Guide to EV Incentives and Rebates in Canada
Guide to EV Incentives and Rebates in Canada
Posted on May 5, 2022
Many provinces and territories offer various incentives or rebates to encourage motorists to purchase EVs (electric vehicles) and plug-in hybrids. This article will go through the benefits of EVs in Canada and give you some key information about new incentives, rebates, regulations, and other elements that influence the purchase of these vehicles.
What Are EV Incentives?
EV incentives in Canada are special deals and rebates offered to buyers of electric vehicles. The federal government currently offers an incentive to purchase new electric vehicles, getting up to $5,000 off of the MSRP. Additionally, some provinces like Ontario offer incentive programs to purchase new or used electric vehicles.
These incentives are important because they help lower the cost of purchasing an electric vehicle, making the switch from gas to electric more accessible to consumers. With lower prices, more Canadians will be able to make the switch and reduce their carbon footprint, helping to make Canada a greener country.
How Much Can You Save?
There are several different incentives available, including both rebates and tax credits. Your potential savings vary by the type of incentive available in your area. There may be limits on the amount you can save.
How Does EV Rebate Work in Canada?
Electric vehicles are an excellent choice for many Canadians. They're better for the environment and cheaper to run than gasoline-powered vehicles. Some provinces even offer rebates on EV purchases to make them more affordable.
To qualify for EV Rebates, Ontario, you should purchase or lease out a new battery EV, plug-in hybrid EV, or fuel cell EV in Canada that costs less than $75,000. You should also hold a valid driver's license from one of the provinces participating in the program.
To apply for a rebate, you need to:
- Submit your application within 180 days of vehicle delivery
- Provide your dealer with a copy of your proof of purchase
- Include all required supporting documents, including proof of residency, ownership documents, and others
How To Get Your Electric Car Rebate in Canada?
If you're looking for ways to get the most out of your electric car, one of the best things you can do is find out how to get your rebate.
In Canada, three main rebates can be applied to an electric car purchase: the federal iZEV program, provincial rebates, and manufacturer rebates. The first two rebates work together to reduce your purchase price. Depending on where you live, they can cover between $2,500 and $14,000 in costs.
The third rebate is directly from the manufacturer, and these are much harder to find! You have to spend a lot of time researching websites and calling places to see if they offer additional discounts for buying an electric car.
Conclusion
The first step towards going green is deciding to go green. Canada offers the most affordable ways to go green. If you’re just starting on your journey to go green, signing up for the electric car rebate program would be a great idea. This will help you save money right away, with almost no strings attached.