GreenPower Motor Company Inc. (NASDAQ: GP) (TSXV: GPV) ("GreenPower"), a leading manufacturer and distributor of purpose-built, all-electric, zero-emission medium and heavy-duty vehicles serving the cargo and delivery market, shuttle and transit space and school bus sector, announced the company is now a qualified manufacturer for the commercial clean vehicle credit under the Inflation Reduction Act.
GreenPower's all-electric commercial vehicle models weighing greater than 14,000 pounds GVWR are eligible for up to $40,000 in tax credits. Tax credits for vehicles weighing less than 14,000 pounds GVWR are available for up to $7,500.
On Jan. 1, 2023, the commercial clean vehicle credit became available to businesses and tax-exempt organizations for the purchase of new electric vehicles to incentivize the adoption of EVs and support domestic production. Currently, there is no limit on the number of tax credits a business can claim.
"As businesses continue to explore and invest in electrifying their fleets, they need help with costs to accelerate adoption," said Brendan Riley, President of GreenPower. "By being a qualified U.S. manufacturer, we can proudly provide better, cleaner and safer transportation alternatives to businesses looking to deploy purpose-built, all-electric vehicles including trucks and cargo vans. With the tax credit, owning an all-electric commercial vehicle will be more affordable in the long run than ICE units, in many cases."
GreenPower's innovative technologies can help businesses drive down fuel costs and minimize maintenance costs while delivering outstanding reliability, efficiency and helping address climate change.
For more information go to www.greenpowermotor.com
