Tejal Somvanshi
If you live in Washington state and are considering buying an electric vehicle, making the switch to electricity has become much more financially attractive. The state has just announced a series of rebates of up to $9,000 for new electric cars for qualifying applicants, which can be applied in addition to existing federal discounts of up to $7,500.
Washington’s new instant rebate program for electric vehicles, launching in August 2024, has been funded until June 2025. The state estimates that during this period, it will offer rebates to up to 8,000 electric vehicle drivers, aiming to support low-income residents who typically cannot afford a new car. The instant rebates, ranging from $2,500 to $9,000, can be applied directly at the time of purchase or lease by a dealer; similar to federal tax returns, there is no need to wait until tax time to apply for them.
Understanding Washington’s New EV Rebates
The new state rebates cover new and used battery electric vehicles, which have an MSRP of $90,000 or less. For new electric vehicles, the rebate is $5,000 for purchase or a two-year lease. For a three-year lease of a new electric vehicle, the rebate is $9,000. For used electric vehicles, $2,500 is available for purchase or a lease of two or three years.
With such attractive terms for a three-year lease, the state of Washington has posted lease payment examples for some selected electric vehicles on its Department of Commerce website. Using the $9,000 rebate as a down payment and combining it with the federal EV rebate and manufacturer discounts, where applicable, the monthly payments for some electric cars have been reduced to less than $150 per month. For instance, the Toyota bZ4x is $56, the Hyundai Kona is $78, the Nissan Leaf is $87, the Hyundai Ioniq 6 is $93, the Subaru Solterra is $123, and the Kia Niro Wind is $135.
Eligibility Criteria for Washington’s EV Rebates
With a focus on enabling electric vehicle ownership for the state’s low-income residents, not everyone is eligible for Washington’s electric vehicle rebates. It will be available to state residents earning 300 percent or less of the federal poverty level as household income, or $93,600 a year for a family of four. The rebate program, while available to all Washington residents who meet the income requirements, will focus its outreach on communities most affected by vehicle pollution and workers who drive more than 19,000 miles a year for work.
How to Apply for the Rebate
The Washington Department of Commerce is finalizing a contract with an experienced clean energy rebate program administrator to run the new electric vehicle rebate program. The program will reimburse dealers who offer the rebate as a discount at the point of sale to qualifying electric vehicle buyers, making it easier to obtain the rebate. The state states that the rebates should not require pre- or post-purchase applications. These new electric vehicle discounts in Washington will be available starting in August 2024.
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Combining State and Federal Benefits
Gasoline cars continue to reign in the United States and around the world. Changing the habit of their use for more than a century to electric vehicles (EVs) has not been an easy task, despite flooding climate change campaigns. Different levels of government, from federal to local, have generated various initiatives to promote the purchase of EVs. And now, one state in the country promises to refund you up to $9,000 if you choose to buy one of these planet-friendly cars.
The Washington government seeks to incentivize the purchase of electric vehicles (EVs) through the Washington EV Instant Rebate program. The initiative would provide a tax rebate of up to $9,000 for all buyers of a new or used electric car, as long as they meet a series of requirements. This rebate can be combined with the federal tax benefit of up to $7,500, as long as you meet the requirements established by the United States government. In total, you could receive a tax benefit of up to $16,500 in Washington if you combine both incentives.
