Shocking News: Electric Vehicle Rebate Programs Run Out of Money

Electric vehicle rebate programs are out of funds. The Illinois EPA electric vehicle program out of money. This is bad news if you still haven't applied for the Illinois EPA electric vehicle rebates – the program is now out of money. The agency says the number of applications has surpassed the amount of funding, $12 million, for the fiscal year. The program offers $4,000 to people who have bought EVs within 90 days. Moving forward, the agency says it will prioritize applicants who qualify as low-income. But can those people afford a new car?

California's EV rebate program has run out of funds too. Effective November 8, 2023, CVRP is closed to new applications. California is eliminating its popular electric car rebate program — which often runs out of money and has long waiting lists — to focus on providing subsidies only to lower-income car buyers.

The Clean Vehicle Rebate Project, in existence since 2010, will end when it runs out of money this year. In its place, the state will expand a program next year that provides subsidies only to low-to-middle income residents — those who have more trouble affording electric cars.

A representative stated: “The goal here is not to eliminate options for one group of motorists at the expense of another, but to assist those who’ve been unable to purchase a cleaner vehicle.” But this is exactly what California is doing.

New Jersey paused their electric vehicle rebate after running out of money. Prospective electric vehicle buyers and those leasing in New Jersey could be in for a shock after it was revealed that the local government will soon pause a rebate program.

The Charge Up New Jersey program has been in operation since May 2020 and provides New Jersey residents with up to $4,000 when they purchase or lease a new electric vehicle. The program has provided roughly $90 million in incentives over the past three years.

Other states are struggling to keep their programs funded. Some states are only offering tax credits to low-income residents who can’t afford any new car. Keep in mind, a new car means higher insurance, a charging station, and car payments. If you look at who is taking the current rebate, wealthy drivers who earn over $125,000 have been taking advantage of the money. Which is smart if you can afford it, but now other states are looking to change the rules too.

We have covered other countries ending their EV subsidies; #Germany #newzealand #England and #france are limiting their EV credits too.

Here in the USA the current rules per fueleconomy.gov have changed for 2024, only 12 vehicles are eligible for the $7500 tax credit. Some brands are offering a rebate but dealers have to pass that along to the customer.

0:00 Electric Vehicle Rebate Programs Run Out of #money
0:30 which states with no program
2:50 new rules
3:29 tax credit new rules
4:54 tricky new rules

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#news #ev #electriccar #taxcredits #taxes #rebate #california #illinois #federalgovernment #newjersey