As automotive hybrid technology continues to advance, the government-sponsored incentives for hybrid vehicles also evolve. Currently, Las Vegas drivers have access to a number of tax incentives and other programs that reduce the total cost of owning a plug-in electric vehicle (PEV). Incentives for older hybrids that don’t plug in have largely been phased out as plug-in technology becomes the new standard in efficiency and environmental friendliness.
What Is the Qualified PEV Tax Credit and Who Is Eligible to Receive It?
The Qualified PEV Tax Credit Reduces Purchase Price
The Qualified Plug-In Electric Vehicle Tax Credit effectively reduces the purchase price of plug-in hybrid vehicles by $2,500 to $7,500. Exactly how much the tax credit is worth depends on the gross weight and battery size of the purchased vehicle. This credit is offered by the federal government and, thus, available to all drivers who purchase qualifying PEVs.
The credit will be phased out when automakers’ sales volumes increase, but no automaker has reached the threshold of 200,000 PEVs sold in a quarter yet. As a typical tax credit, the amount offered isn’t refundable and can’t be rolled over to a future year. Thus, this credit is most useful to drivers whose current-year tax bill exceeds the amount of the credit.
Nevada Emissions Inspection Exemption
In Nevada, all plug-in electric vehicles are exempt from emissions inspections for the first five model years. For example, a 2019 model doesn’t need to go through the emissions test until 2024. For drivers in Las Vegas and Reno (where emissions inspections are required), this program results in a cumulative savings of several hundred dollars. Even though new vehicles don’t usually fail the emissions inspection, other cars must still go for an annual test that usually costs around $40. Not having this expense helps reduce annual vehicle ownership costs.
Discounted Off Hours Electric Rates
Nevada Energy offers discounted off hours electric rates to plug-in electric vehicle owners who agree to charge their vehicles during non-peak hours. The discounted rates apply to all electricity used during the discounted period regardless of what the kilowatts are used for.
In order to get this discount, residents must grant Nevada Energy access to their electric meter.
Free City-Monitored Parking
In Las Vegas, all plug-in electric vehicles can park in city-monitored spaces (i.e. metered street spots, city-managed lots, etc.) for free. Drivers just need to apply for a special permit, which has a nominal fee of less than $10.
Find Your Plug-In Electric Vehicle and Available Incentives
To find the plug-in model that’s right for you, visit Valley Automall where we have a variety of options to choose from. We’ll help you find the PEV that’s perfect for you, and we’ll make sure you get all tax credits and other incentives that the vehicle qualifies for. Contact us at 702-570-2257 to learn more about the vehicles we offer.