Oregon has some of the best incentives in the country to buy an electric car. If a buyer is eligible for both rebate programs, they can get up to $7,500 in cash from the state. But, due to a lack of funding, the state has decided to suspend this generous rebate scheme as of May 1.
A pair of rebates are available through the Clean Vehicle Rebate Program, administered by the Oregon Department of Environmental Quality (DEQ). Oregon residents who spend less than $50,000 on an electric vehicle are eligible for the usual $2,500 incentive.
A “charge forward” reimbursement of up to $5,000 is available to those with moderate and low incomes. A total of $7,500 is available to qualified buyers of electric vehicles between the two rebates, matching the federal government’s current tax credit program.
A total of up to $15,000 in rebates and other discounts are available for purchasers of qualified electric vehicles. Nevertheless, the success of Oregon’s double rebate has backfired.
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More than $71 million has been distributed over five years by the state under the program, and Oregon Live reports that funding is nearly depleted. Depending on the year, the program receives between $12 million or 45 percent of Oregon’s vehicle privilege tax, which is paid on every new automobile sold in the state.
Also, in 2022, it had a one-time investment of $15 million. The program’s numbers show it spent nearly all that money and will only have $3.5 million left over in 2023.
Oregon DEQ has also shared a Twitter post related to this news on its official Twitter handle-
Increases in funding for the coming year are already in the works. Fourth, a nonprofit organization in the state is working with state legislators to achieve a $30 million injection for 2024-2025, in addition to the $14 million expected from the car privilege tax.
Our advice to Oregon residents considering purchasing an EV but have yet to take advantage of these benefits is to do so immediately, before May 1.
Those who complete their purchases by the cutoff date will have up to six months after that to submit their rebate claims. If you live in Oregon, you may be eligible for rebates from the state’s utility providers. Before it’s too late, now is the moment to act.
Source- oregon.gov