Not long ago, you couldn't get a new Tesla EV for less than about $50,000, all said and done. Now, you can get a brand-new Tesla Model 3 for $43,490, or lease one for $349 per month. Factor in the $7,500 US federal EV tax credit, and you're looking at just $36,000. What if you could take off another $7,500, or more?
If you're considering an EV like the Tesla Model 3, now is arguably a better time than any to take the plunge. Tesla lowered its prices, and rivals are following suit. However, the bigger news is that while the $7,500 US federal EV tax credit currently applies to most new EVs, that won't likely be the case for much longer.
Gallery: 2022 Tesla Model 3
Fortunately, some US states offer their own incentives on top of the federal EV tax credit. As pointed out by Teslarati, Oregon has one of the better offers. In fact, you can get an incentive of up to $7,500 through the Oregon Department of Environmental Quality’s Oregon Clean Vehicle and Charge Ahead Rebate programs.
Oregon's program offers a $2,500 rebate to people who buy or lease a new EV. With the federal tax credit and Oregon's smallest rebate, you're already looking at $10,000 toward your new electric car. Low- and moderate-income residents of Oregon may be able to get an additional rebate of $5,000, so now you'd be getting $7,500 from the state and $7,500 from the feds.
Oregon is one of a growing number of US states that offer such EV incentives and rebates. In addition, you may find tax breaks for installing solar panels, discounts on residential battery energy storage systems, credits and rebates for home charging stations, and more. While some programs are state-sponsored, many come locally, from utilities and related companies.
In Oregon, a variety of local incentives are available, with amounts ranging from $100 to $1,500. Sometimes you can even stack a few of these local rebates. If you do your homework, you may find that your state offers tax breaks or incentives for EV buyers, in addition to various programs from utilities and the like.
If you buy a new base Model 3 from Tesla for $43,490 in Oregon and are eligible for the full $7,500 federal tax credit and the full $7,500 state EV rebate, you're looking at just $28,490. Grab another $1,500 in local or utility company rebates or promotions and that Model 3 may come in at just under $27,000. Added to all of this, Tesla says you'll save $4,200 in fuel costs over six years.