Ohio EV Incentives & Rebates: Go Green, Save Green
Ohio is not a leader in the adoption of EVs. By July 2022, only 21,200 electric vehicles were registered in the state. This represents a conversion to electric vehicles of only 0.212% of the 10 million vehicles registered.
At A Glance:
1️⃣ Ohio has only 217 publicly available direct current fast chargers. In addition, only 12 sites are less than one mile from an interstate highway exit.
2️⃣ In Ohio’s defense, a bill that is yet to be passed provides significant financial incentives for EV purchasers. As this has not yet been passed into law, the summary of benefits discussed in this article represents the state’s current position.
3️⃣ Presently, the state offers no financial incentives for drivers to switch to electric vehicles.
4️⃣ Despite this, the federal government offers substantial incentives for qualifying taxpayers, which will have a long-term beneficial impact on the number of EVs on Ohio’s roads.
In this article, we’ll explore the incentives and rebates in Ohio and if residents can benefit from switching to EVs.
Overview Of EV Incentives in Ohio
Ohio residents would have very little financial motivation to switch if it were not for the Federal government and IRS incentives to purchase an EV.
Federal EV Tax Credit
The US government offers a once-off tax credit of up to $7,500 for purchasing a new EV, as long as the vehicle and taxpayer meet specific criteria.
Effective January 1, 2023, the rules and the criteria to qualify for the tax credit are as follows.
To qualify, vehicles must meet the following specifications:
- The battery capacity must be at least 7 kWh.
- The car must weigh less than 14,000 pounds.
- A qualifying company must manufacture the vehicle (see list).
- The final assembly is done in North America.
- To qualify for the highest credit, 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).
📖 Read Next: Understanding The Federal EV Tax Credit
Federal Solar Tax Credit
The federal government provides a tax credit of 30% of the solar system’s cost. So in terms of an EV, Ohio residents have a real benefit if this is used to power the EV charger.
Ohio EV Rebates
The only rebate for purchasing an EV in Ohio is offered by the Firelands Electric Cooperative, to the value of $250 to members who install Level 2 EV charging stations at home.
This is a limited-time offer, and the rebate program is only in force for July 1, 2022, to June 15, 2023.
The fund providing this benefit is finite, and the rebate falls away once depleted.
Ohio Solar System Rebate
If sized correctly, a solar system can effectively charge an EV. Ohio offers the following benefits to residents switching to solar power.
Ohio’s ECO-Link Program
This scheme offers a state-guaranteed loan at an interest rate of up to 3 percent lower than conventional bank loans and stays in force for up to seven years. After that, the loan reverts to regular retail interest rates.
Solar Renewable Energy Certificates (SRECs)
Ohio offers solar system owners a Solar Renewable Energy Certificate (SREC) for each megawatt hour they generate. These negotiable financial instruments can be sold on the SREC market at their current values.
Net Metering Schemes
A net metering scheme allows owners to feed power back into the grid and claim rebates on utility bills based on the value fed back.
How To Take Advantage Of Ohio’s EV Incentives
Residents who want to take advantage of Ohio’s ECO-Link Program for solar systems must meet the following requirements to be eligible:
- Only Ohio residents qualify.
- The applicant must own the home.
- Third, they must pass a participating bank’s approval process.
- Finally, the loan must be used to install a solar system.
The electric vehicle charging station rebate offered by Firelands Electric Cooperative expires on June 15, 2023.
The Benefits Of Ohio’s EV Incentives
The Ohio EV incentive programs are minimal; however, if you qualify for the $7,500 provided by the Federal Government, it is a significant value and helps to quantify the financial benefits of switching to an EV.
How Much Does It Cost To Register A Tesla In Ohio?
A Tesla owner must pay $200 over and above the usual car tax to register a Tesla in Ohio.
The state justifies this by pointing out that, by owning an EV, the owner is not paying the 38.5 cents per gallon road tax fee included in the gas price.
Although understandable, it is another reason Ohio is not a high EV population state. Ohio is one of twenty-four states that charge a higher fee for electric or hybrid vehicles.
How Much Are Tags For Electric Cars In Ohio?
Car tags are required for all vehicles in Ohio and cost $31 plus tax and service fees for gas-powered cars. EV owners can expect an additional $200 to be added to this amount.
If the car has personalized plates, the base sum may be as high as $61 plus the EV surcharge.
EV adoption has not been high in Ohio; there are many reasons for this.
- The incentives offered by the state are minimal (if the proposed bill is passed, these will increase substantially)
- The rollout of publicly available charging stations has been slower than required.
- Because Ohio is losing revenue on gas-related taxes, the state penalizes EV drivers by charging higher registration fees.
Rebates are available at the Federal level on EVSE (electric vehicle supply equipment) as a tax credit.
To learn more about how you can save on the installation costs at your home, check out the article below:
🎓 Read Next: The Federal EV Charger Tax Credit Explained
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
New York’s EV Incentives
North Carolina’s EV Incentives
Texas’ EV Incentives
Utah’s EV Incentives
Washington State’s EV Incentives