(MENAFN- ValueWalk) If you are planning to buy an EV and live in Washington, it is recommended that you wait until August. A new EV tax rebate from Washington will offer up to $9,000 to eligible buyers. The primary objective of the program is to make EVs affordable for buyers.
EV tax rebate from Washington: who will get it?
Washington recently launched an initiative called the Washington State Instant Rebate program to make EVs more affordable, especially on leases. Up to $45 million has been set aside by Washington's Department of Commerce for the program, which will expire in June 2025 or when the funding runs out.
The Washington State Instant Rebate program, which will launch in August, will offer a rebate of up to $9,000 to those planning to buy an electric vehicle. The EV tax rebate from Washington is available on new and used electric vehicles to buyers who meet certain income requirements.
Under the program, the rebate is available to a single person with income up to $45,180 annually (or $93,600 for a family of four). Also, eligible buyers need to have a credit score that qualifies for any lease deal on offer. Washington's median household income is $91,306, according to the 2022 U.S. Census Bureau data.
“With these new rebates, we're significantly lowering the entry point, opening the door to EVs for people of modest incomes as we continue paving the way to a clean transportation future for all,” Gov. Jay Inslee said in a statement.
The program is targeted at low-income buyers who may be looking to change their vehicle. To take advantage of the EV tax rebate from Washington, buyers first need to select the EV they wish to buy, then provide proof of their income to the dealer.
Washington State Instant Rebate program: how it works
As the program's name suggests – Washington State Instant Rebate program – the rebate is instant, meaning buyers will get the rebate at the point of purchase. In addition to increased sales, participating dealers will receive incentives for promoting EV adoption as well.
Buyers taking the EV on lease for three or more years will get a rebate of up to $9,000, while the available rebate is $5,000 for a two-year lease. The rebate is even available on the purchase and lease of used EV vehicles, provided the vehicle is fully battery-electric and is worth below $90,000.
Interested buyers can visit a nearby dealer to get more information on the low-cost lease offers. Dealers will inform the buyers on the income and credit score eligibility and accordingly, apply the credit at the point of purchase.
In addition to the rebate, the state exempts purchased vehicles from sales tax under the zero-emission vehicles provision on lease payments up to $15,000. The rebate program is estimated to result in the reduction of up to 24,000 metric tons of CO2 emissions in the transportation sector.
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