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Will The Chevrolet Silverado EV Qualify For A Tax Rebate?

As the all-new Chevrolet Silverado EV prepares for a 2023 release, will the truck qualify for an EV tax rebate? With reservations for the pickup already open, prospective buyers will want to know what benefits are available for each purchase. Although the benefits of EVs have been constantly echoed, some consumers are having trouble with switching to electric drivetrains from a traditional internal combustion engine. A lack of education on the concept of EVs and the absence of a vast charger network negate a widespread endorsement of EVs. However, Detroit-based General Motors has made concerted efforts to inform citizens and answer their EV questions with an online tool.

Developed by Chevrolet, a subsidiary of General Motors, the 2024 Silverado EV will feature a handful of trims and share the same Ultium platform as the GMC Hummer EV. The new EV is expected to challenge Ford’s electric variant of the bestselling F-150 nameplate, the F-150 Lightning. The rivalry between both models can be traced to the gasoline-powered models, and that isn’t expected to change even as EVs. Other competitors in the electric truck category currently include the GMC Hummer EV and Rivian R1T. A future opponent is the Tesla Cybertruck, an EV sporting futuristic looks and an automaker’s ambition to dominate the EV segment.

Related: Does The 2023 BMW i4 Qualify For A Federal Tax Credit?

EV tax credits have existed since 2010 when the U.S government launched an EV-driven program that would offer up to $7,500 to buyers. Consumers intending to purchase a particular EV can confirm the vehicle’s eligibility for a rebate on the Fuel Economy website. Depending on phase-out rules, they may get the whole $7,500 or less. This is done because EVs are developed with new technologies and parts that result in a steep starting price. An ongoing chip shortage hasn’t helped matters, with automakers forced to extend wait times for new cars and increase retail prices. Aside from the federal tax credits, some states also provide extra tax credits and incentives to encourage people to buy EVs. Before proceeding to claim these credits, buyers are often asked to consult with a trained tax professional to determine their eligibility.

When automakers sell 200,000 EVs, they relinquish their eligibility for the federal EV tax credit, and this is the case with Tesla, GM, and Toyota. Although the Chevrolet Silverado EV hasn’t been launched, it’s unclear if buyers will get the tax rebate. The Silverado EV’s page on Chevrolet’s official website doesn’t say anything about qualifying for a rebate. While this may sound disappointing, hope is on the horizon as a major U.S. Senate bill could usher in the return of federal EV tax credits for big names in the automobile industry like Tesla and GM.

While the electric Silverado’s official website page doesn’t mention any EV benefits, a lot could change before the truck gets released. The Silverado EV could come with the same benefits that Chevrolet advertises for the Bolt EV. This includes eligibility for state tax incentives, access to the high occupancy vehicle (HOV) lane in some states, and utility incentives that reward drivers for installing a home charger. As expected, the pickup will offer standard EV benefits like time and gas savings. Buyers of the Chevrolet EV will also save money on some maintenance tasks like oil changes.

Next: GMC Electrified The Silverado, And It Looks Incredible

Source: Fuel Economy

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