Electric vehicles are becoming increasingly popular, and Chevrolet is set to release the highly anticipated 2025 Chevrolet Silverado EV. As eco-conscious car shoppers in St. Albans and beyond look to make the switch to an EV, many are wondering if the Chevy Silverado EV will qualify for the federal electric vehicle tax credit.
What is the Federal EV Tax Credit?
The federal government offers a tax credit of up to $7,500 for eligible electric vehicles in order to incentivize the adoption of EVs and reduce carbon emissions. To qualify, EVs must meet certain criteria including being assembled in North America, having a battery capacity of at least 7 kilowatt hours, and an MSRP under certain price caps depending on the vehicle type.
Car buyers in Burlington will be pleased to know that purchasing an eligible EV can significantly lower their federal tax bill for the year. It's important to note that the EV tax credit is non-refundable, meaning it can reduce your tax liability but will not result in a refund if your credit exceeds your taxes owed.
Does the 2025 Chevy Silverado EV Qualify?
So, will the 2025 Chevy Silverado EV meet the criteria to be eligible for the $7,500 federal tax credit? Based on the latest information from Chevrolet, signs point to yes.
The Chevy Silverado EV will be manufactured at GM's Factory ZERO plant in Michigan, meeting the final assembly location requirement. Additionally, the Chevy Silverado EV is expected to have an impressive battery capacity well over the 7 kilowatt-per-hour minimum needed to qualify. EV fans in Swanton will be excited to get behind the wheel of this powerful, zero-emissions pickup truck.
Lastly, while official pricing has not yet been announced, the Chevy Silverado EV is likely to have starting MSRPs below the price cap for pickup trucks, which would secure its eligibility for the full $7,500 tax credit amount. Of course, final qualification details will be confirmed closer to the on-sale date.
Chevy Silverado EV Availability Near You
Eager to get your hands on a 2025 Chevy Silverado EV? Residents of Plattsburgh and the surrounding areas can visit Handy Chevrolet, Inc. at 699 Highgate Road, Saint Albans, VT to reserve theirs today. As a premier Chevrolet dealership, Handy Chevrolet will be among the first to take delivery of this innovative new electric truck.