$7,500 IRS Credit: Who is it for and how to apply
In an attempt to move the United States toward sustainability, the Internal Revenue Service (IRS) will offer a credit of up to $7,500 to all those looking to purchase an electric vehicle.
The credit is part of the Inflation Reduction Act passed by President Joe Biden in 2022. Through this legislation, the government allocates more than $370 billion in subsidies for technologies solar, wind and electric cars. The law went into effect January 1 and can be used to finance a new vehicle, as well as install solar panels or upgrade your electrical systems.
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