Tax Credits and Incentives for Electric Vehicles

BMW is an automaker that is paving the way to a green, more environmentally friendly future that still features cars with premium performance and luxury features. If you haven’t had the opportunity to experience the BMW electric car revolution yet, now is the time to get on board.

In addition to the savings at the pump and helping move us toward a sustainable future, purchasing an electric BMW vehicle also comes with an EV tax credit. Here’s how it works.

Tax Incentives for Going Electric

The US Department of Energy has created a number of tax credits and financial incentives for buying an electric vehicle. On top of the gasoline savings that come with driving an electric vehicle, these savings make going green a no-brainer.

While there is no state tax credit in Florida, you will be eligible for a federal tax credit of up to $7,500. To qualify, your BMW EV car must:

• Be made by an original OEM manufacturer
• Have been purchased in 2010 or later
• Weigh under 14,000 pounds
• Have a rechargeable electric motor
• Have a battery with a capacity of at least 4 kilowatts
• Be primarily driven or stored in the United States

Carpool Lane Access

Florida features high-occupancy lane exemptions, which are one of the most exciting incentives for buying an EV BMW car such as a BMW ix xDrive50. Even if you’re driving an electric car all alone, you’re still allowed to use the High Occupancy carpool/HOV lane.

All you need to do is fill out an application form for a Florida HOV Decal, and you’ll be well on your way to zooming past stopped traffic in the HOV lane.

Shop our selection of BMW EV models here at BMW of Wesley Chapel.