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Provincial and Federal Incentive Programs for Electric Vehicles

Provincial and Federal Incentive Programs for Electric Vehicles

Purchasing an electric vehicle can be costly, and most environmentally conscious buyers still find that buying an EV would be out of their affordability bracket. However, there are a number of provincial and federal incentive programs to help you. 

 

These incentives make purchasing an EV significantly more affordable. Federal and provincial programs apply, and rebates are calculated at the point of sale or can be pre-approved based on your gross yearly income. 

 

Who Qualifies for Incentive Programs

You can claim two incentives when you buy an EV. The federal incentive can be claimed at the point of sale. The provincial incentive can be claimed based on your gross annual income. 

 

Federal: Point of Sale

 

You can claim a federal rebate when you purchase or lease a vehicle for at least 12 months. You can claim one incentive per year, or you can claim up to 10 annual incentives if you have a business.

 

Provincial: Gross Annual Income

 

If your gross income is less than $80,000, you can receive an incentive for an EV or long-range PHEV up to $4,000, or up to $2,000 for a PHEV with an electric driving range of less than 85 km. 

 

If your gross income is between $80,000 and $90,000, you can get up to $2,000 for a long-range PHEV or EV, or up to $1,000 for a PHEV with an electric driving range of less than 85 km.

 

If your gross income is between $90,000 and $100,000, you can get up to $1,000 for a long-range PHEV or EV, or up to $500 for a PHEV with an electric driving range of less than 85 km. 

 

You won’t qualify for an incentive if your income exceeds $100,000.

 

What Vehicles Are Eligible for Incentives

 

On a federal level, incentives for purchasing an EV are calculated using two methods. EVs and longer-range PHEV (with a driving range greater than 50 km) can receive an incentive of up to $5,000. Shorter-driving range PHEV (under 50 km) can receive a rebate of up to $2,500. 

 

The value of the vehicle also plays a role in the approval process. Passenger cars with an MSRP of up to $65,000 and SUVs, trucks, and station wagons with an MSRP up to $70,000 are eligible and must be listed on the Transport Canada website. Also, used and demo vehicles must have an odometer reading of less than 10,000 km.

 

How to Receive an Incentive

To receive a British Columbia incentive program for electric cars, you must have a valid driver’s licence. Pre-approval is required, and you can only claim this incentive once in a lifetime.

 

The federal incentive program for electric cars is calculated at the point of sale at the dealership. The rebate amount will appear on the lease or the bill of sale. An electric car Nanaimo dealer will apply the fees and taxes to the purchase price, calculate the incentive amount, and submit the documentation on your behalf to Transport Canada.

 

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    Categories: Electric Vehicles, EV Vehicles