Shocking News: Electric Vehicle Rebate Programs Run Out of Money
Well here’s a surprise electric vehicle rebate program is out of funds in some states the Illinois EPA electric vehicle program is out of money bad news if you still haven’t applied for the Illinois EPA electric vehicle rebate the program is now out of money and the agency says
The number of applicants has surpassed the amount of funding which was $12 million for the fiscal year and the program has offered $4,000 to people who have bought electric vehicles in the past 90 days well as of the middle of December in 2023 they’re out of money
And moving forward the agency says it will prioritize applications for people who qualify with low income but can those people even afford new cars can they afford the increased insurance and a charging station or public charging this doesn’t make much sense now California’s EV rebate program has also
Run out of funds too effective November 8th of 2023 the cvrp as they call it is closed to new applications and California is eliminating its popular electric vehicle rebate program which often runs out of money and has long waiting lists to focus on providing subsidies only to lower income car
Buyers again doesn’t make any sense the clean vehicle rebate project has been in existence since 2010 and will end its run when it runs out of money which was in 2023 and in its place the state will expand a program next year that provid subsidies only to low to Middle inome
Residents those who have more trouble affording electric cars like I’ve been saying it doesn’t make any sense a representative stated in quote the goal here is not to eliminate options for one group of motorists at the expense of another but to assist those who been unable to purchase a cleaner vehicle
Well that makes sense but this is exactly what Calfornia is doing however people that are lower income and can’t afford it with higher expenses they’re not going to be buying electric cars they’re going to keep what they have because it makes more financial sense now New Jersey has also paused their
Electric vehicle rebate after running out of money prospective electric vehicle buyers and those leasing in New Jersey could be in for a shock after it was revealed that the local government will soon pause its rebate program the charge up New Jersey program has been in operation since May of 2020 and provides
New Jersey residents with up to $4,000 when they purchase or lease a new electric vehicle the program has provided roughly $90 million in incentives over the past three years and other states are struggling to keep their programs funded as well some states are only offering tax credits to
Lowincome Residents who can’t afford any new cars but keep in mind a new car means higher Insurance a charging station and car payments like I keep saying now let’s take a closer look at who is using those rebates if you take a look at the current rebate wealthier drivers who earn over
$125,000 a year have been taking advantage of that money not lower income people which is smart if you can afford to do a third or fourth car but now other states are looking at changing their rules as well and taking it away from those who can actually afford a new
Vehicle now we have covered other countries ending their EV subsidies such as Germany New Zealand England and France is limiting their EV credits as well here in the US the current rules for fuel economy.gov have changed for 2024 and the federal tax credits for plug-in electric and fuel sell electric
Vehicles purchasing in 2024 are up to $7,500 however look at the small print as I always say what the big print gives the the small print always takes away an all electric plug-in and Fuel Cell electric vehicles purchased new in 2024 or later may be eligible for a federal
Income tax credit of up to $7,500 the availability of this credit will depend on several factors including the vehicle’s price its final assembly location battery component and or critical mineral source and your modified adjust gross income or AGI for 2024 12 cars are eligible that’s it 12 some manufacturers are offering their
Credit directly which is wise While others are increasing the price of those electric vehicles and then offering that $7500 credit do your homework you’ll be surprised there’s quite a few Brands who have raised their price and then offered the $7,500 tax credit which means it’s going to cost you $2,500 more now
Qualified Vehicles purchased for 2024 may be eligible for that tax credit up to $7,500 pre-owned electric vehicles purchased in 2024 or after are eligible for a tax credit up to $4,000 there are price limits in each state which may offer local incentives again do your homework but be sure to
Check with an accountant before you make that final decision because things change all the time when it comes to the federal government now if your state still has funds in their account there will be critical facts that will offer a tax credit not a rebate not a check so
Make sure to read all that fine print for all electric cars and trucks that qualify for a full refund they must be assembled in the United States with a certain percentage of critical materials mined or processed in the United States or from a Free Trade Agreement partner and certain percentage of battery
Components made in North America the percentage will increase in 2025 and 2026 and so on every single year It’s Tricky after complaints from trade Partners in Korea Japan and Europe the US Treasury came up with a workaround the tax credit is available for non-qualified vehicles if a car is
Leased and that may change also and car brands are pushing that’s why they’re trying to help people out and offer it from the manufacturer but a dealer may not offer it to you if a dealer actually gets that tax credit from a lease they don’t have to pass it along to you
That’s up to them so make sure to check with the manufacturer’s website if you’re looking at an electric vehicle and then check with your dealer now many dealers are willing to give you the full amount to the customer but not all of them so the customer needs to pay close
Attention on how this deal is structured this is true a buyer beware program and make sure you are prepared to do your own math and if you’re not getting what you want never be afraid to walk away and find another dealer or even another brand if you like this video give it a
Like And subscribe for more videos like this one if you have any comments or questions I know you will I’ll be happy to get involved in that conversation you can support me by buying me a cup of coffee the link for that is in the description plus all the links for our
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Electric vehicle rebate programs are out of funds. The Illinois EPA electric vehicle program out of money. This is bad news if you still haven’t applied for the Illinois EPA electric vehicle rebates – the program is now out of money. The agency says the number of applications has surpassed the amount of funding, $12 million, for the fiscal year. The program offers $4,000 to people who have bought EVs within 90 days. Moving forward, the agency says it will prioritize applicants who qualify as low-income. But can those people afford a new car?
California’s EV rebate program has run out of funds too. Effective November 8, 2023, CVRP is closed to new applications. California is eliminating its popular electric car rebate program — which often runs out of money and has long waiting lists — to focus on providing subsidies only to lower-income car buyers.
The Clean Vehicle Rebate Project, in existence since 2010, will end when it runs out of money this year. In its place, the state will expand a program next year that provides subsidies only to low-to-middle income residents — those who have more trouble affording electric cars.
A representative stated: “The goal here is not to eliminate options for one group of motorists at the expense of another, but to assist those who’ve been unable to purchase a cleaner vehicle.” But this is exactly what California is doing.
New Jersey paused their electric vehicle rebate after running out of money. Prospective electric vehicle buyers and those leasing in New Jersey could be in for a shock after it was revealed that the local government will soon pause a rebate program.
The Charge Up New Jersey program has been in operation since May 2020 and provides New Jersey residents with up to $4,000 when they purchase or lease a new electric vehicle. The program has provided roughly $90 million in incentives over the past three years.
Other states are struggling to keep their programs funded. Some states are only offering tax credits to low-income residents who can’t afford any new car. Keep in mind, a new car means higher insurance, a charging station, and car payments. If you look at who is taking the current rebate, wealthy drivers who earn over $125,000 have been taking advantage of the money. Which is smart if you can afford it, but now other states are looking to change the rules too.
We have covered other countries ending their EV subsidies; #Germany #newzealand #England and #france are limiting their EV credits too.
Here in the USA the current rules per fueleconomy.gov have changed for 2024, only 12 vehicles are eligible for the $7500 tax credit. Some brands are offering a rebate but dealers have to pass that along to the customer.
0:00 Electric Vehicle Rebate Programs Run Out of #money
0:30 which states with no program
2:50 new rules
3:29 tax credit new rules
4:54 tricky new rules
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