Virginia EV Tax Credit and Incentive Savings Calculator

ANA›Life Services Authority›National Calculator Authority›Virginia EV Tax Credit and Incentive Savings Calculator

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Virginia EV Tax Credit and Incentive Savings Calculator

Estimate your total electric vehicle savings in Virginia by combining federal tax credits, utility company rebates, HOV lane access value, and fuel/maintenance cost savings.

Vehicle Purchase Price ($)

Vehicle Type

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

MSRP Within Federal Limit?

Yes – Sedan/Wagon ≤ $55,000 or SUV/Truck ≤ $80,000 No – Exceeds MSRP cap

Annual Household Income ($)

Tax Filing Status

Single / Married Filing Separately Head of Household Married Filing Jointly

Electric Utility Provider

Dominion Energy Virginia Appalachian Power (AEP) Other / Co-op / Municipal

Home Charger (EVSE) Installation Cost ($)

Annual Miles Driven

Current Gas Price ($/gallon)

Your Previous ICE Vehicle MPG

Electricity Rate ($/kWh)

EV Efficiency (miles per kWh)

Ownership Period (Years)

Calculate My Savings

function virCalc() { // --- Collect inputs --- var vehiclePrice = parseFloat(document.getElementById('vir-vehicle-price').value); var vehicleType = document.getElementById('vir-vehicle-type').value; var msrpEligible = document.getElementById('vir-msrp-eligible').value; var income = parseFloat(document.getElementById('vir-income').value); var filingStatus = document.getElementById('vir-filing-status').value; var utility = document.getElementById('vir-utility').value; var chargerCost = parseFloat(document.getElementById('vir-charger-cost').value) || 0; var annualMiles = parseFloat(document.getElementById('vir-annual-miles').value); var gasPrice = parseFloat(document.getElementById('vir-gas-price').value); var mpg = parseFloat(document.getElementById('vir-mpg').value); var elecRate = parseFloat(document.getElementById('vir-electricity-rate').value); var evEfficiency = parseFloat(document.getElementById('vir-ev-efficiency').value); var years = parseFloat(document.getElementById('vir-years').value);

// --- Validation --- var errors = []; if (isNaN(vehiclePrice) || vehiclePrice 20) errors.push("Enter an ownership period between 1 and 20 years.");

var resultDiv = document.getElementById('vir-result'); if (errors.length > 0) { resultDiv.style.display = 'block'; resultDiv.innerHTML = 'Please fix the following:' + errors.map(function(e){ return ''; }).join('') + ''; return; }

// ============================================================ // 1. FEDERAL TAX CREDIT (IRA 2023+, 26 U.S.C. § 30D / § 25E) // ============================================================ // Income limits (AGI caps): // New EV: Single/MFS ≤ $150k | HoH ≤ $225k | Joint ≤ $300k // Used EV: Single/MFS ≤ $75k | HoH ≤ $112.5k | Joint ≤ $150k var newIncomeCaps = { single: 150000, hoh: 225000, joint: 300000 }; var usedIncomeCaps = { single: 75000, hoh: 112500, joint: 150000 };

var federalCredit = 0; var federalNote = "";

if (vehicleType === "new_bev" || vehicleType === "new_phev") {
var cap = newIncomeCaps[filingStatus];
if (income > cap) {
federalCredit = 0;
federalNote = "Income exceeds federal AGI cap for new EV credit ($" + cap.toLocaleString() + ").";
} else if (msrpEligible === "no") {
federalCredit = 0;
federalNote = "Vehicle MSRP exceeds federal cap; no federal credit applies.";
} else {
// New BEV: up to $7,500 (requires meeting battery/assembly criteria)
// New PHEV: up to $3,750 (typically meets only one of two $3,750 components)
federalCredit = (vehicleType === "new_bev") ? 7500 : 3750;
federalNote = vehicleType === "new_bev"
? "Full $7,500 federal credit assumed (vehicle meets battery & assembly requirements)."
"$3,750 federal credit assumed for PHEV (meets one of two credit components)."; } } else { // Used EV: 30% of sale price, max $4,000 (§ 25E) var usedCap = usedIncomeCaps[filingStatus]; if (income > usedCap) { federalCredit = 0; federalNote = "Income exceeds federal AGI cap for used EV credit ($" + usedCap.toLocaleString() + ")."; } else if (vehiclePrice > 25000) { federalCredit = 0; federalNote = "Used EV sale price exceeds $25,000 limit; no federal used EV credit."; } else { federalCredit = Math.min(0.30 * vehiclePrice, 4000); federalNote = "Used EV credit = min(30% × $" + vehiclePrice.toLocaleString() + ", $4,000)."; } }

// ============================================================ // 2. VIRGINIA STATE SALES TAX EXEMPTION // Virginia exempts EVs from the 4.15% motor vehicle sales tax // (Va. Code § 58.1-2403; effective July 1, 2022 for EVs) // Note: Local taxes still apply; state portion only here. // ============================================================ var vaSalesTaxRate = 0.0415; // 4.15% state motor vehicle sales & use tax var vaSalesTaxSavings = vehiclePrice * vaSalesTaxRate;

// ============================================================ // 3. UTILITY REBATES // Dominion Energy: $125 EV charger rebate (residential Level 2) // Appalachian Power: $50 EV charger rebate // Other: $0 assumed // ============================================================ var utilityRebate = 0; var utilityNote = ""; if (utility === "dominion") { utilityRebate = 125; utilityNote = "Dominion Energy Virginia residential EV charger rebate: $125."; } else if (utility === "appalachian") { utilityRebate = 50; utilityNote = "Appalachian Power EV charger rebate: $50."; } else { utilityRebate = 0; utilityNote = "No standard rebate found for selected utility; check your provider's website."; }

// ============================================================ // 4. FEDERAL CHARGER TAX CREDIT (26 U.S.C. § 30C) // 30% of EVSE cost, max $1,000 for residential installations // (Reinstated by IRA through 2032) // ============================================================ var chargerCredit = 0; var chargerNote = ""; if (chargerCost > 0) { chargerCredit = Math.min(0.30 * chargerCost, 1000); chargerNote = "Federal EVSE credit = min(30% × $" + chargerCost.toFixed(0) + ", $1,000) = $" + chargerCredit.toFixed(2) + "."; }

// ============================================================ // 5. FUEL COST SAVINGS (Annual & Over Ownership Period) // Annual gas cost = (annualMiles / mpg) × gasPrice // Annual elec cost = (annualMiles / evEfficiency) × elecRate // Annual savings = gas cost − electricity cost // ============================================================ var annualGasCost = (annualMiles / mpg) * gasPrice; var annualElecCost = (annualMiles / evEfficiency) * elecRate; var annualFuelSavings = annualGasCost - annualElecCost; var totalFuelSavings = annualFuelSavings * years;

// ============================================================ // 6. MAINTENANCE SAVINGS // EVs save ~$0.06/mile vs ICE vehicles (Consumer Reports 2020) // (No oil changes, fewer brake jobs, fewer fluid services) // ============================================================ var maintSavingsPerMile = 0.06; var annualMaintSavings = annualMiles * maintSavingsPerMile; var totalMaintSavings = annualMaintSavings * years;

// ============================================================ // 7. HOV LANE ACCESS VALUE (Virginia) // Virginia grants Clean Special Fuel Vehicle (CSFV) plates // allowing solo HOV-2 and HOV-3 lane access. // Estimated time savings: ~15 min/day for commuters × 250 days // Valued at $15/hour (conservative commuter wage proxy) // Only applicable if commuter uses HOV corridors (I-66, I-95, I-395, I-495) // ============================================================ var hovDaysPerYear = 250; var hovTimeSavedHours = (15 / 60) * hovDaysPerYear; // 62.5 hours/year var hovHourlyValue = 15; // $/hour var annualHovValue = hovTimeSavedHours * hovHourlyValue; var totalHovValue = annualHovValue * years;

// ============================================================ // 8. TOTAL SAVINGS SUMMARY // ============================================================ var upfrontSavings = federalCredit + vaSalesTaxSavings + utilityRebate + chargerCredit; var ongoingSavings = totalFuelSavings + totalMaintSavings + totalHovValue; var grandTotal = upfrontSavings + ongoingSavings;

// ============================================================ // 9. EFFECTIVE VEHICLE COST // ============================================================ var effectiveCost = vehiclePrice - upfrontSavings;

// --- Build output --- var html = '### Your Virginia EV Incentive Savings ';

html += ''; html += 'Incentive / SavingsAmount';

html += 'Upfront Incentives'; html += 'Federal EV Tax Credit (§ 30D / § 25E)$' + federalCredit.toLocaleString('en-US',{minimumFractionDigits:2,maximumFractionDigits:2}) + ''; html += 'Virginia Motor Vehicle Sales Tax Exemption (4.15%)$' + vaSalesTaxSavings.toLocaleString('en-US',{minimumFractionDigits:2,maximumFractionDigits:2}) + ''; html += 'Utility EV Charger Rebate$' + utilityRebate.toFixed(2) + ''; html += 'Federal EVSE Installation Credit (§ 30C, 30% up to $1,000)$' + chargerCredit.toFixed(2) + ''; html += 'Total Upfront Savings$' + upfrontSavings.toLocaleString('en-US',{minimumFractionDigits:2,maximumFractionDigits:2}) + '';

html += 'Ongoing Savings Over ' + years + ' Year(s)'; html += 'Fuel Cost Savings (Annual: $' + annualFuelSavings.toFixed(2) + ')$' + totalFuelSavings.toLocaleString('en-US',{minimumFractionDigits:2,maximumFractionDigits:2}) + ''; html += 'Maintenance Savings @ $0.06/mile (Annual: $' + annualMaintSavings.toFixed(2) + ')$' + totalMaintSavings.toLocaleString('en-US',{minimumFractionDigits:2,maximumFractionDigits:2}) + ''; html += 'HOV Lane Time Value (Annual: $' + annualHovValue.toFixed(2) + ')$' + totalHovValue.toLocaleString('en-US',{minimumFractionDigits:2,maximumFractionDigits:2}) + ''; html += 'Total Ongoing Savings$' + ongoingSavings.toLocaleString('en-US',{minimumFractionDigits:2,maximumFractionDigits:2}) + '';

html += 'GRAND TOTAL SAVINGS$' + grandTotal.toLocaleString('en-US',{minimumFractionDigits:2,maximumFractionDigits:2}) + ''; html += '';

html += 'Effective Vehicle Cost After Upfront Incentives: $' + effectiveCost.toLocaleString('en-US',{minimumFractionDigits:2,maximumFractionDigits:2}) + '

';

// Notes html += ''; html += 'Notes:'; html += ''; if (chargerNote) html += ''; html += ''; html += ''; html += '';

resultDiv.style.display = 'block'; resultDiv.innerHTML = html; }

#### Formulas Used

Federal EV Tax Credit (§ 30D – New): New BEV: $7,500 (if MSRP ≤ cap AND AGI ≤ income limit) New PHEV: $3,750 (if MSRP ≤ cap AND AGI ≤ income limit) Used EV (§ 25E): min(30% × Sale Price, $4,000) — requires sale price ≤ $25,000 and AGI ≤ income limit

Virginia Sales Tax Savings: Savings = Vehicle Price × 4.15%

Federal EVSE Credit (§ 30C): Credit = min(30% × Charger Installation Cost, $1,000)

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

Annual Maintenance Savings: Savings = Annual Miles × $0.06/mile

HOV Lane Time Value (Annual): = (15 min/day × 250 commute days ÷ 60) × $15/hour = ~$937.50/year

Grand Total: = Federal Credit + VA Sales Tax Savings + Utility Rebate + EVSE Credit + (Fuel + Maintenance + HOV Savings × Years)

#### Assumptions & References

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References

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