While the electric vehicle tax credit expired Sept. 30, residents in Burlington, Vermont, can still snag up to $5,700 in EV rebates through the Burlington Electric Department.
As WPTZ reported, the EV incentive program launched Oct. 1 and will run through 2026, offering residents a refund of $5,000 or $5,700 for income-eligible buyers. City leaders announced the program in late September, noting that the incentive offers have doubled compared to a former EV rebate program, which provided rebates of $2,300 or $3,000, depending on income.
Burlington Mayor Emma Mulvaney-Stanak told NBC5 that, despite the federal EV tax credits ending seven years earlier than anticipated, the city is doing its best to promote a healthy, eco-friendly environment and help residents make sustainable choices.
"Reversing the harmful effects of climate change and making our community climate-resilient will require both bold policy solutions and collective action on the part of residents," she said.
Tax breaks and rebates can make it easier to switch to an EV, but even without the incentives, EV owners can still save a fortune on gas, maintenance, and other expenses compared to gas-powered vehicles.
According to the Department of Energy, drivers can expect to save up to $2,200 per year on fuel costs for a fully electric vehicle and around $1,500 for a plug-in hybrid.
If you charge your EV at home with solar panels, you could save an additional 60% each year, according to EnergySage, and spend less time waiting at charging stations. The company estimates that the average EV owner may spend around $300 charging their car at home with solar energy, compared to up to $700 using grid electricity, and a staggering $2,500 for a gas-fueled vehicle.
With electricity and car repair bills skyrocketing, it's never been a better time to level up to an EV.
Not to mention, electric vehicles are significantly better for the planet compared to polluting gas cars, which contribute to rising temperatures and more extreme weather. A study by the Argonne National Laboratory, a DOE-funded science and engineering research lab, found that EV drivers reduce carbon pollution by 1 pound per mile, which equates to roughly 75% less pollution generated compared to a conventional gas car.
The more drivers that adopt EVs, the easier it will be on their wallets and the environment. Even though the tax credits have expired, 13 states are still offering tax breaks and rebates for purchasing an EV, according to personal finance experts at Money. Additionally, the federal tax credit for EV charging equipment remains available until mid-2026, covering up to $1,000 for residential installations and up to $100,000 for businesses, as per the Internal Revenue Service.
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