Some California Residents Can Save $13,000 on the Purchase of an EV
August 24, 2012 9:14 AM
comment(s) - last by
Some residents qualify for a local rebate of $3,000
The state pushing the hardest to transition drivers from gasoline-powered vehicles to electric vehicles and hybrids is California. Part of the state’s push to get people to adopt electric vehicles has come by way of tax credits and rebates (which are in addition to rebates available at the federal level).
All of those rebates can be combined making for a significant discount off the purchase price of an electric vehicle. The state of California offers a $2,500 rebate on the purchase of an electric car. The federal tax credit for buying an electric vehicle is $7,500. However, the San Joaquin Valley Air Pollution Control District recently announced that it is offering drivers in the district another $3,000 to purchase an electric vehicle.
When combined the local, state, and federal tax rebates, this represents a total of $13,000 off the price of an EV. To compare, in the state a new gasoline-powered Toyota Corolla has a sticker price of just under $18,000. By comparison, the
electric Mitsubishi iMiEV
has a sticker price of $29,975. That is a huge difference between factory MSRPs for the vehicles, but when you knock off the $13,000 in credits, the purchase price of the Mitsubishi EV is a more palatable $16,975.
Despite the significant discount, most drivers still stay away from electric vehicles. The biggest reason is range anxiety and long charging times. However, electric vehicles can be cheaper to operate. An example would be to drive the gasoline-powered Corolla mentioned before with a travel distance of 40 miles a day with gasoline at $3.95 per gallon would cost the driver $150 a month. Charging the electric car to drive the same distance each day would cost about $50.
President Obama is also seeking to
expand tax credits
for EVs by bumping the federal credit from $7,500 to $10,000, making the price gap even less if approved.
This article is over a month old, voting and posting comments is disabled
8/24/2012 12:47:33 PM
And he called it a credit.
"So if you want to save the planet, feel free to drive your Hummer. Just avoid the drive thru line at McDonalds." -- Michael Asher
Obama Thinks $7,500 EV Tax Credit Isn't Enough, Proposes Increase to $10,000
February 15, 2012, 4:40 PM
$27,990 Mitsubishi EV Qualifies for $7,500 Federal Credit, $4,500 Hawaii Rebate
April 26, 2011, 12:02 PM
Automaker Porsche may expand range of Panamera Coupe design.
September 18, 2016, 11:00 AM
Uber - Everyone's Autonomous Car Driver?
August 20, 2016, 6:01 AM
Volkswagens Vulnerable to Hacking Attacks
August 14, 2016, 1:08 PM
2017 Porsche Panamera: I’ll Take Three of These.
July 24, 2016, 6:44 PM
Ford, Toyota, and Universal Pictures Celebrate "Back to the Future Day' in Style
October 21, 2015, 4:19 PM
Consumer Reports Flexes Muscle, Hits Slumping Tesla Motors Stock
October 20, 2015, 4:13 PM
Most Popular Articles
Update: Problem-Free Galaxy Note7s CPSC Approved
September 22, 2016, 5:30 AM
FDA Cleared, Shockwave Lithoplasty for Peripheral Vascular Disease
September 22, 2016, 5:45 AM
Walmart may get "Robot Shopping Carts?"
September 17, 2016, 6:01 AM
Are you ready for this ? HyperDrive Aircraft
September 24, 2016, 9:29 AM
Smartphone Screen Protectors – What To Look For
September 21, 2016, 9:33 AM
Latest Blog Posts
Burlington Gun Attack
Sep 27, 2016, 5:00 AM
Who is in Risk of Getting Oral Cancer?
Sep 23, 2016, 6:02 AM
France Bans Plastic Eating Utensils in Restaurants
Sep 18, 2016, 10:49 AM
Progress Against Acute Myeloid Leukemia
Sep 17, 2016, 5:30 AM
Apple Watch Series 2 - Number 1 in the Customer Satisfaction.
Sep 7, 2016, 6:19 PM
More Blog Posts
Copyright 2016 DailyTech LLC. -
Terms, Conditions & Privacy Information