Ohio EV Tax Credit and Incentive Savings Calculator
Estimate your total savings from federal EV tax credits, Ohio utility rebates, and other incentives when purchasing or leasing an electric vehicle in Ohio.
Formulas Used
Federal New EV Credit (§30D — BEV):
Credit = $7,500 (flat), subject to: AGI ≤ limit, MSRP ≤ cap, North America assembly & battery sourcing requirements, and non-refundable tax liability cap.
Federal New EV Credit (§30D — PHEV):
Credit = min($2,500 + $417 × max(0, kWh − 5), $7,500)
Federal Used EV Credit (§25E):
Credit = min(30% × Sale Price, $4,000), subject to AGI ≤ limit and sale price ≤ $25,000.
Federal Home Charger Credit (§30C):
Credit = min(30% × Charger Installation Cost, $1,000)
Net Cost:
Net Cost = Vehicle Price + Charger Cost − Federal EV Credit − Federal Charger Credit − Utility Rebates
Assumptions & References
- Federal credits are based on the Inflation Reduction Act (IRA) of 2022 rules effective for tax years 2023–2032 (IRC §30D, §25E, §30C).
- The §30D credit is non-refundable when claimed on your tax return; it cannot exceed your federal tax liability. Starting in 2024, taxpayers may transfer the credit to a dealer at point of sale (effectively making it refundable at purchase).
- MSRP cap used: $80,000 for SUVs/trucks/vans; $55,000 for sedans/cars. This calculator uses $80,000 conservatively — verify your vehicle's classification at fueleconomy.gov.
- North America final assembly and battery critical mineral/component sourcing requirements must be met for the full §30D credit. Verify eligibility at fueleconomy.gov.
- Utility rebate amounts are approximate 2024 values. Confirm current offers directly with your utility provider.
- Ohio charges an annual EV registration surcharge: $200 for BEVs, $100 for PHEVs (Ohio Revised Code §4503.10).
- Ohio does not offer a state income tax credit for EV purchases as of 2024.
- Leased vehicle credits: Under IRA rules, leased vehicles qualify under the §45W commercial vehicle credit (no income or MSRP limits). Dealers/lessors typically pass savings through as a capitalized cost reduction — confirm with your dealer.
- This calculator provides estimates only. Consult a tax professional for personalized advice.
- Sources: IRS §30D | IRS §25E | IRS §30C | Ohio ORC §4503.10