Electric vehicles (EVs) are becoming more commonly used on California roads than ever before due to their positive environmental impacts. The availability of California EV incentives makes the leasing and buying of these environmentally friendly vehicles quite affordable to the residents. Below are some of the main California EV incentives that you should know.
Top California EV Incentives
In 2020, it was announced that the state of California had plans to go “all electric” and eliminate the sale of gas powered vehicles in the state by 2035. To help facilitate the adoption of electric vehicles, the state is also offering the following incentives to California residents:
1. Property Assessed Clean Energy (PACE) Loss Reserve Program
This program is run by the California Alternative Energy and Advanced Transportation Financing Authority (CAEATFA). The main goal of this program is to offer finances for home improvement projects involving water efficiency and clean energy solutions. If you are a consumer of EVs, you can take advantage of the program and undertake various home improvements, including purchasing and installing EV charging stations.
2. Clean Vehicle Rebate Program
This program runs under the California Air Resources Board (CARB) and its main aim is to make EVs affordable and available to residents in California. Under this program, purchasing or leasing an EV makes you eligible to access rebates of $1000- $7000. It is important to note that the program offers rebates to adopt new and eligible zero-emission cars, which includes all EVS.
3. Grants for The Retirement of Old Vehicles
Old vehicles characterized by excessive pollution to the California environment can be retired from the roads through the vehicle retirement consumer program. The program gives between $1,000 to $1,500 to eligible consumers who want to eventually remove their old vehicles from the roads to acquire an EV.
California residents whose income meets the eligibility criteria can get $1,500 for every retired vehicle. A $1,000 incentive is also available to all other vehicle owners to retire their old cars at BAR- a contracted dismantler.
Are you interested in retiring your old car from California roads? To determine eligibility and the incentive you can get, begin the application through the local government website.
4. Clean Vehicle Assistant Program
This program was jointly formed in 2018 by the Beneficial State Foundation and the California Air Resources Board. However, it is funded by California Climate Investments (CCI). Residents of California who wish to acquire electric vehicles may access EV loans at an 8% or lower rate.
This is made possible by the Beneficial State Bank, which provides auto loans at the given rates for EV buyers. To access the loan, you’re required to pay at least $1,000 for your EV purchase. The payment can be done upfront or over an extended period.
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