Oklahoma EV Incentives, Tax Breaks, and More

Buying a new vehicle can be costly, but you might feel better about making this financial decision if you knew that you could get some of your money back. In Oklahoma, car shoppers who buy electric vehicles can receive several incentives. This is meant to encourage consumers to participate in the use of clean energy. If you’ve been on the fence about buying an electric vehicle, or EV, these incentives can make your purchase more affordable.

Alternative Fuel Vehicle Tax Credit

Until the end of 2028, Oklahoma residents who purchase electric vehicles are eligible for a one-time tax credit of up to $50,000. This tax credit is meant to assist with buying a new vehicle or converting an existing vehicle to use alternative fuel, including natural gas, hydrogen, and propane. The conversion must use new equipment and be installed by a state-certified technician.

Your tax credit eligibility is based on the gross vehicle weight rating of the car you buy. For example, a vehicle weighing less than 6,000 pounds will help you get a tax credit of up to $5,500. If your vehicle is less than 10,000 pounds, you’ll receive a credit of up to $9,000. If you purchase a vehicle between 10,001 and 26,500 pounds, you can get up to $26,000. You’ll also get an additional tax credit of 10% of the vehicle’s total cost, with a cap of $1,500. This can offset the higher prices associated with eco-friendly vehicles.

Oklahoma Electric Cooperative Electric Vehicle Rebate

The Oklahoma Electric Cooperative (OEC) offers another incentive. If you are an OEC customer, you can get a rebate of up to $200. You qualify if you have a Level 2 charging station for your car and schedule your vehicle charging for off-peak hours. Generally, off-peak hours begin at 7:01 p.m. and end at 2:59 p.m. on weekdays. Saturday and Sunday are also considered off-peak hours. So, if you set your vehicle to charge overnight, you are in good shape to qualify for this rebate.

Electric Vehicle Charging Station Rebate

The Public Service Company of Oklahoma, also known as PSO, provides residential customers with a rebate of up to $250. You’re eligible for this rebate if you install an ENERGY STAR-certified Level 2 EV charging station. The station must be brand new and purchased within the state of Oklahoma. You can apply for the rebate on the PSO’s website.

This rebate benefits those considering the cost of charging your vehicle at home. Although the power you need to charge your car costs less than fueling up a car with gas per mile, this rebate can help offset some of the charging costs.

Other Benefits of Buying an Electric Vehicle

An electric vehicle comes with many perks besides these tax incentives and rebates. Whether you purchase an EV in Oklahoma or another state, you can reap many benefits. These are just a few additional reasons why you should take a look at the electric cars available in your area:

EVs Are Eco-Friendly

If you are looking for a way to reduce your carbon footprint and the pollution you produce, this may be incentive enough to buy an EV. These cars have no tailpipe emissions, and the power used to charge your vehicle may also come from a plan with lower emissions. You can be part of the solution and help build a cleaner world with an eco-friendly car.

EVs Offer Better Performance

Electric motors have a lot to offer in the way of performance. In fact, many EVs drive smoothly and offer excellent acceleration. Plus, the ride is often quieter in newer EVs. Many drivers love the way driving an electric car feels.

EVs Require Less Maintenance

Gasoline-powered engines require more maintenance than electric cars. For instance, your new EV doesn’t need a tuneup or an oil change. You don’t need to change the fuel filter or get an annual emissions test to register your vehicle. Batteries are long-lasting and may require servicing every few years, depending on how often you drive and charge your vehicle.

Additionally, electric vehicles are not as likely to break down. They do not have as many parts to maintain, which means you can save a lot of cash on repairs in the long run.

EVs Offer a Long Driving Range

Technology has improved significantly, and electric vehicles can now travel great distances without needing to charge. So whether you commute to work daily or are taking a long trip, you’ll be able to get a lot of power out of your car before you need to charge it again. In fact, the ability to charge your car at home means you don’t need to stop at a gas station on the way to work. That’s pretty convenient.

EVs Save Cash on Fuel

When gas prices rise, you’ll be able to feel better knowing that you don’t need to spend money on gas. Instead, you can charge your car with your home charging station (and possibly get a rebate from your electric company) or plug in at a public charging station. More charging stations are opening up all over the country, which means your drive can go smoothly no matter where you are going. In addition, the cost of power to fuel your car is considerably less than the cost of gas.

EVs May Get Insurance Discounts

Finally, consider the potential insurance discounts you may qualify for. Many auto insurance companies offer discounts for hybrids, alternative fuel vehicles, and vehicles with low mileage. If you are looking for more financial incentives to purchase an EV, count this as a great one for monthly savings.

Eskridge Chevrolet knows that you have many vehicles to choose from when you are looking for a new car you love, and an electric vehicle may be one of your top choices. Knowing there are incentives for buying one here in Oklahoma can help you make the right financial decisions for your family.

Electric vehicle cable plugged into charger and wrapped around a rail by Ivan Radic is licensed with CC BY 2.0

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