Is the 2022 Ford F-150 Lightning Eligible for EV Tax Credits?
Ford recently unveiled the all-new Ford F-150 Lightning. This F-150 Lightning marks Ford’s first electric pickup. But how much will this new EV pickup cost? And is the 2022 Ford F-150 Lightning eligible for electric vehicle (EV) tax credits? Let’s find out.
Introducing the all-new 2022 Ford F-150 Lightning EV
According to Ford, the F-150 Lightning is the smartest, most innovative truck it has ever built. Targeting an estimated 563-hp and 775 pound-feet of torque, the all-new F-150 EV comes powered by dual in-board motors and boasts a maximum 2,000-pound payload capacity and up to a 10,000-pound maximum towing capacity.
This EV pickup comes packed with tech-savvy features too. Available on Lariat and Platinum models is a 15.5-inch touch screen display featuring SYNC 4A with natural voice control, cloud-connected navigation, Apple CarPlay, Android Auto, integrated Amazon Alexa, and SYNC AppLink apps.
Also newly available are features like Ford Intelligent Backup Power. According to the automaker, this first-ever feature turns the F-150 Lightning into a power source for homes. It boasts the ability to offload 9.6 kilowatts of power and can keep your lights and home appliances on during a power outage.
The F-150 Lightning and if it’s eligible for EV tax credits
At the time of writing, it hasn’t been confirmed if the 2022 Ford F-150 Lightning is eligible for EV tax credits. However, according to the U.S. Department of Energy, EVs purchased new after 2010 could be eligible for the federal EV tax credit if less than 400,000 models have been sold.
Now, say the 2022 Ford F-150 Lightning is eligible for EV tax credits. If that’s the case, you could save up to $7,500 on the EV pickup. However, according to U.S. News & World Report, how much the EV tax credit can save you largely depends on your tax status, making it important to speak with a tax professional before finalizing your purchase.
How much will the 2022 Ford F-150 Lightning EV actually cost?
As for how much the 2022 Ford F-150 Lightning will actually cost? Ford says that entry-level F-150 Lightning models will start at $39,974, and that’s before a potential $7,500 EV tax credit. Meanwhile, upgrading to the F-150 Lightning XLT will cost new pickup shoppers approximately $52,974. At its priciest, the F-150 Lightning will cost $90,474. At that price point, it will be one of the most expensive pickups on the market.
But if you opt for a base model? Well, it’s not so bad. Though, it is worth keeping in mind that Ford claims the base model Lightning will be more commercially oriented. So if you’re after additional interior amenities and tech-savvy features, you should plan on spending more than $39,974 on this new EV pickup.
When will the F-150 Lightning go on sale?
Now, the 2022 F-150 Lightning hasn’t arrived in Ford dealerships just yet. At this time, Ford is taking fully-refundable $100 deposits for the truck and, according to The Verge, plans to begin completing purchases of it come this fall. The truck itself, however, won’t go into production until next spring, so it might be a while before you can check it out for yourself