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.
See how to reduce the cost of an EV
Explore tax credits1 and other incentives
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
All-electric vehicles (EVs) and
plug-in hybrid vehicles (PHEVs) may be eligible for a federal income tax credit.1
Cash Incentives
Your state or local government and even your electricity company may offer additional cash incentives.
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
You may be eligible for a 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