Get up to $7,500 back on a new electric vehicle

Electric vehicles in the United States emit about a third of the greenhouse gases of gas-guzzling cars, making this switch a smart one for the climate. But even with the release of more affordable models, EV prices continue to be a roadblock for many shoppers.

Thankfully, a substantial tax credit from the IRA will help more families never pay at the pump again, saving an average of $950 a year on fuel costs.

What’s the gist?

How to save - Claim a tax credit of up to $7,500 on eligible vehicles (see below!)

• Who qualifies? - There are income limits and vehicle price caps. Learn more here.

• When is it available? - Now through the end of 2032. Beginning in 2024, you can transfer the tax credit to car dealers for an upfront “cash on the hood” discount rather than waiting to get money back during tax season.