NC EV Tax Credit and Incentive Savings Calculator
Estimate your total savings from federal EV tax credits, North Carolina utility rebates, and long-term fuel and maintenance savings when switching to an electric vehicle.
Formulas Used
Federal New EV Tax Credit (IRC §30D):
Credit = min($2,500 + $417 × max(0, kWh − 5), $7,500)
Subject to MAGI limits: Single ≤ $150K | HoH ≤ $225K | MFJ ≤ $300K
Federal Used EV Tax Credit (IRC §25E):
Credit = min(Purchase Price × 30%, $4,000) — only if price ≤ $25,000
Annual Fuel Savings:
Gas Cost = (Annual Miles ÷ MPG) × Gas Price per Gallon
EV Cost = (Annual Miles ÷ EV Efficiency mi/kWh) × Electricity Rate $/kWh
Annual Fuel Savings = Gas Cost − EV Cost
Annual Maintenance Savings:
Savings = Annual Miles × $0.030/mile
(AAA estimate: EV ~$0.031/mi vs ICE ~$0.061/mi in maintenance costs)
Total Net Savings:
= Federal Credit + Utility Rebate + (Fuel Savings × Years) + (Maintenance Savings × Years) − (NC EV Fee × Years)
Assumptions & References
- New EV MSRP caps not collected in this calculator: Sedans/Cars ≤ $55,000; SUVs/Trucks/Vans ≤ $80,000. Verify your vehicle qualifies at fueleconomy.gov.
- Duke Energy NC EV charger rebate: up to $500 for Level 2 home charger installation. See Duke Energy EV Programs.
- Dominion Energy NC off-peak EV charging credit: ~$125/year. See Dominion Energy NC.
- Vehicle must be assembled in North America to qualify for the new EV federal credit. Check the VIN at NHTSA.gov.