The negative impact of fossil fuel emissions on climate change and the environment has become an important issue facing the world today, and some of the biggest contributors are the gas-powered vehicles we drive every day. However, as the government increases EV incentives in a bid to reduce emissions, and drivers look to shrink their carbon footprint and save money at the pump, electric vehicles are becoming more popular. And with demand on the rise and technology improving, automakers are jumping into the EV market with more and more all-electric options.

Tesla Model Y

At the forefront of this electric revolution is Tesla, a company synonymous with innovation and disruptive technology. Tesla remains the most popular electric vehicle brand, and their versatile and stylish Model Y is now the best-selling car in the world. Known for its sleek design, advanced features, and impressive performance, the Model Y comes in three trims: All-Wheel Drive, Long Range, and Performance.

We’re going to take a look at what makes the different Model Y versions so popular with EV drivers, including all the tax credits, rebates, and incentives available for potential buyers. We’ll also look at Tesla financing and show you how to use those incentives to save money on a Tesla Model Y by financing through EV Life.

Tesla Model Y All-Wheel Drive

Unveiled in 2019, the Model Y All-Wheel Drive is Tesla’s entry-level SUV. Its exterior reflects Tesla’s smooth, futuristic aesthetic, with a sleek and aerodynamic design and a panoramic glass roof that provides an expansive view. The interior is simple and functional, centered around a 15-inch touchscreen that controls most of the vehicle’s functions. The Model Y has plenty of cargo space, thanks to its sizable rear trunk, front trunk (“frunk”), and fold-flat second-row seats. The Model Y also offers optional third-row seating, allowing it to seat up to seven people.

Equipped with Tesla’s signature all-electric powertrain, it has an EPA-estimated range of 279 miles on a single charge. The standard Model Y boasts a top speed of 135 mph and can accelerate from 0-60 mph in just 5.3 seconds. Priced at around $47,740, the Standard Range Model Y offers unparalleled value in the EV market.

Tesla Model Y Long Range

Also All-Wheel Drive, the Model Y Long Range offers enhanced features and superior range capabilities over the standard version. Its estimated 330 miles of range is perfect for drivers that want to take their Model Y on longer trips without frequent charging stops. With an acceleration of 0-60 mph in 4.8 seconds and a top speed of 135 mph, the Model Y Long Range blends practicality with performance.

Like all versions of the Model Y, the Model Y Long Range comes with advanced safety features, including collision avoidance and emergency braking. The MSRP is slightly higher than the standard Model Y, with the Long Range starting at $50,490.

Tesla Model Y Performance

The Model Y Performance is a perfect mix of safety, utility, and performance, with an emphasis on performance. Along with the standard features of the other two versions, the Model Y Performance offers a breathtaking acceleration of 0-60 mph in just 3.5 seconds and a top speed of 155 mph.

With an impressive range of 303 miles, the Model Y Performance combines speed, power, and efficiency to make it one of the most fun Teslas to drive. The price for the Model Y Performance is $54,490.

Comparing Model Y Options at a Glance

Tesla Model Y VersionPriceRangeTop Speed0-60 mphEV Tax CreditState/Local Incentives
Model Y All-Wheel Drive$47,740279 miles135 mph5.0 sec$7,500Check Incentives
Model Y Long Range$50,490330 miles135 mph4.8 sec$7,500Check Incentives
Model Y Performance$54,490303 miles155 mph3.5 sec$7,500Check Incentives

Save Money on Your Tesla Model Y With EV Incentives

There are a variety of federal and state tax credits, incentives, and rebates available to help reduce the price of your Tesla.

The federal EV tax credit, defined in the Inflation Reduction Act of 2022, provides a tax credit of up to $7,500 for eligible Model Y buyers, though it’s important to note that the credit only applies to tax liability and the vehicle must be purchased new, not leased.

In California, residents have access to additional rebates and incentives offered by the state. The Clean Vehicle Rebate Project (CVRP) offers rebates between $2,000 and $7,500 for the purchase or lease of certain electric, plug-in hybrid electric, and fuel cell vehicles. The Tesla Model Y is on the CVRP’s list of eligible vehicles. The Clean Vehicle Assistance Program provides grants of up to $5,000 toward the purchase or lease of a Tesla Model Y for applicants that meet the CVRP’s eligibility requirements.

There are also a number of other income-based programs at the state and local level offering assistance to drivers looking to make the switch to an electric vehicle.

EV Life Electric Vehicle Financing

While there are numerous federal, state, and local programs offering various incentives for electric vehicle purchases, each one is different. Every program has its own set of complex eligibility requirements and qualifying vehicle lists, and it can be difficult to comb through the fine print to see if you qualify. And even when you do figure out which programs to apply for, you have to wait an average of 6-18 months for approval before you ever see any of the money.

The solution? The EV Climate Loan from EV Life.

EV Life allows you to apply your incentives to your EV Climate loan as an incremental down payment, significantly lowering your monthly payments by an average of $200 per month compared with traditional auto loans. This can save drivers $15,000 or more on their EV purchase!

EV Life will even help you find every program you qualify for, so you aren’t leaving any money on the table. Owning a Tesla Model Y just got a whole lot more affordable with EV Life.

 Get pre-qualified today and find out how much you could save on your Model Y.