Florida Electric Vehicle Benefits

2023 Cadillac LYRIQ

With the majority of automotive manufacturers shifting to full electric lineups over the next few years, EVs are the future. If you’re due for a new vehicle and thinking about making the leap into the next phase of automotive, you’ll be pleased to know that there are a long list of benefits to driving an EV, including federal electric car rebates and state electric car incentives. Read on to learn about the types of EVs and the different benefits to owning one. Then, reach out to Cadillac Lakeland to book a test drive near Winter Haven or read on to find out about the Cadillac LYRIQ incentives! 

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The Different Types of EVs 

Before we jump into the benefits of EVs, let’s take a look at the most popular types of vehicles that use battery power to offset emissions and fuel consumption: 

  • BEVs: A BEV is only powered by the vehicle’s battery. There is no combustion whatsoever. These EVs are compatible with fast charging and L2 charging and produce zero emissions. 
  • PHEVs: Plug-in hybrid electric vehicles are similar to hybrids in that they make use of gas and battery power. Unlike hybrids, however, they have a fully electric drive mode that you can switch to. The dedicated EV mode is great for running errands around town. You can use an L2 charger to replenish the battery.
  • HEVs: Hybrid electric vehicles use an electric motor to help offset the power consumption of a gas combustion engine. They have better fuel economy and lower emissions than traditional gas-powered vehicles. HEVS charge their own electric motor using regenerative braking technologies and do not have fully electric drive-mode.  

Along with EVs and hybrids, there are other alternative fuel vehicles (AFVs) on the market, including flexible fuel vehicles, fuel cell vehicles, and natural gas vehicles. 

Benefits of EVs in Florida

While there are many types of electric vehicles on Bartow roads, to receive federal electric car rebates and state electric car incentives, you’ll need to consider a fully electric vehicle like the highly-reviewed Cadillac LYRIQ. For our purposes, we’ll be covering the benefits of BEVs. Let’s take a look at both the general perks of driving an EV and the state electric car incentives and federal electric car rebates which will help you get access to Cadillac LYRIQ incentives. 

  • EVs produce zero emissions. 
  • There are no fuel consumption costs. 
  • Many insurance agencies offer incentives of up to 10% for EVs in Florida. 
  • Average lifetime maintenance costs are $4,600 compared to $9,200 for gas vehicles.
  • Up to a $7,500 federal tax credit is available if you purchase an EV until 2032.
  • There’s a new tax credit of up to $4,000 for used EVs put into service after Dec. 31, 2023.
  • If your vehicle has a battery capacity of fewer than 15 kilowatt-hours (kWh), you may receive a $500 credit.
  • PHEV green vehicles with larger battery capacity are eligible for up to $1,000 in Florida.
  • Purchase a new or pre-owned PEV model in Florida, and you’re eligible for an Orlando Utilities Commission credit.
  • In Florida, you can use the High Occupancy carpool/HOV lane whenever you like—even when you’re the only person in the car. You just need to procure an HOV decal from your local DMV. 
  • Green vehicles can also save you time, as they’re exempt from emissions testing at the Florida DMV.
  • If you’re looking to green your Florida business, you can take advantage of rebates like the natural gas fuel fleet vehicle rebate, commercial electric vehicle charging station rebate, and Florida’s electric vehicle supply equipment financing.

Used EV Vehicle Credit Program

Under the new Inflation Reduction Act program passed in 2022, there have been some changes to the used EV tax credit which make it easier to afford even a used EV thanks to federal rebates for electric cars. These changes to the federal rebates for electric cars are outlined below:

  1. A tax credit of 30% of the value of a used EV has a $4,000 cap.
  2. The used vehicle must be at least two model years old at the time of sale.
  3. The original owner of the vehicle must be an individual other than the one claiming the used tax credit.
  4. Used vehicles must be purchased from a dealership such as Cadillac Lakeland, not a third party.
  5. The used vehicle price must be $25k or less.
  6. A used vehicle qualifies for the tax credit only once in its lifetime.
  7. The purchaser must be an individual to qualify for used credit, not a business.
  8. Purchasers may only claim one used vehicle credit per three years.
  9. There’s a modified gross income cap of $75k for individuals, $112,500 for the head of household, and $150k for joint returns.
  10. Credit may be applied at the time of sale by the dealership.
  11. Credit terminates on December 31, 2032.

Learn About the Upcoming 2023 Cadillac LYRIQ 

With the 2023 Cadillac LYRIQ coming into circulation, you might be wondering what it can offer drivers. The Cadillac LYRIQ will offer Brandon drivers over 300 miles of range, semi-autonomous driving technologies, and uncompromising engine specs. On top of this, the 2023 LYRIQ also will begin to include the EV tax credit program beginning January 1st, 2023, so you can take advantage of the Cadillac LYRIQ incentives.  Take a moment to explore our new vehicle specials to see how much you can save on the current lineup of Cadillac models in Lakeland!

  • Heated and ventilated front seats
  • Dual-zone automatic climate control
  • Pre-entry climate control
  • Steering wheel with Touch Control Buttons
  • Voice Control with Natural Language Understanding
  • 12.3-inch digital instrument cluster
  • 12.8-inch OLED touchscreen central multimedia display
  • Hands-free Bluetooth interface
  • Six 100W USB-C charging ports
  • 64-color LED ambient lighting

Find a New 2023 Cadillac LYRIQ for Sale at Cadillac Lakeland 

Once you’ve had the chance to review the incredible capabilities of this stunning luxury and electric ride, take the new 2023 Cadillac LYRIQ for a spin of your own on Brandon roads before taking advantage of the federal rebate for electric cars. Bring home a new Cadillac LYRIQ for sale from Cadillac Lakeland and save even more on your next high-end sedan when you shop our inventory of new vehicle specials. Our dedicated sales team is here if you have any questions or you can apply for financing online at home to get started. Contact us today for more details on the new 2023 Cadillac LYRIQ and be sure to schedule your test drive at our dealership here in Lakeland!