Nearly $1 million in new funding now available
MONTPELIER — Vermont Governor Phil Scott announced Thursday that the state’s Agency of Transportation has relaunched the Plug-In Electric Vehicle (PEV) Incentive Program with a new round of $950,000 being made available to income-qualified Vermonters for the purchase or lease of new PEVs.
“Transportation is responsible for a large part of our greenhouse gas emissions and replacing combustion vehicles with electric vehicles is a key strategy for meeting Vermont’s greenhouse gas reduction requirements,” said Gov. Scott. “These incentives make the transition to electric vehicles more affordable for Vermonters and get us closer to a sustainable transportation system.”
Vermont residents can apply for incentives which range from $1,500 to $4,000 based on the applicant’s income level and whether the vehicle is completely electric or a hybrid model. The eligibility criteria — which was modified July of this year — says that individuals or married couples with an adjusted gross income (AGI) of up to $125,000, depending on tax filing status, may be eligible for the program. Larger incentives are available to those with an AGI of $50,000 or less.
The program was first proposed by Scott in his FY20 budget, and the first round of the program launched December 2019.
“We’re very encouraged by the success of the first round of the EV incentive program,” said Transportation Secretary Joe Flynn. “We hope the new round of funding enables more Vermonters to make the switch into driving fully electric vehicles, which are a win for any household budget and a win for our environment.”
Vermonters can apply through a participating auto dealership or on their own by visiting driveelectricvt.com/why-go-electric/purchase-incentives. There, Vermonters can also find additional information about the program including income eligibility, eligible PEVs, and other electric vehicle incentives.
Incentive funds will be awarded on a first-come, first-served basis.