Virginia electric car owners will soon be able to take advantage of a tax credit that was established by the government to encourage people to use electric cars. How so? The state of Virginia is attempting to reduce its dependence on foreign oil. In the process it is trying to make itself more self-sufficient and to do that it needs people to drive their vehicles on public roads.
About Virginia Electric Car
The state has established a tax credit program to help Virginia residents purchase an electric car. How does it work? A qualified electric car owner can apply for a tax credit and claim that amount as a tax credit against his or her Virginia income tax return. The benefits are available only for owners of new zero-emission vehicles. Zero-emission vehicles include such cars as the Honda Prius, Nissan LEAF, and Toyota Prius.
Why is the state encouraging electric car owners to go green? The primary reason is that gas prices continue to rise. At the current time it would cost an average driver about four hundred dollars a year to run his or her vehicle. That’s just the cost to the driver. The tax deduction will also be applied to the cost of maintaining the vehicle. That means if you buy a hybrid in Virginia, you’ll receive a tax credit for the purchase as well as any future fuel savings you may be eligible for.
Virginia Electric Car Benefits
Virginia electric car benefits aren’t just limited to drivers though. Automakers like General Motors and Toyota are making major investments in electric vehicle technology. They’re pouring money into research and development as they seek to overcome the growing number of car accidents caused by conventional vehicles and gasoline powered vehicles. A lot of these investments have made big strides recently with the introduction of the all-new Toyota Prius. The new electric car will be built with advanced technology to improve air quality as well as fuel efficiency.
Virginia electric car benefits also extend to the consumer. The price of purchasing a Virginia electric car is a lot less than buying a comparable gasoline powered vehicle. Because Virginia has some of the most progressive fuel tax policies in the country, electric car owners can save even more money on fuel. Additionally, when you buy an electric car in Virginia, you get to enjoy tax credits and other perks as a reward for using clean energy.
Explore More About Virginia Electric Car
The state of Virginia electric car benefits aren’t just limited to the driver though. There are a lot of rebates available to consumers who purchase or lease electric cars. For businesses, the purchase and installation of electric car driven fleet can actually save the company money. In fact, there are many business owners who see the financial savings they can realize from running an electric car in Virginia.
As you can see, Virginia has plenty of incentives for electric car ownership. In fact, you might find it hard to believe that something that has such a low cost and offers so many incentives can actually be found in Virginia. All it takes is a bit of research and you will be able to locate the right incentives to meet your needs. Depending on how long you plan to own your vehicle, you might want to think about spending more on the purchase and less on maintenance.
Final Thoughts
Also keep in mind that your Virginia electric car purchase will come with a warranty that covers mechanical failures for one year. This warranty does not apply, however, to accidents that happen while you are operating the vehicle. There is also no down payment required in order to purchase or finance an electric vehicle in Virginia. However, if you do have a down payment, it will likely be a large amount.
