Summary
- 3,300 Washington residents have used state-funded rebates for electric vehicles in the past two months
- Funding for the program is expected to run out in October if the current pace continues
- Rebates can amount to up to $9,000 on a lease or $5,000 on a purchase of an electric vehicle
- Eligibility is based on income requirements and those enrolled in public assistance programs are automatically eligible
- Total funding for the program is nearly $45 million, with $17.5 million remaining as of Friday, and funds are running out faster than expected.
Article
Since its launch in August, around 3,300 Washington residents have taken advantage of state-funded rebates to lease or purchase electric vehicles. The program is expected to run out of funding by October if the current pace of rebates being distributed continues. The average rebate amount is $7,292, with about two-thirds of the rebates going toward auto leases. The Department of Commerce expects to issue a total of about 6,000 rebates.
Eligible individuals can receive up to a $9,000 rebate on an electric vehicle lease or $5,000 on a new electric vehicle purchase. For used electric vehicles, $2,500 rebates are available. In order to qualify for the program, individuals must meet certain income requirements, with a maximum household income of $45,180 for an individual and $93,600 for a family of four. Those enrolled in certain public assistance programs are automatically eligible for the rebates.
As of the most recent data available, nearly $17.5 million of the total $45 million funding for the program is still remaining. The state rebates are in addition to federal incentives available for the purchase of certain electric vehicle models. The agency initially estimated that the funding would last until the following spring, but due to the popularity of the program, funds are running out quicker than expected.
The popularity of the program is attributed to the $9,000 rebate for leases of three years or more, which has driven more interest from potential electric vehicle buyers. Commerce Director Mike Fong has urged individuals interested in taking advantage of the rebates to act quickly before the funds are depleted. The rebates are applied as a discount by participating auto dealers at the time of purchase or lease.
Overall, the state-funded rebates for electric vehicles in Washington have been successful in incentivizing the adoption of electric vehicles in the region. With thousands of rebates already issued and more anticipated to be distributed, the program has proven to be a popular and effective way to encourage the use of environmentally friendly transportation options. As the funds are running out faster than expected, individuals are encouraged to act quickly if they wish to take advantage of the rebates before they are depleted.
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