So here //afdc.energy.gov/laws/inflation-reduction-act is the list I'm referring to which would qualify as vehicles that are built in the US and if delivered before Dec 31st 2022 would still fall under the old rules before the Inflation Reduction Act. This is the IRS guidance, and so a 2022-2023 330e would still qualify under the old rules even if you make over the income limit or if it cost over $55k, while a 2022 X5 would still also qualify.
I'm just confused why the 2023 X5 doesn't. I've been looking around and haven't found anything about it. The 2023 X5 should still be made in the US I assume, so perhaps it just hasn't been updated on the list as it was data from Aug 1st and perhaps there's no confirmation of it yet? Maybe by Sep 1st it could be updated to be on the list? Just odd that the 2023 330e is on there but the 2023 X5 hybrid isn't.
We are already going to purchase a 2022 S60 as it receives the $7500 credit and it's available to pick up within a week, but also considering to replace a 2016 X5 since starting in January we'd never qualify for the credit and used prices are still very high so trade-in would be good.
Edit: to clarify I mean the hybrid X5 45e.
Earning Your Electric Vehicle [EV] Federal Tax Credit at BMW of Bridgewater
The federal government is well adept at enticing consumers. This especially true when it seeks to preserve air quality and the environment. So, in the ongoing effort to reduce tailpipe emissions and lessen our collective reliance on fossil fuels, the federal government offers those who qualify a federal tax
credit with the piurchase of an EV.
At BMW of Bridgewater, there is a wide array of BMW Plug-in Hybrid Electric Vehicles [PHEV] to help reduce the need for fuel. These vehicles all qualify for a federal tax credit of up to $7,500, offering you even more incentive to picture yourself in one of the BMW PHEV options for sale at BMW of Bridgewater. Coupled with the tax credit are other benefits and incentives as well. Together we can drive towards a cleaner environment in a BMW PHEV sedan or Sports Activity Vehicle [SAV].
What is The EV Federal Tax Credit?
In very simple terms, a tax credit of any kind subtracts from your overall tax bill. Say, for example, your federal tax bill for a certain year comprised $8,500. With the purchase of a 2021 BMW 330e sedan, you're automatically afforded the EV Federal Tax Credit of $7,500, which leaves $1,000 as a tax bill balance.
Should your tax bill for any given year be $6,500, and you purchased a BMW 530e sedan that same year, your tax liability is "zero." As well, that remaining $1,000 in EV Federal Tax Credit will be applied to the following year's tax bill. Naturally.
There are other monetary advantages, as well. These include:
- Lower ownership costs considering the cash saved on reduced fuel reliance.
- On the BMW PHEV battery alone, there's an eight-year, 80,000-mile limited warranty.
- In some states, access to HOV lanes is permissible when driving a BMW 745e xDrive sedan with a single occupant.
- Charging at home is easy, and may also be accomplished at thousands of public-charging stations. The beauty of a BMW PHEV is pure-electric roaming until the hybrid operation kicks in, utilizing fuel reserves. So, should a public-charging station be out-of-reach, you'll get there with fuel powering.
Which BMW PHEVs Qualify for the EV Federal Tax Credit?
BMW of Bridgewater offers all five BMW PHEV models, from sedans to SAVs. And when you select your BMW PHEV, you're afforded highway speeds in EV mode and added propulsion considering the electric motor will boost the fuel-fired engine. If your commute or errand-running is within a certain distance, you may never need fuel given all-electric roaming capabilities of:
- BMW 330e sedans provide a pure-electric range encompassing up to 22-miles and combined driving range of 320-miles.
- BMW 530e sedans offer up to 21-miles of all-electric powering, while complemented by up to 340-miles in combined ranging.
- BMW 745e xDrive is a sedan providing 16-miles in pure-electric radius, and a combined range of 290-miles.
- BMW X3 xDrive30e Sports Activity Vehicle® will see up to 17-pure-electric miles, and 340-combined miles.
- BMW X5 xDrive45e Sports Activity Vehicle® promises up to 30-miles in all-electric powering, leading to an astounding 400-miles of combined ranging.
In all, electric powering is enabled by an overnight charge. Once the charge starts to wane as you drive in pure-electric mode, fuel powering will take over. It's that simple as you reduce emissions and need of fossil fuels.
With the MyBMW smartphone application, you have a digital link to your BMW PHEV from your breakfast table, office, or beach house. This app allows for:
- Taming of your BMW's interior prior to stepping in.
- You may manage battery charging and oversee electrical usage.
- Sending of a Long Branch destination goes from app to in-car navigational system.
- Added are features unlocking and locking doors, the parked location of your BMW SAV and tracking your efficiency when driving.
Does the State of New Jersey Offer EV Incentives?
In trying to realize Trenton's goal of 330,000 EVs on New Jersey roads by 2025, the state does offer individuals an incentive. Whether purchasing or leasing, the "Charge Up New Jersey" post-purchase program offers up to $5,000 for EV adoption. This
program has buttressed a committed EV campaign that has seen New Jersey take the lead on the East Coast for EV use. In this, the state's Energy Master Plan towards a 100% clean-energy future is taking root.
New Jersey's EV Infrastructure Plans
New Jersey has taken steps to increase the EV infrastructure. The New Jersey Board of Public Utilities [NJBPU] has recently approved an order instituting parameters for the expansion of publicly accessed EV charging stations throughout the state. With this dedicated plan-of-action, the state will see an abundance of accessible charging stations on major roads and highways.
With these steps taken, the purchase or lease of a new BMW PHEV will cement your pioneering for a cleaner state and a preserved environment. And by not solely relying on fuel for powering, you're not beholden to ever-fluctuating fuel prices.
BMW of Bridgewater, Doing its Part for a Cleaner New Jersey
With the purchase or lease of a new BMW Plug-in Hybrid Electric Vehicle, you'll be doing your part for a cleaner state. And with federal tax credits and state incentives figuring into the equation, it makes sense to visit our New Jersey BMW dealership today. Contact our team to test drive a PHEV, or any other
New BMW vehicle today.
BMW of Bridgewater
655 Route 202/206
Bridgewater, NJ 08807- Sales: [908] 287-1800
Visit us at: 655 Route 202/206 Bridgewater, NJ 08807
Loading Map...
Get in Touch
- Contact our Sales Department at: [908] 287-1800
- Monday9:00AM - 8:00PM
- Tuesday9:00AM - 8:00PM
- Wednesday9:00AM - 8:00PM
- Thursday9:00AM - 8:00PM
- Friday9:00AM - 7:00PM
- Saturday9:00AM - 5:00PM
- SundayClosed