Buying an electric vehicle could now come with a hefty tax credit. There are plenty of stipulations to keep in mind, however.

The Internal Revenue Service Clean Vehicle Tax Credit provides a $7,500 tax credit for qualified plug-in electric or fuel cell vehicles purchased and put into service on Jan. 1 or later. Among the manufacturers qualifying for the credit include vehicles made by Honda, Ford, General Motors, Hyundai, Kia, Nissan, Subaru, and Tesla. You can see a complete list of qualifying vehicles here.

(iSeeCars) — Electric vehicles (EVs) are gaining market share at a rapid pace, with sales of EVs growing by 85 percent from 2020 to 2021 according to the U.S. Department of Energy. That number is expected to grow further in 2022 as more new all-electric models enter the market and as gas prices remain elevated.

As many consumers consider an electric vehicle for their next car purchase, they may be curious about how these electric vehicles work. After all, today’s electric cars look and drive like traditional gas-powered cars, but it’s important to understand the differences between these two vehicle types.