Several rebate and credit programs exist to save EV owners money, to reduce the initial cost and to support a smooth transition in transportation electrification. The availability of these financial incentives depends on your location, and new programs can open anytime. The information below can guide you and provide details on the qualifications for receiving rebates and credits, helping you take full advantage of these opportunities! 

Electric Vehicles:

Tax credits and direct pay up to $7,500 are available for many EVs purchased for personal use. There are specific qualifications depending on when the vehicle was purchased and other factors. Even private sales can be eligible for these tax credits, through innovative programs such as KeySavvy.

See if Your Vehicle Qualifies

Although some EVs have a higher up-front cost than their gas-powered counterparts, they have lower fuel and maintenance costs that add up over time.  

Fuel Savings Calculator:

According to the U.S. Department of Energy, in 2023, it cost a national average of about six dollars ($6) to drive 200 miles in an EV. See how much you can save using this fuel savings calculator.

Maintenance:

Electric vehicles have less moving mechanical parts than traditional gasoline or diesel-powered engines. This generally means that there are fewer parts to replace, resulting in reduced maintenance costs. Although this may not always be the case, reports show that EV drivers may pay less than half compared to those with internal combustion engines (gas or diesel)

While savings on maintenance depends on the driver, vehicle type, and even the location, overall savings are experienced by EV drivers. The Consumer Report estimated that EVs owners save about $4,600 in maintenance cost over the life of the vehicle. These savings are a result of less moving parts (about 1,980 less), so EVs do not require oil changes, coolant flushes, air filters, spark plugs, belts, hoses, or mufflers. 

EV Battery Life

EV batteries are designed to last as long as the vehicle, similar to conventional engines. Manufacturers commonly offer 8-year/100,000-mile warranties. While replacement costs outside warranty are high, battery prices may decrease with advancements in technology and increased production. 

Maintenance of EVs is generally lower than gas-powered vehicles, but their batteries have a limited lifespan. The U.S. Department of Energy advises checking with dealers about battery life, warranties, and recycling policies. Some battery systems require regular coolant checks; refer to your owner's manual for details. 

More details and resources can be found in Chapter 3 of the Know EVerything guide to electric vehicles.

Battery Electric Vehicles (BEV) run solely on a rechargeable battery charged from an electric source and do not use gas whatsoever. 
Average Range: 110-300+ miles per charge

Plug-in Hybrid Electric Vehicles (PHEV) have both an internal combustion engine and a rechargeable battery, meaning they're powered by both gas and electricity. They first run on batteries and once depleted, the vehicle switches to the gasoline-fueled engine.  
Average Range: When the batteries are depleted (typically 15-40 miles depending on the automobile), the vehicle switches to the engine fueled by gasoline. 

Hybrid Electric Vehicles (HEV) are similar to PHEV and have both internal combustion engines and rechargeable batteries. The difference is that you do not plug the battery into a power source to charge.

The Know EVerything guide shows pros and cons for each type of EV in Chapter 1.

1. Buying Guide:

Check out the Know EVerything guide to buying electric vehicles.

2. Find an EV Dealer:

Review the Preferred EV Dealer Program of Drive Electric Tennessee.

3. Ongoing Support

Reach out to [email protected] with questions about charging infrastructure and general guidance.

Charging Costs and Savings 

Charging and electric vehicle cost less than fueling a gas or diesel-powered car or truck. You can compare cost savings based on your commute and charger with the help from our friends at TVA using this calculator. 

• Home Charging: NES currently charges a flat rate per kilowatt hour. Your total charging cost will depend on the vehicle’s battery capacity. For example, PHEV such as the Toyota Prius and Chevy Volt have smaller battery capacities than BEV such as the Nissan Leaf. 
• Commercial Rates: NES can work with you to evaluate EV charging impacts on your monthly bill and rate classification. For assistance, email us at [email protected].

Charging Infrastructure Installation

Whether you want to buy an EV charger for your home, business, or non-profit the equipment may qualify for tax credits (or direct pay for organizations that do not pay taxes) and other incentives to offset the cost. Discover incentives available to you!

• With a Level 1 charger, you can charge your EV from a normal outlet receptacle. These can be plugged into a standard 120-volt outlet, like that you use for most home appliances.
• If you choose to install a Level 2 charger at your home or business, it will likely require changes to the electrical panel and a new circuit (if one is not available). Level 2 chargers require a 240-volt outlet, like that used for an air conditioner or clothes dryer. Vetted, licensed contractors for this type of work can be found here.
• Level 3 (DC Fast Chargers) are typically used for commercial charging like at shopping centers. These could require an additional transformer. To get started, contact NES to evaluate the service transformer and grid infrastructure.

EV batteries are designed to last as long as the vehicle, similar to conventional engines. Manufacturers commonly offer 8-year/100,000-mile warranties. While replacement costs outside warranty are high, battery prices may decrease with advancements in technology and increased production. 

Maintenance of EVs is generally lower than gas-powered vehicles, but their batteries have a limited lifespan. The U.S. Department of Energy advises checking with dealers about battery life, warranties, and recycling policies. Some battery systems require regular coolant checks; refer to your owner's manual for details. 

More details and resources can be found in Chapter 3 of the Know EVerything guide to electric vehicles.