What Should Volvo Drivers in Frisco Know About the Changing EV Tax Credit and Home Charger Incentives?
Federal incentives for electric vehicles are undergoing significant changes. The Clean Vehicle Credit, worth up to $7,500, is currently set to end on September 30, 2025, unless Congress takes action to extend it. If you’re also considering installing a home charging system, be aware that the related tax credit will end on June 30, 2026. Both programs offer savings opportunities, but timing is essential.
How Much Can You Expect to Receive in Federal Tax Credits for an EV Purchase?
The tax credit is split evenly—$3,750 for vehicles meeting critical mineral sourcing rules, and another $3,750 for battery component requirements. To qualify for the full amount, a vehicle must satisfy both conditions. Partial credit is available if only one condition is met. If neither is satisfied, no credit applies.
What Makes a Volvo EV Eligible for These Federal Benefits?
For your Volvo to qualify, it must meet several criteria:
- Be new at the time of purchase
- Include a battery with at least 7 kWh capacity
- Weigh under 14,000 pounds
- Be assembled in North America
- Be sold by a qualifying dealer
Price limits also apply:
- $80,000 MSRP cap for SUVs, trucks, and vans
- $55,000 MSRP cap for all other vehicles
In addition, the seller must report buyer details to the IRS, and income eligibility limits apply for buyers.
Are Home EV Charger Incentives Still Available in Frisco?
Yes, through June 30, 2026. A federal credit of 30% (up to $1,000) is available for the cost and installation of a home EV charger. The charger must be installed at your primary residence and meet specific criteria outlined by the IRS.
What Should You Do if You’re Thinking About Buying an Electric Volvo?
Before buying, check whether the Volvo EV you’re considering qualifies for the federal credit. Visit the IRS website for the list of eligible vehicles, or speak with our team at Crest Volvo Cars. Understanding these changes now can help you make the most of available savings.
How Crest Volvo Cars in Frisco, TX Can Help You Navigate the EV Buying Process
At Crest Volvo Cars, we’re ready to help you explore your EV options. Whether you have questions about qualifying vehicles, available incentives, or installing a charger at home, our team is here to support your decision from start to finish.
