See how to reduce the cost of an EV

Explore tax credits1 and other incentives

While the purchase price of an EV can be higher than some gas-powered vehicles, there are many programs that can help make EVs more affordable.

Types of incentives

Programs vary depending on your location and the type of EV you buy, so be sure to research your options. Possibilities include:
federal tax credits

Federal Tax Credits

All-electric vehicles (EVs) and
plug-in hybrid vehicles (PHEVs) may be eligible for a federal income tax credit.1

cash incentives

Cash Incentives

Your state or local government and even your electricity company may offer additional cash incentives.

perks

Perks

Some states offer perks such as access to carpool lanes, free charging and free parking.

Learn more about incentives

Visit PlugStar® to explore your options.2

Explore incentive options

You may be eligible for a discount

automobile
+
preferred rewards signifier
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auto loan rate discount

Bank of America Preferred Rewards® members are eligible for a discount on their auto loan rate of up to 0.50%, depending on your tier at the time of application.3

Learn more about Preferred Rewards

Resources

Federal Tax Credits for New All-Electric and Plug-in Hybrid Vehicles

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