Tesla
Washington announces instant rebate program for EV leasing and purchase
Gov. Jay Inslee and Washington State Department of Commerce Director Mike Fong announced a $45 million instant rebate program for EV purchase or leasing on new and used models.
This program will start in August this year and aims to fund electric vehicles (EVs) through June 2025 or until the fund lasts. The program aims to subsidize between 6,500 and 8,000 EVs.
This EV rebate program covers low-income residents earning up to $45,180 annually for a single person and $93,600 for a family of four. Battery electric vehicles with an MSRP of $90,000 or less can benefit from this program. Eligible candidates will receive a $2,500 and a $9,000 rebate on purchase or lease.
Here are the Rebate amounts:
New EVs:
- Purchase or 2-year lease – $5,000
- 3+ year lease – $9,000
Used EVs:
- Purchase or 2-year lease – $2,500
- 3+ year lease – $2,500
This new instant rebate program could make the lease payment on at least four EV models less than $100 per month with no down payment for qualifying buyers.
How Washington is working on this new Instant Rebate Program for EVs
Customers can reach their nearest dealer to learn more about the low-cost lease offers from the state government. The dealer could confirm income requirements and credit score for a qualification. The state collaborates with car makers and dealers to provide effective low-cost EV leasing and point-of-sale rebates.
The dealer will reduce the rebate amount from the cost of the lease and then apply dealer, state, and local fees to share the total lease amount. Washington Commerce Department confirmed that these qualified EVs will not be subject to state sales tax.
To understand, if a dealer is advertising a three-year lease at $239 per month with $1,999 due at signing – for a total lease cost of $10,364 ($1,999 + $239 x 35 months).
For the qualifying customer, a $9,000 state EV Instant Rebate brings the lease cost down to $1,364. The dealer applies a $500 lease fee, and a $200 documentation fee, and collects state and local transit, title, and registration fees of $734. It makes the final lease total $2,798, or $78 per month over the 36-month agreement.
Here are the monthly estimated costs (per month) of using the rebate as a down payment by vehicle maker and model:
- Toyota bZ4X – $56
- Hyundai Kona – $78
- Nissan Leaf – $87
- Hyundai Ioniq 6 – $93
- Subaru Solterra – $123
- Kia Niro Wind – $135
(Source)
