The Oklahoma EV Tax Credit: A Drive Towards Sustainability
🎓 Disclaimer: this article is accurate at the time of publication in 2023. Please reference the publication date to determine whether any rebates or schemes still apply.
While Oklahoma may not be known for pioneering EV adoption, it is worth noting the current trajectory. As it stands, electric vehicles make up around 0.3% of total car sales in Oklahoma.
With this in mind, it prompts the question: what measures is the state taking to encourage a shift towards electric cars?
At a Glance:
1️⃣ Oklahoma does not offer a tax credit for electric vehicles.
2️⃣ Utility operators in Oklahoma provide incentives for around $200.
3️⃣ Residents of Oklahoma can apply for the $7500 federal tax credit when purchasing an electric car and applying for the tax credit is relatively straightforward.
Let’s discuss everything you need to know about the incentives you could be eligible for as a state resident, and hopefully, it will persuade you to go green. Starting now!
An Overview Of Oklahoma’s EV Incentives
The federal tax credit is the best incentive available to Oklahoma residents who purchase an electric vehicle. You can claim up to $7500 as a tax credit for buying an eligible electric car. Remember, this is from the federal government and applies to all states and their residents.
The rebates specific to Oklahoma come from utility providers. Depending on which utility provider you are with, you can get up to $250 for installing a level 2 charging station on your property.
Other than that, most of the incentives offered in the state are for businesses, such as the “Alternative Fueling Infrastructure Tax Credit.” Also, the state heavily promotes using alternative fuels such as ethanol and other biofuels.
How To Take Advantage Of The Federal Tax Credit In OK
Here is a beginner’s guide on how you can take advantage of it whether you where do you live in Oklahoma or any other state:
1️⃣ Purchase a new qualifying electric vehicle.
2️⃣ Remember to keep all documentation of the electric vehicle, such as proof of purchase, registration insurance, and so on.
3️⃣ Obtain a copy of the Manufacturer’s Certification Statement. This statement confirms that the vehicle is eligible for the tax credit (if applicable).
4️⃣ Complete IRS Form 8936, Qualified Plug-In Electric Drive Motor Vehicle Credit. This form is used to claim the tax credit.
5️⃣ Enter the amount of the tax credit on your tax return. The tax credit amount depends on your electric vehicle’s battery size and tax liability.
6️⃣ Submit your tax return and claim the tax credit.
Remember, the tax credit is available for new and used vehicles, although, for a used car, the credit is only up to $4000.
Please avoid submitting duplicate applications, which could interfere with processing your initial application.
Oklahoma Electric Vehicle Utility Incentives
To qualify for any utility incentives in Oklahoma, you must keep all of your documentation pertaining to the purchase or lease of an EV and any documentation of the installation level 2 charger on your property.
|Oklahoma Electric Cooperative (OEC)||If you are an OEC customer, you could be eligible for up to a $200 rebate when you purchase an electric vehicle. You must, however, install a level 2 charging station, and you can only charge your vehicle during off-peak hours, typically between 11:00 PM and 7:00 AM.|
|Public Service Company of Oklahoma||PSO offers a $250 rebate for installing a charger on your property. There is also a time-of-use rate which can save you a lot of money if you charge your EV between 11:00 PM and 6:00 AM.|
While it may not seem like much, most utility providers are taking the initiative to incentivize those who choose to drive electric vehicles. If you have any issues applying for any of the incentives above, phone your utility provider; they should be able to help you.
What Are The Benefits Of Oklahoma’s EV Incentives
Just because Oklahoma does not offer many incentives to individuals does not mean the state is not working hard to promote the use of clean energy. This hard work pays off in a few different ways:
- There is an economic benefit to promoting electric vehicles, whether building new infrastructure or putting money into your pocket, such as the utility rebate.
We cannot ignore clean energy’s positive impact on our environment.
Electric vehicles are typically nice, and states like Oklahoma are making them more accessible by incentivizing the installation of EV chargers.
These benefits cannot be ignored. But, at the same time, states like OK should start doing more to incentivize people who are actively adopting the switch to electric.
Are Tesla’s Allowed In Oklahoma?
At the time of writing this article, Tesla does not have a direct shipper license in Oklahoma. Because of this, the company cannot sell its vehicles in the state.
That said, it does not mean you cannot own a Tesla in the state because you can buy it out of state. However, there are a few issues that arise from doing this:
- You might have to pay sales tax in both the states (where you bought the Tesla and Oklahoma).
If the license is not resolved, Tesla might close its service centers in the state.
However, these are minor and should not deter you from buying a Tesla.
Does Oklahoma Have An EV Credit?
Oklahoma has no electric vehicle credit, unlike other states, such as Pennsylvania and California. That said, residents of the state can still claim the federal tax credit, which applies to Americans regardless of what they that’s it you, oh vehicle.
It is unclear, at least for now, if Oklahoma will start incentivizing electric vehicle owners a little more.
1️⃣ Despite a limited number of individual incentives, Oklahoma actively promotes clean energy and electric vehicles, with economic and environmental benefits.
2️⃣ States such as Oklahoma are facilitating the accessibility of electric vehicles by incentivizing the installation of EV chargers.
3️⃣ There’s a call for Oklahoma to further incentivize residents who are making the switch to electric vehicles.
The best thing for you to do is to phone your utility provider to see what kind of rebate you qualify for directly from them. Then I would advise looking at the federal EV charger incentive to offset the cost of your home charging station.