I know that there is a federal tax credit on certain EV's for up to $7,500 depending on the vehicle. I do think there is a price cap on that however, so the Taycan may not be eligible for it. I wonder if Porsche will be offering any buying incentives to current Porsche owners who are looking to trade up.
***Edit: April 23, 2019***
Well in advance of the Taycan's likely October-November 2019 launch, I would like to get details around all the possible federal and local tax rebates out of the way.
You won't find anything that directly applies to the Taycan just yet but should as we get closer to its September 2019 reveal. On my radar for information will be reports from federal agencies like the IRS, EPA, as well as local (state) agencies. Reports from resourceful electric vehicle websites like Inside EV's, MileiQ, Clean Technica and many others are part of it too. Even electric car podcasts and youtube channels.
So far there's quite a bit we can learn from them that applies to; Porsche as a whole, Porsche models that are currently eligible for federal rebates (Cayenne E-Hybrid, Panamera E-Hybrid and 918), where we stand on the credit phase out, best state-offered tax rebates, other local rebates and even potential 2020 budget changes from the Trump administration.
I suggest everyone reading this to go through the mentioned sources and more from now leading up to the Taycan's release for the latest. Porsche dealers might not have all the facts.
This post will mostly apply to the United States where EV tax credits are some of the best offered globally. Not so much in Europe and Canada last I checked although there are locations that benefit more than others. If you're from regions outside the U.S. feel free to mention your federal and local credits. With over 20,000 Taycan deposits around the world as of March 2019 and Porsche gearing up for annual production estimates of 40,000 there will be a global audience here, if not already.
As for the current state of EV tax credits in the U.S., here's what we have to work with:
An obvious but important fact to mention is the up to $7,500 Federal tax rebate mentioned earlier that's capped at 200 000 sold units, sits at 11 000 used as of March 2019 for Porsche.
The remaining 189 000 units are likely to be used up by the mid 2020's. After that its expected to diminish for a certain period and then be completely phased out. InsideEVs has an active Monthly Sales Chart if you're interested in following the numbers.
What we ACTUALLY get from that "up to $7,500" should be the full $7,500.
If you're curious like I was, charts from InsideEVs comparison show the full story for 2019 (follow link for more) along with this Federal EV Tax Credit Phase Out Tracker to help connect the dots going forward.
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State tax rebates are the best in just a handful of them as per an April 2019 Zebra report. Living in New York I was curious to see how other states compare and my assumption was right. This is just taking it for face value, so you'll have to dig deeper into the various state rules and regulations that apply to you.
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Other tax rebates to take advantage of include this one from an electric company that supplies power to Cali residents that's offering up to $1,000. I heard some employers offer EV incentive programs as well.
Unfortunately Canadians living in the province of Ontario won't be so lucky, they used to get up to $14,000 back on vehicles costing over $75,000. That is no more. It is however closer to what their neighbors to the south are getting which, up to $7,000 although I heard reports of up to $11,000 in some cases.
Europe on the other hand can probably blame the lack of rebates for poorer EV sales, something i'm glad isn't happening throughout North America. Sales simply struggle without incentives and Tesla has fallen victim to it.
If you live in the U.S.... some dip in EV buying could happen with Trump's 2020 budget. Keep scrolling.
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Trump's 2020 Budget could kill the EV tax rebate. A new bill is being pushed by republican senators to kill the the EV tax rebate and to introduce an EV tax instead, yeah, a complete 180. One of them said:
Automakers are pushing to have credits extended. If you don't plan on buying right away then I recommend following developments if the rebates matter to you.
***Edit: April 23, 2019***
Well in advance of the Taycan's likely October-November 2019 launch, I would like to get details around all the possible federal and local tax rebates out of the way.
You won't find anything that directly applies to the Taycan just yet but should as we get closer to its September 2019 reveal. On my radar for information will be reports from federal agencies like the IRS, EPA, as well as local (state) agencies. Reports from resourceful electric vehicle websites like Inside EV's, MileiQ, Clean Technica and many others are part of it too. Even electric car podcasts and youtube channels.
So far there's quite a bit we can learn from them that applies to; Porsche as a whole, Porsche models that are currently eligible for federal rebates (Cayenne E-Hybrid, Panamera E-Hybrid and 918), where we stand on the credit phase out, best state-offered tax rebates, other local rebates and even potential 2020 budget changes from the Trump administration.
I suggest everyone reading this to go through the mentioned sources and more from now leading up to the Taycan's release for the latest. Porsche dealers might not have all the facts.
This post will mostly apply to the United States where EV tax credits are some of the best offered globally. Not so much in Europe and Canada last I checked although there are locations that benefit more than others. If you're from regions outside the U.S. feel free to mention your federal and local credits. With over 20,000 Taycan deposits around the world as of March 2019 and Porsche gearing up for annual production estimates of 40,000 there will be a global audience here, if not already.
As for the current state of EV tax credits in the U.S., here's what we have to work with:
An obvious but important fact to mention is the up to $7,500 Federal tax rebate mentioned earlier that's capped at 200 000 sold units, sits at 11 000 used as of March 2019 for Porsche.
The remaining 189 000 units are likely to be used up by the mid 2020's. After that its expected to diminish for a certain period and then be completely phased out. InsideEVs has an active Monthly Sales Chart if you're interested in following the numbers.
What we ACTUALLY get from that "up to $7,500" should be the full $7,500.
If you're curious like I was, charts from InsideEVs comparison show the full story for 2019 (follow link for more) along with this Federal EV Tax Credit Phase Out Tracker to help connect the dots going forward.
State tax rebates are the best in just a handful of them as per an April 2019 Zebra report. Living in New York I was curious to see how other states compare and my assumption was right. This is just taking it for face value, so you'll have to dig deeper into the various state rules and regulations that apply to you.
Other tax rebates to take advantage of include this one from an electric company that supplies power to Cali residents that's offering up to $1,000. I heard some employers offer EV incentive programs as well.
Unfortunately Canadians living in the province of Ontario won't be so lucky, they used to get up to $14,000 back on vehicles costing over $75,000. That is no more. It is however closer to what their neighbors to the south are getting which, up to $7,000 although I heard reports of up to $11,000 in some cases.
Europe on the other hand can probably blame the lack of rebates for poorer EV sales, something i'm glad isn't happening throughout North America. Sales simply struggle without incentives and Tesla has fallen victim to it.
If you live in the U.S.... some dip in EV buying could happen with Trump's 2020 budget. Keep scrolling.
Trump's 2020 Budget could kill the EV tax rebate. A new bill is being pushed by republican senators to kill the the EV tax rebate and to introduce an EV tax instead, yeah, a complete 180. One of them said:
- “Never before has the electric-car consumer had so many choices. Taxpayers, on the other hand, don’t have any choice. Every time one of these cars sells, the US taxpayer must help pay for it.”
Automakers are pushing to have credits extended. If you don't plan on buying right away then I recommend following developments if the rebates matter to you.
- "Major automakers have been lobbying Congress to extend the credit that phases out after companies hit 200,000 vehicles sold." It's reported that, "Tesla Inc and General Motors Co both hit the 200,000 figure last year, but other major automakers are far from that figure."
