Switching to a Cadillac electric vehicle has never been more rewarding. At Herb Chambers Cadillac of Warwick, we're excited to help you take advantage of both federal tax credits and Rhode Island's DRIVE EV incentives. Whether you're considering the elegant Cadillac LYRIQ or another EV model, we'll ensure you have all the information you need to maximize your savings while transitioning to a luxurious and eco-friendly driving experience.
Who Qualifies for the Federal EV Tax Credit?
The federal EV tax credit is available to both individuals and businesses, provided they meet the following qualifications:
- Purchase the vehicle for personal use, not for resale.
- Use the vehicle primarily in the United States.
- Have a modified adjusted gross income (AGI) that does not exceed:
- $300,000 for married couples filing jointly.
- $225,000 for heads of households.
- $150,000 for all other filers.
What Is the EV Tax Credit Amount?
For vehicles placed into service after April 18, 2023, the federal EV tax credit is structured as follows:
- $3,750: If the vehicle meets the critical minerals requirement only.
- $3,750: If the vehicle meets the battery components requirement only.
- $7,500: If the vehicle meets both requirements.
Rhode Island DRIVE EV Rebates
In addition to federal tax credits, Rhode Island residents can take advantage of the state's DRIVE EV program, which provides rebates for purchasing or leasing new and used electric vehicles:
- New EVs:
- Up to $1,500 for battery electric vehicles and fuel-cell electric vehicles.
- Up to $1,000 for plug-in hybrid electric vehicles.
- Used EVs:
- Up to $1,000 for battery electric vehicles and fuel-cell electric vehicles.
- Up to $750 for plug-in hybrid electric vehicles.
- DRIVE+ Rebates: Income-eligible Rhode Islanders may qualify for an additional $1,500 rebate when purchasing or leasing a qualifying EV. To qualify, applicants must participate in a state or federal income-qualified program or meet the income requirements outlined in the DRIVE EV application.
- Fleet Rebates: Small businesses, non-profits and public sector entities can receive up to $1,500 for new battery electric vehicles and up to $1,000 for used EVs.
Which Cadillac EVs Qualify for Incentives?
The Cadillac LYRIQ and other future new Cadillac EVs are excellent candidates for both federal and state rebates. With their striking design, cutting-edge technology and impressive electric range, new Cadillac electric models exemplify luxury reimagined for the electric era.
Herb Chambers Cadillac of Warwick proudly offers a growing selection of Cadillac EVs and can help you determine which models qualify for tax credits and rebates.
Learn More: Cadillac EV Incentives Calculator
Buy a Cadillac EV in Rhode Island
Ready to enjoy the benefits of driving an electric Cadillac? Call or click to connect with Herb Chambers Cadillac of Warwick to explore our EV lineup, learn more about Rhode Island's DRIVE EV program and see how much you can save with federal tax credits and state rebates. Our team is here to guide you every step of the way, ensuring a seamless transition to your new electric luxury vehicle.
