Looking to upgrade your EV charger? Don't forget about this tax credit. [video]

/ Planning Within Reach, LLC/

transcript, condensed for clarity

The EV charger federal tax credit is back.

It was set to expire at the end of 2022, but the Inflation Reduction Act extended it another 10 years through 2032. So if you recently got an EV and you're looking to upgrade your charger, this could save you some cash.

EV charger federal tax credit amount

You can take a credit for up to 30% of the hardware and installation. It's a one-time credit, non-refundable, and up to $1,000.

How to obtain the credit

If you're doing your own taxes, the form you'll be completing is Form 8911, so you might want to review that form or at least read the instructions, which I link here. The instructions are helpful to just make sure that you meet all the requirements to be able to take the credit.

The steps are easy.

#1 Buy a Level 2 charger.

#2 Contact an electrician to install the charger.

#3 Save the receipts for both the charger and installation.

#4. Send the receipts to your tax person or file it with your other tax records so you don't forget about it.

#5 Check with your state and local energy company to see if they offer any additional incentives as well. For example, my local energy company offers an additional $125 rebate, so not insignificant, and definitely worth your time to look into.

My name is Linda Rogers, Owner of Planning Within Reach.

Linda Rogers, CFP®, EA, MSBA is the owner and founder of Planning Within Reach, LLC (PWR). Originally from New Jersey, Linda services clients throughout San Diego county and nationwide. She leads the design of PWR's investment portfolios which utilize broad, low-cost investments that integrate environmentally, socially, and governance (ESG) factors.

Planning Within Reach, LLC (PWR) is a fee-only and fiduciary wealth management firm offering one-time comprehensive financial planning, ongoing impact-focused investment management and tax preparation services in San Diego and nationwide. PWR is a woman-owned firm that specializes in busy professionals and impact investors. Planning Within Reach, LLC and their advisors do not receive commissions and do not hold any insurance licenses or brokerage relationships.