All dedicated, plug-in only EVs qualify for the tax credit. All series and some parallel HEVs meet these qualifications. The tax credit for EVs is available for business or personal vehicles. Loans are repaid based on annual fuel savings realized through utilization of an alternative fuel. Eligible fleets may use loan proceeds to fund vehicle conversions, or cover incremental costs of new AFVs.
Companies begin making loan payments when significant fuel savings are realized.
At that point, loans are repaid based on annual fuel savings realized through utilization of an alternative fuel.