Top 5 Electric Vehicle Incentive Locations
May 31, 2012
May 31, 2012
In response to last week’s blog on the California electric vehicle market I decided to blog about the best incentive programs available in North America. There are two primary types of incentives offered for electric vehicles, vehicle rebates and tax credits. To compare apples to apples I have broken the post into the top 5 tax credit incentives and the top 5 vehicle rebate incentives. The rankings are based on the maximum an individual is able to claim or rebate.
“Area titles can be clicked to see reference locations as well as full incentive information”
Top 5 Electric Vehicle Tax Credit Locations:
Residents of West Virginia are able to claim an income tax credit equal to 35% of the vehicles purchase price up to a maximum of $7,500 (USD).
Residents of Colorado are eligible for an income tax credit after purchasing an electric vehicle equal to 75% of the premium paid for the electric vehicle. The rebate percentage scales back every year but the maximum claim will remain the same at $6,000 (USD).
Income tax credits are available upon purchase or lease of a zero emission vehicle. The amount of the credit is 20% of the vehicles cost up to a maximum of $5,000 (USD).
The state offers an income tax credit equal to 50% of the incremental cost associated with buying an electric vehicle or 10% of the total cost of the vehicle up to $3,000 (USD).
An income tax credit is available to state residents equal to 50% of the premium paid for an electric vehicle. If the premium cannot easily be determined, individuals may claim 10% of the total vehicles cost. In both cases the credit is capped at $1,500 (USD).
Top 5 Electric Vehicle Rebate Locations:
Hawaii residents, businesses, government and not for profit agencies can apply for the Electric Vehicle Ready Rebate Program. The rebate is equal to 20% of the purchase price of the vehicle up to a maximum of $4,500 (USD).
Rebates equal to 80% of the incremental cost of an electric vehicle are available through the Illinois Alternative Fuels Rebate Program. The rebate is capped at $4,000 (USD).
Residents of Pennsylvania are able to acquire a $3,500 (USD) rebate towards the purchase of a new electric vehicle. The rebate is offered through the Alternate Fuels Incentive Grant Program.
Rebates are available through the Clean Vehicle Rebate Project for the purchase of approved electric vehicles. Rebates are available until funding is depleted; currently there is around $4,500,000 still available. Approved vehicles get a rebate of $2,500 (USD).
Both provinces are offering rebates on the purchase of electric vehicles of around $8,000 Canadian dollars. These areas are ranked 5th because residents of the United States are eligible to receive a $7,500 federal tax credit in addition to what the state is also offering.
“If there is an area not featured on this list that you believe deserves to be, please let me know by either leaving a comment or sending an email (address below).”
Area incentives are an important aspect of electric vehicle purchase decisions, that’s why FleetCarma’s Total Cost of Ownership reports are adjustable for your area’s unique programs.
FleetCarma solutions focus on your fleet’s unique applications and duty-cycles. We data log your vehicles to get the most applicable solutions for you. For a limited time, fleet operators can sign up for a free, no-obligation trial. Just Click Below.