What Is the Tax Credit for Chevy Silverado EV?
The 2024 Chevy Silverado EV truck has been making waves since it was first spotted under wraps last year sometime. In that time, the government tax credits have changed a few times. The good news is that the 2024 Silverado EV does qualify, but check out all the requirements for electric cars, SUVs, and pickup trucks below. One stipulation with the 2024 Chevrolet Silverado EV price could make it ineligible.
Does the Silverado EV qualify for the whole tax credit?
The U.S. Department of Energy’s Office of Energy Efficiency and Renewable Energy says the 2024 Chevrolet Silverado EV qualifies for the full $7,500 credit as long as it remains under $80,000. The IRS has updated its federal tax credit regulations in the last few years, with the most recent update effective April 18, 2023.
There has been a lot of confusion about the newest version of the tax credit, but the Silverado EV checks all of the boxes. For the buyer to qualify, the truck must stay in the original shopper’s car and remain in the United States. That means you cannot flip the vehicle for some cash and stay eligible. Whoever purchases the Silverado must also not make more than $300,000 for married couples, $225,000 for the head of the household, or $150,000 for everyone else.
For the 2024 Chevrolet Silverado EV to qualify for the full $7,500 EV tax credit, it must have a battery capacity of at least 7 kilowatt hours and have a gross vehicle weight under $14,000. The EV must also be made by a qualified manufacturer and undergo final assembly in North America. SUVs and pickup trucks also have to remain under $80,000.
How much will the Chevrolet Silverado EV cost?
The Chevrolet Silverado EV costs $39,900 for the WT or RST trims. Chevrolet requested a $100 deposit, and most of these have been filled. After Chevy rolls out the first set of trims and has a successful rollout, more versions will be available. These will offer up to 400 miles of range on a full charge and 754 hp and 785 lb-ft of torque. Plus, 10,000 pounds of towing capacity. This Silverado EV price will likely not last long, as automakers increase the cost quickly for newer versions.
The original Silverado EV WT and RST will have an 8,000-pound towing capacity, 510 hp, and 615 lb-ft of torque. Chevrolet says the EV truck will get the 400-mile range and access to GM’s Utltium Charge 360 fleet service.
The Chevy Silverado EV RST First Edition will start at $105,000 and have a 10,000-pound towing capacity. It received a 1,300-pound payload, 664 hp, and 780 lb-ft of torque. This will be the premium version, while the WT is the Work Truck version. The RST First Edition will not qualify for the EV credit since it is already over $80,000.
When can you get the all-electric Silverado?
Chevrolet says the first versions of the Silverado EV will be out in Fall 2023, so sometime shortly. As with similar releases, more trim levels and options will come after the WT and RST First Edition trucks hit the road. The electric Chevy truck has some stiff competition that is a bit ahead of its release, like the Hummer EV Pickup and the Ford F-150 Lightning.
The all-electric Silverado should be out in the next few months if production doesn’t hit any snags. You can sign up for updates through Chevrolet for the next batch of orders, but most of the trucks have been reserved already. Get ready to see more EV trucks at your local hardware store because things are just ramping up.