Indiana EV Tax Credit and Incentive Savings Calculator
Estimate your total electric vehicle savings in Indiana, including federal tax credits, Indiana utility rebates, fuel cost savings, and maintenance savings over your ownership period.
Formulas Used
Federal New EV Credit (IRS §30D):
Credit = $7,500 (BEV, battery ≥ 7 kWh) or $3,750 (PHEV, battery ≥ 7 kWh)
Subject to: MSRP ≤ $55,000 (sedan) or $80,000 (SUV/truck); MAGI ≤ $150,000 (single) / $300,000 (MFJ) / $225,000 (HOH)
Federal Used EV Credit (IRS §25E):
Credit = MIN(30% × Sale Price, $4,000)
Subject to: Sale Price ≤ $25,000; MAGI ≤ $75,000 (single) / $150,000 (MFJ) / $112,500 (HOH)
Federal Home Charger Credit (IRS §30C):
Credit = MIN(30% × Charger + Install Cost, $1,000) — assumes ~$1,500 total install cost
Annual Fuel Savings:
Gas Cost = (Annual Miles ÷ MPG) × Gas Price/gallon
EV Cost = (Annual Miles ÷ EV Efficiency mi/kWh) × Electricity Rate/kWh
Annual Savings = Gas Cost − EV Cost
Annual Maintenance Savings:
Savings = Annual Miles × $0.030/mile (AAA estimate: EV ~$0.031/mi vs ICE ~$0.061/mi)
Indiana EV Registration Surcharge (IC 9-18.1-5-11):
BEV: $150/year | PHEV: $50/year (in addition to standard registration)
Total Savings:
Total = Federal Credit + Utility Rebate + Federal Charger Credit + (Annual Fuel Savings × Years) + (Annual Maintenance Savings × Years) − (EV Surcharge × Years)
Assumptions & References
- Federal EV tax credits per Inflation Reduction Act (IRA) 2022, IRS §30D (new) and §25E (used). Verify vehicle eligibility at fueleconomy.gov.
- Indiana has no state EV income tax credit as of 2024. Indiana charges an annual EV registration surcharge under IC 9-18.1-5-11 ($150 BEV / $50 PHEV).
- Utility rebates are approximate: Duke Energy Indiana (~$500 charger rebate), AES Indiana (~$500), NIPSCO (~$500), CenterPoint/Vectren (~$250). Verify current programs at each utility's website.
- Indiana average electricity rate: ~$0.12–$0.14/kWh (U.S. EIA, 2024).
- Indiana average gas price: ~$3.20–$3.60/gallon (AAA Indiana, 2024).
- Maintenance savings of ~$0.030/mile based on AAA Your Driving Costs 2023 study.
- Federal home charger credit (§30C) reinstated by IRA; applies to installations at primary residence in eligible census tracts — verify eligibility.
- This calculator provides estimates only. Consult a tax professional for personalized advice. Credits are non-refundable (federal) unless transferred at point of sale.
- Point-of-sale transfer of federal credit available starting January 1, 2024 per IRS Notice 2023-29.