Alternative Fueled Vehicle (AFV)
Alternative Fueled Vehicle (AFV) Definition
Alternative fueled vehicles run on other substances that aren’t conventional diesel or petroleum gas. They can run on more than one type of fuel in some cases. Among the most significant contributors to carbon emissions is the American trucking industry. Some of the most advanced trucks can only sustain fuel efficiency for up to seven miles per gallon despite developing worthy technologies such as aerodynamic technology. As a result, it is necessary to ensure that other better ways are employed to provide a cleaner environment. One of those ways is using alternative fuels, which have advantages and disadvantages. Factors to take into consideration include fuel costs, infrastructure investment, and product shelf life.
Alternative Fueled Vehicle Types and Tax Credits
Examples of alternative fuel vehicles include:
- Electric cars
- Hybrid electric vehicles
- Solar-powered vehicles
- Electric trucks
- And more.
Certain alternative fuel vehicles receive a tax credit called the Alternative Motor Vehicle Credit. The car or truck must fall into the "Qualified Fuel Cell Vehicle" category. That means one or more cells convert chemical energy directly to electricity, along with a few other requirements. If you want a tax credit on your alternative fuel vehicle, speak with a licensed tax preparer to see if you qualify.