A Guide to U.S. Electric Car Tax Credits and Rebates

As the average price of gas continues to surge, more U.S. consumers might be considering buying an electric car. According to auto club AAA, from May 2 to May 6 the national average for a gallon of regular gasoline increased by five cents to $4.24. Russia’s invasion of Ukraine also has pushed prices higher.

The conventional wisdom has been that plugging in and charging up a battery-powered car will cost an owner less than filling up a gas tank. But EVs are more expensive — many models on the market in the U.S. are beyond the means of the average consumer. The cheapest Tesla, a Model 3, starts at $47,000; the Ford Mach-E has a similar base price but actual sales have run above the Manufacturer’s Suggested Retail Price. Ford’s F-150 Lightning, the electric version of America’s best-selling vehicle of the past 40 years, has drawn a ton of interest — and deposits — given a somewhat more competitive starting point: just under $40,000.