Yahoo News Does Your Next EV Earn the $7500 Tax Credit? Here's the List
For better or worse, EVs appear to be our future. The U.S. government is putting increased weight into the shift, with the EPA releasing a full list of EVs eligible for tax incentives. We've done the due diligence of gathering each EV that's currently eligible to earn the full $7500 credit and listed them below. While plug-in-hybrid models are also eligible for government discounts, we're focusing solely on new electric vehicles, meaning those that are 2024 models.
Despite an influx of new EVs entering the market, the list below is comparatively short due to stricter government requirements over eligibility, most recently new rules that went into effect on January 1, 2024, regarding battery sourcing. For a more in-depth look at how EV tax credits work, check out our dedicated article here.
About the New Federal EV Tax Credit
2024 Acura ZDX
The Acura ZDX is the brand's first electric vehicle, and it shares a platform with the Honda Prologue. Both EV SUVs are based on GM's Ultium platform, but the ZDX features more powerful electric motors than its Honda counterpart. The front-wheel-drive ZDX makes 340 horsepower, while all-wheel-drive models make up to 500 horses. That latter figure is for the high-performance Type S. Along with range estimates between 288 and 325 miles, the ZDX is priced at $65,745 for the A-Spec trim and $74,745 for the Type S. Acura says every version is eligible for the full $7500 federal tax credit.
2024 Cadillac Lyriq
The long and sleek Cadillac Lyriq runs on GM's Ultium platform along with big dogs like the GMC Hummer EV, but while that vehicle crashes over sand dunes, the Lyriq glides smoothly through traffic. The 102.0-kWh battery offers an estimated range of up to 308 miles of luxurious cruising in the single-motor version, and up to 307 miles in the dual-motor setup. It starts at $58,590 before the $7500 tax credit.
2025 Cadillac Optiq
The Cadillac Optiq joins the brand's lineup as a compact electric SUV that shares its platform with the Chevrolet Equinox EV. Power is routed through a pair of electric motors that combine for 300 horsepower. The 85.0-kWh battery pack should be good for around 300 miles of range. Before the full $7500 is added, pricing for the Optiq ranges from $54,390 in base trim to more than $57,090 in top guise.
2024 Chevrolet Blazer EV
Despite some early stumbles out of the gate—GM had to institute a temporary stop-sale order as it resolved software-related issues—the Chevy Blazer EV is back on sale with a much lower price. Pricing for the entry-level LT trim with all-wheel drive starts at $50,125. The next-level RS AWD costs $54,595; the rear-whee-drive version is priced at $56,170 due to more mandatory options. Of course, the 2024 Blazer EV can also be had with a $7500 discount, because it's eligible for the full federal tax credit.
2024 Chevrolet Equinox EV
The Chevy Equinox EV is the bowtie brand's most affordable new electric model. Pricing for the entry-level 1LT trim with front-wheel drive and 213 horsepower starts at $34,995. Upgrading to the all-wheel-drive version boosts power to 288 horsepower, though it hampers the Equinox's maximum range, dropping the figure from an estimated 319 miles down to 285. It also raises the base price to $40,295. With the full $7500 credit applied, the front-drive Equinox EV would be $27,495, and the all-wheel-drive one would be $32,795.
2025 Chevrolet Silverado EV
The Silverado EV comes equipped with a battery pack as large as 205.0 kWh, which helped it become one of the first EVs we've tested to go 400 miles in our 75-mph range test. The base Work Truck lacks comfort features, but its huge battery and lightning-fast charging speeds are mighty impressive. It starts at $57,095, but that's with the smallest battery; prices climb to $69,495 and $77,7995 with the Extended Range and Max Range packs, respectively. Meanwhile, the mid-level LT Extended Range starts at $75,195, and the top-spec RST starts at either $89,395 or $97,895, depending on if you choose the Extended or Max battery. The federal EV tax credit slashes $7500 from all those prices.
2024 Ford F-150 Lightning
If you somehow manage to miss the unique badging and huge light bar spanning the front of the F-150 Lightning, you could reasonably step inside and assume you are in a gas-powered F-150. Inside and out, the Lightning looks nearly identical to the regular truck, but the EV pickup manages between 230 and 310 miles of range, though hooking anything to the trailer hitch will see those miles disappear like magic. The F-150 Lightning starts at $57,090 before the $7500 credit.
2025 Genesis Electrified GV70
As the identical twin of the internal-combustion GV70, the Electrified GV70 is a showstopper of a compact luxury SUV. It uses two electric motors that generate up to a combined 483 horsepower—more than enough for a hasty acceleration. The interior is chock-full of high-quality materials and tech that makes it feel every bit as luxurious as the price tag suggests. The 2026 model adds a slightly larger battery that hasn't been certified yet, but on-sale 2025 models are good for an EPA-estimated 236 miles of range. We recorded 190 miles in our 75-mph highway range test. The Advanced trim starts at $66,950, and the Prestige trim starts at $73,750, but that's before factoring in the available $7500 incentive.
2024 Honda Prologue
The Honda Prologue exists as the only EV in Honda's U.S. showrooms, however, its SUV classification should make it appealing. The Prologue features front- or all-wheel-drive powertrains, with the latter providing 288 horsepower. While that doesn't provide the typical punchy acceleration that many EVs are known for, the Prologue does have solid EPA-range estimates of between 273 and 296 miles. The front-drive model starts at $48,795, and the AWD version opens at $56,095, but both of those prices can be reduced by $7500 after the available federal incentive.
2025 Hyundai Ioniq 5
A star since it debuted in 2022, the Hyundai Ioniq 5 has become a staple of our 10Best, Editors' Choice, and EV of the Year awards. It packs single- and dual-motor powertrains into an attractive compact SUV shape with power options ranging from 168 horsepower all the way up to 641 ponies in the red-hot Ioniq 5 N. Thanks to a slightly larger battery for 2025, the maximum estimated driving range increases to 318 miles between charges. Also new for 2025 is the NACS charging port, though Hyundai includes a CCS-type adapter too. Pricing for the Ioniq 5 starts at $43,975 and ranges up to $56,875 before the $7500 federal credit is included.
2026 Hyundai Ioniq 6
We still don’t have official pricing for the 2026 Hyundai Ioniq 9, but that hasn’t stopped the EPA from adding it to the list of EVs eligible for the full $7500 federal tax credit. The Ioniq 9 joins Hyundai’s lineup as the brand’s first three-row electric SUV. It’s built on the same Hyundai-Kia E-GMP platform as its cousin, the Kia EV9, but houses a slightly larger battery under its sheetmetal. According to Hyundai, the 110.3-kWh lithium-ion battery is good for up to 335 miles of range and can be charged from 10 to 80 percent in just 24 minutes when connected to a 350-kW DC fast-charger.
2026 Kia EV6
Are you a fan of the Hyundai Ioniq 5 but don’t feel its styling stands out enough? Then the Kia EV6 is here for you. It comes with all the same practicality and easy-to-love driving dynamics with the addition of a head-turning design. While the 641-hp GT gets just 231 miles of range, more practical EV6 trims are estimated to have 313 miles in the pack. Thanks to its 800-volt architecture, the EV6’s battery pack can be charged from 10 to 80 percent in 18 minutes—adding 70 miles of range in less than five minutes. Pricing for the 2026 lineup hasn’t been released yet, but all four trim levels should be eligible for the $7500 federal tax credit.
2026 Kia EV9
The Kia EV9 stole our hearts as soon as it launched in 2024. Now entering its third model year, the three-row electric SUV is sticking to the same winning formula. Plus, it now has the benefit of the full $7500 federal tax credit, making it an even better value. As of 2026, all EV9s will come equipped with a NACS charging port, though Kia will include a CCS-type adapter too. The rear-drive entry model offers an estimated 230 miles of driving range; trims with the larger battery pack offer up to 304 miles of range. As with the other EVs on the Hyundai-Kia E-GMP platform, the EV9 is among the fastest- charging EVs we’ve tested. Pricing for the 2026 model year hasn’t been confirmed, but we expect it to range from $57,000 to around $80,000 in the new GT trim.
2025 Tesla Cybertruck
The Tesla Cybertruck needs no introduction. The polarizing electric pickup truck is now less expensive too, as the dual-motor model now qualifies for the $7500 federal tax credit. While it hasn’t arrived yet, the EPA confirms the rear-drive single-motor version is also eligible. However, the $102,235 tri-motor Cyberbeast is too expensive to qualify for the credit. The dual-motor truck provides all-wheel drive and an adjustable air suspension that can provide up to 17 inches of clearance. Dual-motor trucks are rated for up to 11,000 pounds of towing, with single-motor variants reportedly topping out at 7500 pounds. Tesla says the dual-motor truck can add 136 miles of range in 15 minutes when hooked up to a Supercharger, while in our testing, it took 50 minutes to charge the Beast's battery from 10 to 50 percent.
2024 Tesla Model 3
Unfortunately, the batteries in the standard-range rear-wheel-drive Tesla Model 3 keep it from being eligible for the full $7500 tax credit. On the other hand, the Long Range AWD version has been added to the IRS's nice list. The more expensive Model 3 Performance also manages to sneak under the $55,000 threshold required for cars. The Performance version launches to 60 mph in 3.5 seconds and offers an impressive 315 miles of range for the price point, while the Long Range model increases range to an estimated 340 miles.
2024 Tesla Model Y
While some Tesla Model 3 variants are left out of the equation, every Model Y is eligible for the full $7500 credit. Unfortunately, just like the Model 3, the Y's interior is crafted from low-quality materials. The Model Y lineup includes the entry-level rear-wheel-drive model that starts at $44,630 and has 260 miles of estimated range, the AWD version starts at $49,630 and has a 330-mile estimate, and the Performance starts at $54,130 and has an estimated 303 miles of range per charge.
2024 Model X
The Model X may be getting long in the tooth, but it's gullwing-style rear doors are still a cool party trick. Either way, Tesla's larger SUV starts at $81,380, but that price includes the $1390 destination fee, so it's technically eligible for the full $7500 discount, as it's under the $80,000 cap. The X has an EPA-estimated driving range of 335 miles. There's a high-performance Plaid version with three electric motors making a combined 1020 horsepower. However, it is priced well over the cap, so it's not eligible for any federal tax credit.
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