EV Credits, Realtors & Homeowners
While the world may not have achieved my childhood visions of flying cars and jetpacks, it has taken huge strides towards the proliferation of electric vehicles (EVs). We aren't yet at the point of having a flawless nationwide grid of EV charging stations and support, but things are improving! As a Realtor or Homeowner, is now the time to give up your gas hog? Maybe!
It's important to note that owning an EV comes with some very special considerations. There's a pretty large mindset shift a new EV owner must experience. For example, I made the leap from a Toyota Venza to a Ford Mustang Mach-E over the weekend. As I was driving down the road for the first time it occurred to me that gas stations will no longer be a part of my regular weekly routine. If I need "fuel" now, I either need to plan my time around a stop at an EV charging station or ensure that I've plugged it in for the night at home. Even more thought must go into the idea of taking a road trip. Oil changes are now a thing of the past as well.
For Realtors, our vehicles are often a large part of our business expenses and daily lives. After all, we spend untold hours showing houses, checking on listings and more. One nice perk of an EV is that they are super quiet to drive. The lack of noise, while a bit disconcerting at first, does make it easier to have engaging conversations with Clients who are riding with us. EV's as a conduit for better human connection??? Count me in!
As an Agent, this might be the week for you to finally buy an EV. Why? It's complicated, but in short, the qualifications for the $7,500 Tax Credit will change on April 18th. Without going too deep into the weeds, there are many EVs that qualify right now for the full $7,500 that won't come the 18th. Per the IRS, you must have possession of your new EV prior that date. These new rules may have some dealerships scrambling to offload certain EV models this week. Personally, this worked out to my benefit.
Additional considerations for anyone looking to maximize dollar values include the still relatively high premium on used vehicles that exists. While national news outlets are beginning to say that used car prices are coming down, I found that the dealerships were hungry to get my trade-in. I advise doing research about your current vehicle's value before going in.
Depending on where you live, there may be rebates available for installing EV charging equipment at your home. My electric company, for example, offers a $250 rebate for the installation of an EV charging outlet in our home. An additional $250 is available if we sign up for their "Time of Use" plan.
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Upgrades like EV outlets and home charging stations will begin to become "normal" equipment. Think about it like a video doorbell. Just ten years ago, they were a new technology. Today, it seems like every other house has one. I believe this is the direction we'll see EV equipment go.
Now may be a great time for Realtors to reach out to past Clients to discuss resources for the installation of charging equipment (or at least the outlet/wiring). Some home charging stations are even able to be powered by solar panels! Homeowners could potentially maximize savings, depending on the solar rebates and programs in their area.
If you're on the fence, I encourage you to get out there this week and take a look at some of the existing Electric Vehicle options. You may find that the monetary incentives and appeal of the technology could move that needle for you. If you're not ready to let go of that gas guzzler just yet, it's okay. The auto manufacturers will eventually catch up with the requirements of the new rules and then more options will become available. In the meantime, I'll be having fun while driving down the road in my new electric steed!
Here are some resources for you and your Clients: