TL/DR –
Minnesota’s been handing out rebate checks like Oprah: 2,200 lucky souls snagged theirs for electric vehicles since Feb. It’s a statewide glow-up, courtesy of legislation aimed at combating climate change. But picture this: we could’ve seen more used EVs in the mix but the market’s still growing its legs, so most folks pushed for new. Get in line quick as funding’s running low, and remember to keep it under $55K for new and $25K for used wheels. No extra funds from legislature this year, but Uncle Sam’s got tax credits waiting in the wings.
Minnesota’s Electric Vehicle Rebate Program Gains Traction
Since its February inauguration, about 2,200 Minnesotans have gotten rebate checks for their electric vehicles. Last year, the Legislature reserved funds for EV rebates within a selection of bills aimed at tackling climate change. Buyers of new EVs could snag up to $2,500 in rebates, while second-hand EV buyers could get up to $600.
With approximately 5,800 applications to date, new EV purchases dominate the scene, as per data from the Minnesota Department of Commerce, who’s in charge of the program. Roughly one-third of successful applicants have already received their rebate checks, according to Pete Wyckoff, assistant commissioner for federal and state energy initiatives.
Wyckoff believes most legitimate applicants will receive their rebates, given the low rejections, and anticipates everyone will have their checks by August. Both fully electric and plug-in hybrids qualify for the rebate, with price caps in place – $55,000 or less for new vehicles, not including taxes and fees, and $25,000 or less for used vehicles.
With the used EV market still budding, Wyckoff isn’t surprised by the higher demand for new vehicles. But, he predicts a shift in the future due to the sector’s rapid growth. Funding reserved for those outside Xcel Energy’s service area has been exhausted, leaving around $600,000 for those within its coverage.
No extra state funding for EV rebates was provided this year by the Legislature. The federal government, however, offers up to $7,500 in tax credits for new EVs and $4,000 for used ones. The state’s electric bike rebate program launch didn’t run as smoothly due to website crash from high demand.
Original Story at www.mprnews.org
