Electric Vehicle Offers & Information
Stearns Electric offers an EVSE Rebate up to $500
Rebates are available for the purchase of an EV Car Charger on or after January 1, 2023. The EV Car Charger must be installed where electricity is supplied by Stearns Electric. Rebate submittal must follow the guidelines as listed below. Stearns Electric is not responsible for inaccurate information supplied by a contractor or installer. Call Stearns Electric at 800-962-0655 to verify rebate program status.
- Member must be enrolled in our Off-Peak Program (charge times daily 11pm-7am).
- Program subject to change without notice; please contact us to confirm availability before making a purchase.
- Please call our office at 800-962-0655 for more information.
Federal Tax Credit for New & Used Electric Vehicles
A federal tax credit is available for new and used electric vehicles that meet requirements specified in Internal Revenue Code Section 30D.
New Vehicle Clean Credit up to $7,500.
You may qualify for a credit up to $7,500 if you buy a new, qualified plug-in EV between 2023 to 2032. Under certain conditions between a dealership and a seller, "leasing" a vehicle may allow the purchase to be treated as a "commercial vehicle," thus making it eligible for the full tax credit without satisfying some of the strict program eligibility requirements. Be sure to inquire with the dealership and a tax professional when researching purchase options.
Used Vehicle Clean Credit up to $4,000.
Beginning January 1, 2023, if you buy a qualified used electric vehicle (EV) from a licensed dealer for $25,000 or less, you may be eligible for a used clean vehicle tax credit. The credit equals 30% of the sale price up to a maximum credit of $4,000. Additional Details.
The credit is nonrefundable, so you can't get back more on the credit than you owe in taxes. You can't apply any excess credit to future tax years.
Starting in January 2024, an Inflation Reduction Act provision allows consumers to transfer the tax credit to car dealers, reducing the purchase price of eligible new and used vehicles at the time of sale.
New Vehicle Clean Credit up to $7,500.
You may qualify for a credit up to $7,500 if you buy a new, qualified plug-in EV between 2023 to 2032. Under certain conditions between a dealership and a seller, "leasing" a vehicle may allow the purchase to be treated as a "commercial vehicle," thus making it eligible for the full tax credit without satisfying some of the strict program eligibility requirements. Be sure to inquire with the dealership and a tax professional when researching purchase options.
Used Vehicle Clean Credit up to $4,000.
Beginning January 1, 2023, if you buy a qualified used electric vehicle (EV) from a licensed dealer for $25,000 or less, you may be eligible for a used clean vehicle tax credit. The credit equals 30% of the sale price up to a maximum credit of $4,000. Additional Details.
The credit is nonrefundable, so you can't get back more on the credit than you owe in taxes. You can't apply any excess credit to future tax years.
Starting in January 2024, an Inflation Reduction Act provision allows consumers to transfer the tax credit to car dealers, reducing the purchase price of eligible new and used vehicles at the time of sale.
- Consult your tax adviser to make sure you qualify
- Tax credit amount varies based on vehicle details
- Restrictions apply, subject to change without notice
Incentive Information
Electric Vehicle Federal Tax Incentive up to $7,500
Federal Tax Credit for Electric Vehicle Charging Equipment up to $1,000
If you install qualified vehicle refueling and recharging property at your home, including electric vehicle charging equipment, you may be eligible for a credit of up to $1,000 for each item of property.
- Consult a tax professional to see if your installation qualifies
- Visit IRS website for additional information
Incentive Information
Federal Tax Credit up to $1,000 for residential charging equipment
MN Department of Commerce Electric Vehicle (EV) Rebate Program
The MN Department of Commerce is reviewing applications on a first-come, first-served basis. Each application must be processed individually to ensure it complies with program and state requirements. Commerce expects rebate payments to begin going out in April 2024.
- Be sure to check program website to confirm funding is available
- Restrictions apply; see program website for details
Incentive Information
• For new electric vehicles, owners/lessees may receive a rebate up to $2,500.
• New vehicles must have a base MSRP of $55,000 or less.
• For used electric vehicles, owners may receive a rebate up to $600.
• Used vehicles must have a purchase price of $25,000 or less.
• New vehicles must have a base MSRP of $55,000 or less.
• For used electric vehicles, owners may receive a rebate up to $600.
• Used vehicles must have a purchase price of $25,000 or less.