Washington State’s EV Rebate Program runs out of funds ahead of schedule
Oct 22, 2024, 12:09 PM | Updated: 12:16 pm
The well has run dry on the state’s EV Rebate Program, the first of its kind program run by a state in the country.
Washington State’s Electric Vehicle (EV) Instant Rebate Program exhausted its $45 million fund on Monday, three times faster than expected, according to a recent announcement from the Department of Commerce.
The program, which began on August 1, provided rebates between $2,500 and $9,000 to more than 6,000 residents, primarily targeting lower-income households. The average recipient earned $51,200 annually and received a rebate of $7,400.
“By removing the up-front cost barrier for those who can least afford it, we leveled the playing field,” said Commerce Secretary Mike Fong in the announcement.
Initially planned to last through the spring, the program ended early due to overwhelming demand. According to the Department, 89% of recipients said they could not have afforded an electric vehicle without the rebate.
The state estimates that for every $1 spent, the program will generate $3.10 in benefits, considering cleaner air, fuel savings, and vehicle cost reductions.
While the EV rebate fund is depleted, residents may have another chance for a similar incentive.
The Washington State Department of Transportation is designing a rebate program for e-bike purchases up to $1,200. However, the future of the e-bike program depends on the outcome of the November election, which could impact funding from the Climate Commitment Act.
Matt Markovich often covers the state legislature and public policy for KIRO Newsradio. You can read more of Matt’s stories here. Follow him on X, or email him here.
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