Electric vehicles are being widely adopted around the world, but there is still one major hurdle for many people to overcome: the cost.
The good news for people in Washington is that this may no longer pose a problem, as the Pacific Northwest state has recently launched a new program to make EVs more affordable, ensuring that more people can make the switch to tailpipe-pollution-free vehicles.Â
As reported by CBT News, on Aug. 1, Washington Gov. Jay Inslee launched the Instant Rebate program. The Washington State Department of Commerce has set aside $45 million to support the state-run initiative and expects to cover between 7,500 and 9,000 rebates. The program does come with some caveats. First, single residents must earn $45,180 or less per year to be eligible, while a family of four must make less than $93,600. EVs must also have a going rate of less than $90,000.
The rebates offered include up to $9,000 for a new EV lease of three years or more, $5,000 for new EV purchases or two-year leases, and $2,500 for used EV purchases or leases.
Washington isn't the first state to launch programs to make EVs more accessible. Colorado is offering tax breaks to people who purchase a new EV, while in California, you can get rebates for buying an EV and receive funding for charging ports. Other states have followed the Golden State's lead or are considering similar legislation.
Meanwhile, in addition to state funding, the federal government is offering EV incentives. The Inflation Reduction Act provides up to $7,500 in tax credits for qualified models.
The combination of state and federal incentives is providing hope for a cleaner future. Programs like these not only help reduce toxic pollution produced by dirty fuel-powered cars. They also help put money back in consumers' wallets, as EVs generally require less maintenance and are shockingly less expensive to power than gas-fueled vehicles.
According to CBT News, Washington's new program has received positive attention, with more than 200 sellers signing up to participate. Seattle dealer Jim Walen, one of the sellers, described it as a "game changer."
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