Rhode Island is offering new incentives to encourage the purchase of electric vehicles with its new DRIVE EV program.
The program, which pushes for both individual and fleet EV purchases, offers rebates based on a consumer’s choice to drive a sustainable powertrain. It is one of the newer programs in the country, and can be combined with federal incentives to drive further savings on electric vehicles.
Tesla victorious in Rhode Island after state approves license to sell direct
DRIVE EV offers rebates of up to $2,500 for car buyers who purchase or lease a new fully-electric or fuel-cell EV. The vehicles must be purchased at a licensed Rhode Island Automobile Dealership, must be registered in the state, and must be purchased by a resident of RI.
The incentives will only apply to new EVs up to $60,000 and used EVs up to $40,000. This is interesting, as used EVs have held their value well and are sometimes more expensive than new EVs due to their availability in the market. Supply chain constraints have made getting some new vehicles tough to come by.
Why Tesla Model Y tax credit inclusion is good for some and bad for others
Used EVs are also a part of the program but offer smaller rebates. Rhode Island will offer $1,500 incentives for used electric vehicles, as well as new plug-in hybrid EVs, helping incentivize powertrains that may not be as sustainable as a fully-electric vehicle, but still are a better option from an environmental standpoint compared to a gas-powered car.
“There is a big push to go electric and to reduce the carbon footprint in Rhode Island,” Administrator for Clean Energy Transportation at the Rhode Island Office of Energy Resources, Sara Canabaro, said, according to WPRI.
For fleets, businesses can utilize the DRIVE EV FLEET portion of the program. This will provide $2,500 for new EVs, and $1,500 for used EVs again.
Drivers will have 120 days to apply for the rebates, and the check can take four to six weeks to arrive in your mailbox.
The rebates can be stacked with the federal EV tax credits, which can offer as much as $7,500 off of qualifying EVs.
Stacking rebates at a state level with federal incentives can result in huge savings. In Oregon, some car buyers were able to receive a Tesla Model 3 for as little as $27,000 as state incentives, and federal incentives took as much as $15,000 off the purchase price for some drivers.
I’d love to hear from you! If you have any comments, concerns, or questions, please email me at firstname.lastname@example.org. You can also reach me on Twitter @KlenderJoey, or if you have news tips, you can email us at email@example.com.