Summary
- Vermont’s Agency of Transportation has updated its incentive programs to include flood-damaged vehicles, offering up to $6,000 in state incentives that can be combined with federal tax credits.
- The Replace Your Ride Program now includes flood-damaged vehicles for up to $6,000 in incentives for Vermont residents looking to replace their totaled vehicles with electric or plug-in hybrid options.
- The MileageSmart program offers $5,000 to Vermonters replacing flood-damaged cars with high-efficiency used vehicles.
- Participants can combine state incentives for up to $11,000 off new EVs and $10,000 off used EVs, in addition to the $7,500 federal tax credit.
- Governor Phil Scott states the program is designed to provide immediate relief to Vermonters and encourage environmentally friendly vehicle upgrades.
Article
Incentives for Vermonters to switch to EVs
Vermont’s Agency of Transportation (AOT) has updated its incentive programs to include flood-damaged vehicles after Hurricane Beryl. Vermonters looking to replace their totaled gasoline- or diesel-powered vehicles with an all-electric or plug-in hybrid vehicle can benefit from up to $6,000 in state incentives, which can be combined with other state incentives and the federal tax credit for potential savings of up to $18,500.
Expanded incentive programs
Even before the floods, Vermonters had solid incentive packages to switch to EVs. The state has expanded these incentives to include flood-damaged vehicles. The Replace Your Ride Program now offers up to $6,000 for swapping a gas- or diesel-powered car with an EV, whether new or used. MileageSmart, a program to incentivize high-efficiency used vehicles, now automatically offers $5,000 to Vermonters replacing a flood-damaged car with a more environmentally friendly used vehicle.
Governor Phil Scott’s initiative
Governor Phil Scott is dedicated to providing immediate relief to Vermonters affected by the floods. The incentive programs aim to help those whose vehicles were flooded upgrade to a new, environmentally friendly vehicle. Participants can stack these programs with other state incentives for up to $11,000 off the price of a new EV and up to $10,000 off the price of a used EV. When combined with the $7,500 federal tax credit, potential savings of up to $18,500 are available for purchasing or leasing a new EV in Vermont.
Benefits of switching to EVs
The incentives offered by Vermont’s AOT provide an excellent opportunity for Vermonters to make the switch to electric vehicles. In addition to the financial savings provided by the state incentives and federal tax credit, EVs offer numerous environmental benefits. By driving an EV, individuals can reduce their carbon footprint, decrease air pollution, and contribute to a cleaner, more sustainable future for Vermont and beyond.
How to take advantage of the incentives
To take advantage of Vermont’s incentive programs for EVs, residents can visit the AOT website for more information on eligibility and how to apply. By trading in a flood-damaged vehicle for an all-electric or plug-in hybrid vehicle, Vermonters can not only save money on their purchase but also contribute to the state’s efforts to reduce greenhouse gas emissions and combat the effects of climate change.
Conclusion
Vermont’s updated incentive programs for electric vehicles offer an excellent opportunity for residents to make the switch to clean, sustainable transportation options. By providing financial incentives for replacing flood-damaged vehicles with EVs, the state is encouraging environmentally friendly choices and helping residents save money in the process. With the ability to stack multiple incentives and take advantage of the federal tax credit, Vermonters have the potential to save up to $18,500 on the purchase or lease of a new EV. This initiative showcases Vermont’s commitment to combating climate change and promoting cleaner, greener lifestyles for its residents.
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