By March 2022, 62,000 electric vehicles had been registered in New York. There are 2 million registered automobiles in New York, so 3.1% of all registered vehicles are EVs. This is three times higher than the national average.
At A Glance:
1️⃣ When the New York rebate for new vehicles is added to the Federal program’s value, up to $9,500 of a new EV cost may be rebated back to the purchaser.
2️⃣ In addition, EV drivers enjoy many perks, such as using the HOV lanes.
3️⃣ If a solar system is installed and is used to charge the electric vehicle, the owner will become almost energy-independent, and New York offers many benefits to achieve this.
In this article, we look at the incentives & rebates available to New York’s residents to convert to EVs.
Overview of EV Incentives in New York State
New York residents that qualify have access to incentives to switch over to EVs. The incentives are available from the Federal government as well as New York.
Federal EV Subsidy Scheme
The government (through the IRS) allows a $7,500 ($4,000 on used EVs) tax rebate on a new electric car purchased during the tax year. This is a rebate offset against tax payable. If there is no tax payable, the refund falls away.
The qualification criteria are as follows:
- The battery capacity must be at least 7 kWh.
- The vehicle must weigh less than 14,000 pounds.
- A qualifying company must manufacture the car ( see list).
- The final assembly is done in North America.
- To qualify for the highest benefit level, the vehicle must be new.
- The car must cost less than $80,000 (this includes vans, SUVs, and pickups) and $55,000 for other vehicles.
- The joint household income must be less than $300,000 ($150,000 for single filers).
- The earning limits on used EVs are $150,000 ($75,000 for single filers).
Currently, there is no end date published.
Federal Charger Station Subsidy
The Federal government has reinstated the federal tax credit for charger installation. Taxpayers may qualify for a rebate of 30% of the cost of installing an EV charging station (up to $1,000),
This benefit expires on 12/31/2032.
📖 Read Next: The EV Charger Tax Credit Explained
New York EV Incentives
In addition to the rebates offered by the Federal government, New York also has the Drive Clean Rebate that can be applied for.
New York EV Rebate Offer
The New York State Energy Research and Development Authority (NYSERDA) offers electric car buyers up to $2,000 to residents who purchase or lease an eligible EV.
The eligibility requirements are listed below.
- It must be a four-wheeled motor vehicle that is specifically designed for use on public roads and highways.;
- It must weigh no more than 8,500 lbs.
- It must be able to travel faster than 55 miles per hour and,
- At least in part, it must be powered by an electric motor that uses a hydrogen fuel cell or a battery.
- The battery must have a capacity of at least 4 kWh.
- It must be able to be recharged by plugging into an external facility.
New York Emissions Exemption
EVs are exempt from New York’s emission tests.
High Occupancy Lane Exemption (HOV)
EVs traveling on Long Island Expressway (LIE) may use the HOV lanes, irrespective of how many occupants are in the car. The EV must display the Clean Pass vehicle tag.
Solar System Installation Benefits
The federal government and New York substantially benefit taxpayers installing solar systems.
The Federal Solar Installation Benefit
Installing a solar system capable of powering a level 2 recharger is part of the possible financial benefits of converting to an electric vehicle.
In addition to the 30% ($1,000 max) rebate to install an EV charger, the Federal government will also rebate 30% of the cost of a complete solar system installation.
The benefit is available for all US residents who pay taxes.
This benefit expires in 2035.
New York Solar Incentives
New York offers its qualifying homeowners four incentive programs:
- NY-Sun Megawatt Block incentive pays its customer a dollar for each watt generated by the system. This is in addition to the net metering scheme.
- Solar Energy System Equipment Credit allows the recipients of newly purchased or leased systems to deduct 25% up to a maximum of $5,000 from their taxes.
- The state does not charge sales tax (4%) on solar equipment.
- New Yorkers can take advantage of the statewide net metering program, where solar power producers can feed excess solar energy produced by them and receive credits on their utility bills.
How To Take Advantage Of New York’s EV Incentives
📖 Read Next: How Does The Federal EV Tax Credit Work?
The $2,000 rebate will automatically apply when you purchase an EV from a participating dealership.
The rebate is available on the car models listed through this link.
The Benefits Of New York’s EV Incentives
The Federal government and New York’s incentives are substantial amounts.
On an EV costing $60,000, the direct discount benefit would be $9.500 ($7,500 Fed and $2,000 New York).
Add to this the 55% (30% Fed and 25% New York) will pay for a solar system installation, making switching to solar and EVs surprisingly affordable.
The Economic Benefits Of Supporting The Growth Of The EV Market In New York
New York’s support for EV growth will achieve the following benefits:
- Reducing carbon emissions will result in a healthier, more productive population (fewer sick days absent).
- The average age (longevity) of the population will increase.
- Medical costs from emissions-related illnesses will reduce.
- The new technologies bring employment opportunities to the state.
- The new technologies bring a need for upskilling the existing workforce.
How Much Does It Cost To Register A Tesla In New York?
The cost to register a Tesla in New York includes the following.
- Initial/original registration fees: Based on weight +- $66.50 for a Tesla Model 3
- Vehicle plates: $25.00
- Title certificate: $50.00
- Sales tax: $32.50 (two-year fee)
Does NY Have EV Tax Credit?
New York offers a substantial tax credit of $2,000 on the purchase of an EV. This is paid in addition to the Federal credit of $7,500 on a new EV.
The programs in New York (Drive Clean Rebate Program) are some of the country’s most progressive electric vehicle tax incentives.
Although the incentives for vehicle purchases are still available, the same can’t be said for EV chargers. The Charge Ready NY Program exhausted funding in 2021 and no longer accepts rebate applications for EV charging infrastructure installations.
1️⃣ NYSERDA provides a tax rebate of $2,000 on the purchase of an EV,
2️⃣ Unlike many states, NY does not increase the registration tax on EVs.
3️⃣ It provides free access to the HOV lane.
4️⃣ EVs do not have to undergo an emissions inspection.
Incentive Schemes By State:
Arizona’s EV Incentives
California’s EV Incentives & Rebates
Colorado’s EV Incentives
Florida’s EV Incentives & Rebates
Illinois’ EV Incentives & Rebates
Indiana’s EV Incentives
Michigan’s EV Incentives
Nevada’s EV Incentives & Rebates
North Carolina’s EV Incentives & Rebates
Ohio’s EV Incentives & Rebates
Texas’ EV Incentives
Utah’s EV Incentives
Virginia EV incentives
Washington State’s EV Incentives