pounds
- Be manufactured by a qualified automaker
- Have its final assembly completed in North America
Price limits also apply:
- $80,000 MSRP cap for SUVs, trucks, and vans
- $55,000 MSRP cap for all other vehicles
The seller must report the sale to the IRS, and the buyer must meet income guidelines to claim the credit.
Can Decatur Residents Still Get a Credit for Installing a Home Charger?
Yes, through June 30, 2026, residents can claim 30% of the cost to install a home EV charger, up to $1,000. It must be for a primary residence. If you're considering charging at home, it may be smart to take advantage while this benefit lasts.
Thinking About Buying an Electric Toyota in Decatur?
Check vehicle eligibility first—some Toyota models may qualify. The IRS website lists qualifying vehicles, or you can speak with a team member at Crown Toyota to confirm. It’s also a good idea to review your eligibility before moving forward.
How Crown Toyota in Decatur, IL Can Help
At Crown Toyota, we’re committed to helping Decatur-area drivers understand EV options, identify qualifying vehicles, and navigate available incentives. Our team is here to help you make the most informed decision possible.
