The Nissan Leaf is an affordable and appealing electric car that has recently been recertified by the US government for a federal tax credit of $3,750 in 2024. This certification was necessary due to the expiration of the previous tax credit available for the vehicle at the end of 2023. The Leaf is one of only 11 new EV models in the US that qualify for a federal tax credit, with only seven of them eligible for the full $7,500 credit.
In order to qualify for the federal tax credit, customers must meet all purchase and income qualifications outlined in IRS code Section 30D. The vehicle must be assembled in North America and meet certain “critical mineral and battery component requirements.” These requirements refer to the sourcing of parts and minerals from North America, which has become stricter over the years, leading to fluctuations in eligibility for some vehicles.
Nissan confirms that the current Leaf models and their batteries are assembled in Smyrna, Tennessee. To be eligible for the tax credit, the Leaf model must be built in 2024 and purchased on or after March 6th. Additionally, Nissan is offering a $3,750 incentive for prospective buyers leasing a 2023 or 2024 Leaf.
The base 2024 Leaf S starts at $29,235, featuring a 147-horsepower motor and a 40-kWh battery pack with a 149-mile range. The 2024 Leaf SV, priced at $37,285, comes with a more powerful 214-horsepower motor and a larger 60-kWh battery pack providing a 212-mile range. overall, the Leaf offers a compelling option for those looking to go electric without breaking the bank.
Federal Tax Credit Eligibility
The federal tax credit for electric vehicles is an important incentive for reducing the cost of purchasing an electric car. In the case of the Nissan Leaf, the recertification for the tax credit highlights the evolving requirements for eligibility. As the regulations around “critical mineral and battery component requirements” become stricter each year, automakers must ensure that their vehicles meet these standards to qualify for the credit.
Production and Assembly in North America
Nissan’s decision to assemble the Leaf and its batteries in Smyrna, Tennessee, showcases the company’s commitment to meeting the North American production requirements for the federal tax credit. By sourcing parts and minerals locally, Nissan is able to maintain the eligibility of the Leaf for the tax credit, providing customers with a more affordable option for going electric.
Pricing and Range Options
The pricing and range options for the 2024 Nissan Leaf offer consumers a choice based on their driving needs and budget. The base model, Leaf S, provides a balance of power and range at an affordable price point, making it a practical option for daily commuting. On the other hand, the Leaf SV offers a more powerful motor and a larger battery pack for those who require an extended range for longer trips.
Incentives for Lease Arrangements
In addition to the federal tax credit, Nissan is also offering incentives for lease arrangements on the 2023 and 2024 Leaf models. This further reduces the cost of ownership for customers who may not want to purchase a vehicle outright, making the Leaf an even more attractive option for those looking to switch to electric transportation.
Conclusion
The recertification of the Nissan Leaf for the federal tax credit underscores the company’s dedication to providing affordable and environmentally friendly transportation options. With its attractive pricing, range options, and incentives for lease arrangements, the Leaf continues to be a compelling choice for consumers seeking an electric vehicle that meets their needs without compromising on performance or affordability.