Install an Electric Vehicle EV Charger in Maryland to be eligible for a Tax Credit
If you install a home EV charging station then you’re eligible for a tax credit of 30 percent of the cost of hardware and installation. So you can save up to $1,000! Originally, the federal tax credit for installing an electric vehicle charger was set to expire at the end of 2021. However, the Inflation Reduction Act extended the EV charger tax incentive for another ten years so it will expire at the end of 2032.
New! Get a Home Charging Incentive from BGE
Now you can upgrade your home charger from a basic Level 1 (120v) model to a Level 2 (240v) charger and charge your vehicle during off-peak hours to get a $50 annual incentive from BGE. Through their EVsmart Program, you may be eligible for this annual incentive when you install a qualiﬁed Level 2 charger for your home and charge your car from 9pm – 7am. See details here.
In addition, businesses that install charging stations are eligible for even more savings. From the White House website: “Beginning January 1, 2023, fueling equipment for natural gas, propane, hydrogen, electricity, E85, or diesel fuel blends containing a minimum of 20% biodiesel, is eligible for a tax credit of 30% of the cost or 6% in the case of property subject to depreciation, not to exceed $100,000.” Click here to learn more about this credit and how to apply.
Get an EV Charger and Take Advantage of Tax Credit Opportunities
We can help you take advantage of these energy-saving tax credit opportunities by installing a new EV charger for you. Contact us for a free estimate. In addition, you can subscribe to stay updated with the latest tax credit information on cleanenergy.gov. By installing an EV charger you will save the money that you would have spent on gas and have a convenient place to charge your car. In addition to homeowners, businesses can provide their valuable customers and employees with an easy and convenient way to charge their vehicles while shopping, dining or at work.
This post is not meant to provide specific tax or accounting guidance, please be sure to consult an accountant or tax advisor about your individual or business tax situation.