Electric cars are awesome for the environment, but they can be a bit pricey. Washington State is looking to change that with a new program offering rebates of up to $9,000 towards leasing or buying new EVs.
This program starts in August 2024 and aims to make electric cars more affordable for middle- and lower-income residents. The biggest perk? Leasing a car like a Toyota bZ4X could cost as little as $56 a month.
Rebates for New and Used EVs
The program offers different rebates depending on how you want to get your electric car:
- Up to $9,000 for leasing a new EV for 3 years or more (applied at the time of purchase)
- $5,000 for buying a new EV or leasing for 2 years
- $2,500 for buying or leasing a used EV for at least 2 years
These rebates can be combined with other savings like the federal tax credit of $7,500 and Washington’s sales tax exemption for electric vehicles. This can bring the price down significantly!
How Much Could You Save?
Let’s say you’re interested in a 3-year lease. The state has some examples of how much you could save with the $9,000 rebate (including the federal tax credit):
- Toyota bZ4X: $56 a month
- Hyundai Kona: $78 a month
- Nissan Leaf: $87 a month
- Hyundai Ioniq 6: $93 a month
- Subaru Solterra: $123 a month
- Kia Niro Wind: $135 a month
- Tesla Model 3: $127 a month
- Tesla Model Y: $207 a month
Who Qualifies?
To qualify for the full $9,000 rebate, your annual income needs to be under $93,600 for a family of four or $45,180 for a single person. The car’s price must also be under $90,000.
This program is a great way to help more people enjoy the benefits of electric cars and improve air quality in Washington. With rebates and tax credits, electric cars are becoming more affordable than ever! The program has funding until June 2025 or until the money runs out, so there’s a good chance you can take advantage of these savings.