The EV lifestyle boasts a wide range of benefits, from a more eco-friendly driving experience to fewer maintenance needs to eliminating all your refueling stops in South San Francisco, Pacifica, and beyond. But does BMW qualify for the EV tax credit? And if so, what BMW vehicles qualify for the EV tax credit? Let BMW of San Francisco answer these questions and more in the following guide to BMW EV tax credits and incentives.
Under the Inflation Reduction Act of 2022, the Clean Vehicle Credit can be claimed as long as specific conditions are met. This includes a maximum MSRP of $80,000 for electric SUVs, pickups, and vans and $55,000 for electric cars. Also, eligible EVs must have undergone final assembly in North America. And keep in mind that, as the buyer or lessee, your adjusted gross income must fall within certain thresholds to take advantage of a BMW EV tax credit:
So, does BMW qualify for the EV tax credit? Yes, with the above criteria in mind, one 2024 BMW vehicle is eligible for federal tax incentives of up to $7,500 off the sale or lease price.
Now to answer the all-important question: What BMW vehicle qualifies for the EV tax credit? The 2024 BMW X5 is the automaker’s sole eligible EV to meet the guidelines of the Clean Vehicle Credit. However, the BMW X5 and other electrified BMW vehicles may qualify you for other savings, like lower electricity rates for EV charging and discounted tolls on Bay Area bridges.
The BMW EV tax credit is designed to help you enjoy maximum savings on your next electric vehicle. To test-drive the BMW X5 or any other EV in our lineup, visit our San Francisco showroom today or contact us to schedule an appointment. We also encourage you to explore our car-buying tips so you can be sure to make the best buying decisions for your lifestyle and driving needs. We’re confident we have a luxury EV that will check every box on your wishlist.
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