In order to entice more people to switch to electric vehicles, the state of Oregon has revised its EV rebates program and doubled the amount of money that motorists are eligible to receive once they buy either a used or new electric vehicle. This move puts the state among the top in the country in terms of rebates issued to buyers of electric vehicles.
The Charge Ahead Program covers households whose combined income is in the range of $51,000 to $251,000, subject to how many people are in each household. Previously, the households that fall within this annual income bracket were eligible for a cash-back of up to $2,500. Under the revised terms, these families could claim a maximum of $5,000 once they either lease or make an outright purchase of an electric vehicle. Plug-in hybrids are also eligible for this rebate.
The state has three rebate programs, each aimed at addressing the needs of different categories of residents and motorists. The state recognizes that not everyone can afford to buy a new EV, so they have included used EVs as well as used plug-in hybrids in the rebate programs.
The objective of the state is to curb the runaway greenhouse emissions to which the transport sector has been contributing 40% of the total greenhouse gases emitted in Oregon. By creating the rebate program, this huge toll of the transportation sector can be brought under control one electric vehicle at a time. Gov. Kate Brown is heavily invested in this transition, and she has set a target of 250,000 EVs registered and running on Oregon’s roads by 2025. At the moment, approximately 42,000 EVs are registered in the state.
To qualify for the rebates, Oregonians have to meet a set of requirements. First, one must apply for the rebate not more than one-half a year from the time they buy the electric vehicle. Secondly, applicants are expected to prove that they are residents of the state and retain ownership of the Oregon-registered EV for at least two years. In case a person sells their EV before two years have elapsed, they will be required to return some of the money that they obtained under the rebate program.
The intention of these requirements is to ensure that the state spends its money on motorists within the state since the overarching objective is to cut greenhouse gas emissions in the state. People who get the rebate and go out of state defeat this intention, which is why those individuals must refund a portion of the money they received as a rebate.
A number of laws passed at the federal level, such as the Infrastructure Bill signed into law by President Joseph Biden, will help to deepen EV penetration even more. This sets the ground for EV manufacturers such as Rivian Automotive Inc. (NASDAQ: RIVN) to ramp up their production and meet the growing demand for electric vehicles.
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