NC EV Tax Credit and Incentive Savings Calculator

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NC EV Tax Credit and Incentive Savings Calculator

Estimate your total savings from federal EV tax credits, North Carolina utility rebates, and long-term fuel and maintenance savings when switching to an electric vehicle.

Vehicle Purchase Price ($)

Vehicle Type

New Battery Electric Vehicle (BEV) New Plug-In Hybrid (PHEV) Used EV (2+ years old)

Battery Capacity (kWh)

Check your vehicle specs. Common: Nissan Leaf ~40 kWh, Tesla Model 3 ~75 kWh, Chevy Bolt ~65 kWh

Annual Miles Driven

Current Gas Vehicle MPG

Gas Price ($/gallon)

Electricity Rate ($/kWh)

NC average ~$0.12/kWh (Duke Energy, Dominion Energy NC)

EV Efficiency (miles per kWh)

Typical range: 3.0–4.5 mi/kWh. Check EPA rating for your model.

Utility Company Rebate ($)

None / Not Eligible Duke Energy NC – $500 (EV Charger Rebate) Dominion Energy NC – $125 (Off-Peak Charging Credit) Other NC Utility – $200 (estimate)

Check your utility provider's current EV incentive programs.

Ownership Period (Years)

Federal Tax Filing Status

Single (MAGI limit: $150,000) Head of Household (MAGI limit: $225,000) Married Filing Jointly (MAGI limit: $300,000)

Used to determine federal tax credit eligibility under IRA 2022.

Your Modified Adjusted Gross Income – MAGI ($)

Calculate My Savings

function ncCalcEV() { // --- Collect Inputs --- const price = parseFloat(document.getElementById('nc-vehicle-price').value); const vType = document.getElementById('nc-vehicle-type').value; const battery = parseFloat(document.getElementById('nc-battery-capacity').value); const annualMiles = parseFloat(document.getElementById('nc-annual-miles').value); const gasMpg = parseFloat(document.getElementById('nc-gas-mpg').value); const gasPrice = parseFloat(document.getElementById('nc-gas-price').value); const elecRate = parseFloat(document.getElementById('nc-electricity-rate').value); const evEff = parseFloat(document.getElementById('nc-ev-efficiency').value); const utilityRebate= parseFloat(document.getElementById('nc-utility-rebate').value); const years = parseFloat(document.getElementById('nc-ownership-years').value); const filingStatus = document.getElementById('nc-filing-status').value; const magi = parseFloat(document.getElementById('nc-magi').value);

const resultDiv = document.getElementById('nc-result');

// --- Validation --- const errors = []; if (isNaN(price) || price 0) { resultDiv.style.display = 'block'; resultDiv.innerHTML = 'Please fix the following:' + errors.map(e => '').join('') + ''; return; }

// ============================================================ // 1. FEDERAL TAX CREDIT (IRS Form 8936 / IRA 2022) // ============================================================ // MAGI income limits const magiLimits = { single: 150000, hoh: 225000, mfj: 300000 }; const magiLimit = magiLimits[filingStatus]; const magiEligible = magi usedMsrpCap) { federalCredit = 0; federalNote = "Used EV not eligible: purchase price exceeds $25,000 MSRP cap (IRC §25E)."; } else { federalCredit = Math.min(price * 0.30, 4000); federalNote = "Used EV federal tax credit (IRC §25E): 30% of sale price, capped at $4,000."; } }

// ============================================================ // 2. NC STATE INCENTIVES // NC does NOT currently offer a state EV income tax credit. // NC repealed its state EV tax credit in 2015. // NC does have: HOV lane access, no annual EV fee waiver (note: NC charges $130/yr EV fee) // We include utility rebate as the primary NC-specific incentive. // ============================================================ const ncStateCredit = 0; // No active NC state income tax credit as of 2024 const ncEvFeeAnnual = 130; // NC annual EV registration fee (additional vs gas vehicle ~$36 base) // Net additional fee over ownership period const ncEvFeeTotal = ncEvFeeAnnual * years;

// ============================================================ // 3. FUEL SAVINGS // Annual gas cost = (annualMiles / gasMpg) × gasPrice // Annual EV cost = (annualMiles / evEff) × elecRate // Annual savings = gas cost − EV cost // ============================================================ const annualGasCost = (annualMiles / gasMpg) * gasPrice; const annualEvCost = (annualMiles / evEff) * elecRate; const annualFuelSavings = annualGasCost - annualEvCost; const totalFuelSavings = annualFuelSavings * years;

// ============================================================ // 4. MAINTENANCE SAVINGS // EVs save ~$0.03–$0.04/mile vs ICE on maintenance (no oil changes, // fewer brake jobs, simpler drivetrain). // AAA estimate: EV maintenance ~$0.031/mile vs ICE ~$0.061/mile // Savings = $0.03/mile // ============================================================ const maintSavingsPerMile = 0.030; const annualMaintSavings = annualMiles * maintSavingsPerMile; const totalMaintSavings = annualMaintSavings * years;

// ============================================================ // 5. TOTAL SAVINGS SUMMARY // ============================================================ const totalSavings = federalCredit + ncStateCredit + utilityRebate + totalFuelSavings + totalMaintSavings - ncEvFeeTotal; // subtract additional EV registration fees

const fmt = (n) => n.toLocaleString('en-US', { style: 'currency', currency: 'USD', maximumFractionDigits: 0 }); const fmt2 = (n) => n.toLocaleString('en-US', { style: 'currency', currency: 'USD', minimumFractionDigits: 2, maximumFractionDigits: 2 });

// ============================================================ // OUTPUT // ============================================================ resultDiv.style.display = 'block'; resultDiv.innerHTML = ` ### Your Estimated EV Savings Summary

Incentive / Savings CategoryAmount

Federal EV Tax Credit (IRC §30D / §25E) ${fmt(federalCredit)}

NC State EV Tax Credit ${fmt(ncStateCredit)} (NC has no active state EV income tax credit)

NC Utility Company Rebate ${fmt(utilityRebate)}

Fuel Savings over ${years} year(s) ${fmt(totalFuelSavings)}

Maintenance Savings over ${years} year(s) ${fmt(totalMaintSavings)}

NC Additional EV Registration Fee (${fmt(ncEvFeeAnnual)}/yr × ${years} yrs) − ${fmt(ncEvFeeTotal)}

Total Estimated Net Savings ${fmt(totalSavings)}

#### Annual Fuel Cost Breakdown

Annual Gas Cost (current vehicle)${fmt2(annualGasCost)} Annual Electricity Cost (EV)${fmt2(annualEvCost)} Annual Fuel Savings${fmt2(annualFuelSavings)} Annual Maintenance Savings${fmt2(annualMaintSavings)}

Federal Credit Note: ${federalNote}

These are estimates. Federal tax credits are non-refundable and depend on your actual tax liability. Consult a tax professional for personalized advice.

`; }

#### Formulas Used

Federal New EV Tax Credit (IRC §30D): Credit = min($2,500 + $417 × max(0, kWh − 5), $7,500) Subject to MAGI limits: Single ≤ $150K | HoH ≤ $225K | MFJ ≤ $300K

Federal Used EV Tax Credit (IRC §25E): Credit = min(Purchase Price × 30%, $4,000) — only if price ≤ $25,000

Annual Fuel Savings: Gas Cost = (Annual Miles ÷ MPG) × Gas Price per Gallon EV Cost = (Annual Miles ÷ EV Efficiency mi/kWh) × Electricity Rate $/kWh Annual Fuel 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 in maintenance costs)

Total Net Savings: = Federal Credit + Utility Rebate + (Fuel Savings × Years) + (Maintenance Savings × Years) − (NC EV Fee × Years)

#### Assumptions & References

New EV MSRP caps not collected in this calculator: Sedans/Cars ≤ $55,000; SUVs/Trucks/Vans ≤ $80,000. Verify your vehicle qualifies at fueleconomy.gov.
Duke Energy NC EV charger rebate: up to $500 for Level 2 home charger installation. See Duke Energy EV Programs.
Dominion Energy NC off-peak EV charging credit: ~$125/year. See Dominion Energy NC.
Vehicle must be assembled in North America to qualify for the new EV federal credit. Check the VIN at NHTSA.gov.

NC EV Tax Credit and Incentive Savings Calculator

NC EV Tax Credit and Incentive Savings Calculator

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