EV Fees and Incentives - Tesla Model 3 (A)

Part
01
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Part
01

EV Fees and Incentives - Tesla Model 3 (A1)

When ordering a Tesla Model 3 Standard Range Plus, there is a non-refundable order fee of $100 applicable. The Federal Government is encouraging the public to purchase electronic vehicles, like the Tesla Model 3, by offering tax credits ranging from $2,500 to $7,500. All other details are available in the attached spreadsheet.

Summary

  • There is an order fee of $100 payable when ordering a Tesla Model 3 Standard Range Plus.
  • The order fee is non-refundable, and the fee applies irrespective of states.
  • At the moment, the annual registration fee in the five states is not lower than $100 and does not exceed $200.
  • Tax credits from the Federal Government ranges from $2,500 to $7,500 for every new electric vehicle.
  • The Tesla Model 3 Standard Range Plus is one of the most viewed cars for tax credit incentives.
  • The tax credit is an initiative of the Internal Revenue Service (IRS), channeled through the US Department of Energy.

Research Strategy

To determine the fees required and incentives for owning a Tesla Model 3 Standard Range Plus in each state, we went through the laws and regulations on electronic vehicles guiding the states of Alabama, Alaska, Arizona, Arkansas, and California. Some of these documents also contain incentives applicable to electronic vehicles like the Tesla Model 3. We also found out that these states do not impose state or local tax on electronic vehicles like the Tesla Model 3. Instead, they offer incentives for owners. However, recently, these states have imposed new or future registration fees on these owners. The state of Arizona even couched its annual registration fee as license tax.

Our findings on state incentives also gave insights into the specific reliefs available in Arizona and California. However, the federal program (fuel the economy) provides a blanket relief across all states in the US for people who purchase a car like the Tesla Model 3 Standard Range Plus.
Part
02
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Part
02

EV Fees and Incentives - Tesla Model 3 (A2)

Information on the fees and incentives surrounding owning and registering a Tesla Model 3 in Colorado, Connecticut, Delaware, Florida, and Georgia have been added to rows 8-12 and column C and D of the attached spreadsheet.

Colorado

  • Colorado has a $50 annual fee for electric vehicles.
  • Colorado's annual registration fee is based on the vehicle's weight, with the average cost being $75.
  • The average documentation fee in Colorado is $490.
  • The purchase of all cars have a 2.9 percent state sales tax in Colorado.
  • A county tax of up to 5 percent, as well as a city or local tax of up to 8 percent may be applicable on top of the state sales tax. $525 is the maximum tax that can be owed.

Connecticut

  • Owners of electric vehicles in Connecticut pay $38 for a two-year registration.
  • It cost $120 for a new registration.
  • Additionally, the plate fee is $5.00, administrative fee is $10, title fee is $25.00, lien fee is $10.00, and a passport to the parks fee is $10.
  • A 6.35 percent state sales tax will be charged on the electric vehicle.
  • A Tesla that was purchased after 2010 is eligible for a federal income tax credit of up to $7,500.
  • Tesla Model 3 Standard Range Plus is exempted from state motor vehicle emissions inspections.
  • Groton Utilities offers a $1,000 rebate for the Tesla Model 3 Standard Range Plus.
  • Connecticut also offers a $2,000 rebate for the purchase of a new Tesla.

Delaware

  • The annual vehicle registration fee in Delaware is $40.
  • A car title fee is $50, and the license plate fee is $10.
  • Delaware does not have a sales tax on cars, but there is a one-time document fee of 4.25 percent of the vehicle purchase price.
  • Delaware offers a $2,500 rebate to Tesla Model 3 Standard Range Plus owners.
  • There is also a one-time state credit of $10,000 for electric vehicle owners.
  • Delaware offers a $2,500 rebate for the purchase of a new Tesla.

Florida

  • New vehicle registration fees in Florida cost $225.
  • The annual registration fee ranges between $14.50 — $32.50.
  • The plate fee is $28, while the title fee is $77.25 — $85.25.
  • Kissimmee Utility Authority offers a rebate of $100 for the purchase of a new Tesla Model 3 Standard Range Plus.
  • A Tesla vehicle purchased after 2010 is eligible for a federal income tax credit of up to $7,500.
  • Jacksonville Electric Authority provides up to $1,000 rebate for the purchase or lease of a Tesla.

Georgia

  • In Georgia, the annual alternative fuel vehicle licensing fee is $212.78.
  • Georgia's title fee is $18.
  • Title Ad Valorem Tax (TAVT) is a "one-time tax" that car owners pay when the vehicle is being titled. Georgia has a TAVT rate of "6.6 percent of the fair market value of the vehicle. "
  • While there are no incentives for EV owners at the moment, a $2,500 state tax credit is currently being proposed in Georgia's House of Representatives.

Research Strategy

We determined the fees and incentives of owning a Tesla by searching through Tesla’s website, and state-specific websites concerning motor registrations. After extensive research, we could not find fees specifically associated with the Tesla Model 3 Standard Range Plus since this type of car falls under electric vehicles. Therefore, we determined the associated costs based on the fees that applied to electric vehicles in each state.
Part
03
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Part
03

EV Fees and Incentives - Tesla Model 3 (A3)

Buying a Tesla Model 3 Standard Range Plus can save money on gas, maintenance fees, and emissions tests, but it can also come with some unforeseen expenses. Registration fees, insurance premiums and the cost of installing a home charging station are all expenses to consider before purchasing a Tesla Model 3. For a full summary on the additional costs and potential savings when purchasing a Tesla Model 3 Standard Range Plus please refer to the attached spreadsheet.

Key Findings

  • Insurance premiums for the Tesla Model 3 Standard Range plus are more expensive than the national average.
  • The cost of registering a EV is higher than registering a gas vehicle.
  • Installation of a home charger will cost a Tesla owner $500 plus taxes and the cost to hire an electrician.
  • States often offer emission test exemptions for electric cars.
  • The tax credit that used to be offered for purchasing a Tesla is no longer available because Tesla has sold over 200,000 units.

Research Strategy

To determine the specific fees incurred from owning a Tesla, we started by using a general search on websites like Tesla forums and MarketWatch for any additional costs associated with electric vehicle ownership. The results indicated Tesla 3 owners may incur additional expenses due to increased vehicle registration fees, home charging station installations, higher insurance premiums, and the recent loss of a federal tax credit.

While our original inquiry indicated there were additional costs for electric and hybrid vehicle registration, an analysis of the department of motor vehicles for each state did not specify any Telsa Model 3 Standard Range Plus registration fees. However, since they fall under the category of electric-only cars, we were able to determine the cost of registration that would apply to the Telsa Model 3 is the same fee applied to all vehicles in the EV category.

As for the insurance premiums, we compared the annual rates for a Telsa Model 3 to the national average using websites such as thesimpledollar.com. We found the difference in rates by simply subtracting the averages.

To find the incentives, rebates, and tax credits, we searched the Tesla website for what was currently available, then validated them against the National Conference of State Legislatures website. Again, we were unable to find any information specific to Telsa Model 3 Range Plus on any websites, but can infer any legislation that applies to electric cars must apply to Telsa Model 3's as well.
Part
04
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Part
04

EV Fees and Incentives - Tesla Model 3 (A4)

Owners of electric vehicles in Maine (Including the Tesla Model 3 A4) get $2,000 rebate for new vehicles with a base price under $50,000 and a federal tax credit of up to $7500. We have populated the attached spreadsheet with the required information.

Summary

Fees and Incentives in Maine


Research Strategy

A thorough search through the US Department of Energy's Alternative Fuels Data Center revealed the laws, fees, and incentives from different states surrounding the purchase and ownership. This is the most reliable source for this type of information. We also searched through the official Tesla site that lists the different incentives and fees available for the company's electric vehicles in the United States, segmented by state.
Our search established that the fees and incentives all apply to electric vehicles, and there are no specific fees and incentives for the Tesla Model 3.
Sources
Sources

From Part 02