What’s happening: GreenPower Motor Company, a leading manufacturer of all-electric, zero-emission medium and heavy-duty vehicles, announced that it is now a qualified manufacturer for the commercial clean vehicle credit under the Inflation Reduction Act. As a result, businesses and tax-exempt organizations can receive tax credits of up to $40,000 for the purchase of GreenPower’s all-electric commercial vehicle models weighing more than 14,000 pounds GVWR, and up to $7,500 for vehicles weighing less than 14,000 pounds GVWR.
Why it matters: The commercial clean vehicle credit incentivizes the adoption of electric vehicles (EVs) and supports domestic production. GreenPower’s qualification as a manufacturer means that businesses looking to deploy purpose-built, all-electric vehicles, including trucks and cargo vans, can take advantage of this credit to make owning an all-electric commercial vehicle more affordable in the long run than traditional internal combustion engine (ICE) units.
Key points:
- Businesses and tax-exempt organizations can receive tax credits of up to $40,000 for the purchase of GreenPower’s all-electric commercial vehicle models weighing more than 14,000 pounds GVWR, and up to $7,500 for vehicles weighing less than 14,000 pounds GVWR.
- The commercial clean vehicle credit became available on Jan. 1, 2023, to incentivize the adoption of EVs and support domestic production.
- GreenPower’s qualification as a manufacturer means that it can provide better, cleaner, and safer transportation alternatives to businesses looking to deploy purpose-built, all-electric vehicles, including trucks and cargo vans.
- GreenPower’s EVs, including the EV Star, EV Star Cab and Chassis, EV Star Cargo and Cargo Plus, Type D BEAST, and Type A Nano BEAST, offer innovative technologies that can help businesses drive down fuel costs, minimize maintenance costs, and reduce greenhouse gas emissions.
Bottom line: GreenPower Motor Company’s qualification as a manufacturer for the commercial clean vehicle credit is a significant step in promoting the adoption of electric vehicles in the commercial transportation sector. Businesses looking to electrify their fleets can take advantage of this credit to make owning an all-electric commercial vehicle more affordable in the long run than traditional ICE units.
