In 2007, Carpenter again competed with Vision Racing to drive the No. 20 Dallara-Honda. Carpenter started off the season with a 6th-place finish at the season-opening XM Satellite Radio Indy 300 at Homestead. The team acquired sponsorship from Hitachi Power Tools for the Indianapolis 500 onwards. At Indianapolis, Carpenter started in 14th place and finished in 17th place after being involved in a crash with Marco Andretti, Dan Wheldon and others which resulted in Andretti flipping down the back straightaway. Just after the crash, the race was stopped due to rain. Carpenter's best finish in the remaining races was at the Iowa Corn Indy 250 at Iowa Speedway with a 6th-place finish after starting 5th. Carpenter finished the season ranked in 15th place, with 309 points.