The 10 Best EVs That Qualify For Federal Tax Credits In 2023

If you're looking for a brand-new electric vehicle in 2023, take a look at these models – they will save you money while helping with climate change.

The US government is more committed than ever to the fight against climate change, especially after the current administration took over. One of the main ways the government plans to reduce carbon emissions in the country is by convincing more people to buy electric cars. While the benefits of electric cars are already well-known and buyers have more EV options than ever before from Tesla and other brands, there's still many gearheads that swear they'll never buy electric cars for one reason or another.

This is why the government decided to extend the federal tax credits in the Inflation Reduction Act of 2022. This can help save buyers up to $7,500 if they buy electric cars, which goes a long way in convincing them to do so. However, electric cars have to meet certain standards to qualify for the tax credits, which is why we've created this list to show you some of the EVs that qualify for federal tax credits in 2023.

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The F-Series is Ford's pride and joy. The F-Series has been around in various forms since 1948 and is undoubtedly one of the greatest pickup truck models ever. A year ago, things got even better for the F-Series when Ford unveiled the first-ever electric version. Dubbed the F-150 Lightning, this awesome truck is expected to follow in the footsteps of its gas-powered predecessors to become one of the best-selling electric cars.

The F-150 Lightning has a similar design to the standard F-150 but has a unique front end featuring a futuristic headlight design. It has a massive 175 kWh battery pack supplying power to a pair of electric motors, making a combined 452 hp in the standard version and 580 hp in the extended battery.

Cadillac was among the surviving GM brands when the automaker had to get rid of some divisions in 2010, but its future is still in question after sales struggles over the last decade. One way Cadillac is addressing the problem is by joining the exciting EV space, and looking at its first EV – the Lyriq – it's clear that the legendary American luxury brand means business.

The 2023 Cadillac Lyriq is an electric crossover SUV that promises to shake up the luxury EV market with its stylish low-slung look, posh cabin, and pleasant ride quality. The Lyriq uses GM's Ultium scalable battery architecture and offers up to 308 miles of range with DC fast charging capabilities, making it perfect for both short and long trips.

Over the last decade, many new EV manufacturers have popped up all over the country in an attempt to steal Tesla's market share. Rivian is one of the most promising ones, as it has ties with Amazon – and Elon Musk's biggest rival, Jeff Bezos. Rivian is on a mission to eclipse Tesla as the largest EV manufacturer, but rather than build cars that compete with Tesla's existing lineup, the company decided to focus on pickup trucks, SUVs, and commercial vehicles.

Rivian's first production vehicle was the R1T, and it's been a huge hit since its debut in 2021. The R1T is what comes to mind when one pictures what pickup trucks will look like in the future, particularly the headlight and taillight design. The R1T is also capable as a truck as it offers a large bed with lockable compartments, an expandable and collapsible crossbar system, and a towing capacity of over 11,000 lbs.

The Equinox has been one of the best crossover SUVs since its debut in the mid-2000s, generating millions for Chevrolet in the process. This is why Chevy decided to build an electric version. Dubbed the Equinox EV, this fantastic car is set to go on sale next year and is already among the most highly anticipated cars of 2024.

Although the Equinox EV shares its name with the gas-powered version, it's a whole new car. For starters, the Equinox EV trades the standard Equinox ICE platform for the GM BEV3 platform, shared with the aforementioned Cadillac Lyriq. It also looks much sleeker and more futuristic than the standard Equinox. With prices expected to start from around $30,000, the Equinox EV will be among the most affordable EVs.

RELATED: Everything You Need To Know Before Buying The 2024 Chevrolet Equinox EV

As mentioned earlier, Tesla is facing stiff competition from both traditional and new automakers as the demand for EVs grows. However, Tesla still had a massive head start that allowed it to make EVs that are still far ahead of the competition, which is why we think it's still a good idea to invest in a new Tesla in 2023.

If you're in the market for a Tesla, the Model 3 is a great place to start, as it's still the best-selling Tesla ever and is still the cheapest way to join the Tesla family. Not just any Model 3, though. If you want the federal tax credits, you'll have to get the top-of-the-range Model 3 Performance. The Model 3 Performance has a 450-hp dual-motor system that allows it to go from 0 to 60 in just 3.1 seconds, which is insane.

Ford received a lot of love from gearheads after it built the aforementioned F-150 Lightning. Chevrolet couldn't just let its fierce rival have all the glory, so it built a worthy competitor – the Silverado EV. The Silverado EV will hit dealership floors in 2024 and many expect it to be a hit.

Like the F-150 Lightning, the Silverado EV has largely maintained the traditional pickup truck design, with minor futuristic elements in the front fascia. It shares its powertrain with the GMC Hummer EV and will be able to cover 450 miles on a single charge.

In 2021, Ford stunned the automotive world when it unveiled its brand-new EV – the Mustang Mach-E. There were a lot of mixed feelings about this car. On one hand, some people felt Ford making a high-quality EV was a step in the right direction. On the other hand, many hated that Ford used the revered Mustang name on an electric car – the automotive opposite of a muscle car.

Two years in, the Mustang Mach-E is a key part of Ford's lineup and is popular among EV fans thanks to its athletic looks, practicality, and performance, particularly the GT model.

RELATED: 10 Reasons Why The Ford Mustang Mach-E Is Still An Awesome Electric Car In 2023

The aforementioned Model 3 Performance is the easiest Tesla to recommend if you're after the federal tax credits, but if you need a bit more space than it has to offer, the Model Y Performance is the next best option. The Model Y shares about 75 percent of its parts with the Model 3 but offers more space to suit a wider range of buyers, which explains why it's so popular.

The Model Y Performance uses the same dual-motor setup as the Model 3 Performance, but since it's heavier, it takes 3.5 seconds to accelerate to 60 mph.

Like everyone else, Volkswagen is fully committed to an electric future and has started the ID. series of EVs to compete in the market. Of all the cars in the series, the ID.4 is the only one that qualifies for the federal tax credits this year.

The ID.4 is an electric compact crossover SUV that Volkswagen aims to sell to millions in the coming years. The ID.4 was such a hit when it debuted in 2020 that it won the World Car of the Year award in 2021, beating runner-ups, the Toyota Yaris and the Honda e. The ID.4 combines practicality, comfort, and adequate driving range, making it an excellent choice for a wide range of buyers. There are multiple versions of the ID.4 available, and the best is the ID.4 AWD Pro S Plus.

In 2021, Chevrolet left many surprised when it discontinued the popular Bolt subcompact hatchback. However, GM had a good reason for that – it wanted to convert the Bolt into an EV that could compete in the low-end market against the likes of the Nissan Leaf. That's how the Bolt EV came to be.

The 2023 Chevrolet Bolt EV starts at around $27,000, making it the cheapest EV on the market today. Despite the price, the Bolt EV still offers a spacious interior for its size, a 200-hp electric motor, and 259 miles of driving range.

Martin is a seasoned content creator who has been writing about cars for over a decade, and has been in love with them for even longer. Growing up, Martin was surrounded by gearheads who instilled a deep love and understanding for cars in him at a young age. He loves to learn and write about all the developments happening in the auto industry - especially in the EV space. When he's not writing about cars, he likes to spend quality time with his wife, kids, and fur baby.