Vermonters looking to buy an electric vehicle will soon get help from their government. The state has introduced the “Replace Your Ride program,” which offers people trading in old internal combustion vehicles with up to $3,000 towards the purchase of a new EV.
The vehicle being scrapped must have been produced 10 or more years ago and weigh less than 10,000 lbs (4,536 kg). That should make most passenger vehicles made before 2012 eligible for this program.
The vehicle must move, but only 30 feet (9 meters) backwards and forwards under its own power. It must also start readily and have a valid inspection, meaning that the lawn art you’ve been meaning to get running again might not be eligible for this program. Ultimately, though, the state says that the vehicles being returned will be scrapped.
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In addition to those vehicular requirements, only certain Vermonters will qualify for the program. Individuals who file their taxes as a single person household must make less than $50,000 per year in order to be eligible for this program. Married couples filing jointly must make less than $75,000, and families of eight can make up to $97,996 and still be eligible. The incentive can only be used once per person for the entire life of the program.
Finally, the base price of the EV being purchased must be set at $45,000 or less for an electric vehicle, and $40,000 or less for a plug-in hybrid. The program will also allow participants to lease a vehicle, but the term must be 24-months or longer.
If you satisfy all of these eligibility requirements, then the state will give you $3,000 to put towards the purchase of your new EV or PHEV. That money will be sent out in addition to tax rebates offered by Vermont.
These range from between $1,500 to $3,000 for PHEVs, and $2,500 to $4,000 for EVs depending on the tax bracket of the buyer. All in, then, buyers could get up to $6,000 off the price of a plug-in hybrid and $7,000 off the price of an electric vehicle from the state of Vermont.
There are 45 dealers across the state participating in the scheme, and vehicles like the Kia Kona Electric, the VW ID.4, the Mazda CX-30, and more are all eligible, though people looking to buy the Ford F-150 Lightning will be frustrated to hear that recent price hikes mean that the truck can no longer be rebated as part of this program.