Maryland EV Tax Credit & Incentive Savings Calculator
Estimate your total savings from Maryland's Excise Tax Credit, federal EV tax credit, and other incentives when purchasing or leasing an electric vehicle.
Formulas Used
Maryland Excise Tax Credit (New BEV/FCEV):
Credit = min($1,000 + $100 × max(0, kWh − 10), $3,000)
Maryland Excise Tax Credit (New PHEV):
Credit = min($500 + $50 × max(0, kWh − 10), $1,000)
Maryland Excise Tax Credit (Used BEV/FCEV): up to $1,500 | Used PHEV: up to $500
Federal EV Tax Credit (New): $7,500 (if eligible) | Used: min($4,000, 30% × sale price)
Maryland EVSE Credit: min(40% × EVSE cost, $700)
Federal EVSE Credit (30C): min(30% × EVSE cost, $1,000)
Annual Fuel Savings:
Gas Cost = (Annual Miles ÷ MPG) × Gas Price/gal
Electricity Cost = (Annual Miles ÷ EV Efficiency mi/kWh) × Electricity Rate/kWh
Annual Savings = Gas Cost − Electricity Cost
5-Year Fuel Savings = Annual Savings × 5
Total 5-Year Savings = Upfront Credits + 5-Year Fuel Savings
Assumptions & References
- Maryland Excise Tax Credit is governed by HB 44 / Transportation Article §13-815; annual funding is capped and credits are first-come, first-served. Verify current availability at mva.maryland.gov.
- Federal EV Tax Credit eligibility (IRA 2022, §30D for new, §25E for used) depends on MSRP caps ($55,000 sedan / $80,000 SUV/truck), buyer income limits, and North American assembly requirements. Consult a tax professional.
- Maryland EVSE credit is based on the Maryland Clean Energy Incentive Act (40% of cost, max $700). Utility rebates (BGE, Pepco, Delmarva) may provide additional savings not included here.
- Federal EVSE credit (§30C) is 30% of cost, up to $1,000 for residential installations through 2032.
- Fuel savings assume constant gas price, electricity rate, and driving habits over 5 years. No inflation adjustment is applied.
- EV efficiency of 3–4 miles/kWh is typical; check your vehicle's EPA rating at fueleconomy.gov.
- Maryland average electricity rate ≈ $0.13/kWh (EIA, 2024). Average gas price varies; check AAA.
- This calculator provides estimates only and does not constitute tax or legal advice.