For those drivers considering making the switch from a combustible engine vehicle to an Electric Vehicle, now may be a better time than ever to do so. With increased rebates and financial incentives coming to BC residents in 2020, the time has never been better to invest in an Electric Vehicle. Even if you are a new driver looking for your first vehicle, considerations like fuel consumption and cost, along with environmental impact are probably some major factors in your decision. To help you make the most informed decision possible about your next vehicle purchase, take a look at the breakdown of electric car rebates available in BC, as well as federal electric car rebates available to all Canadians.
Electric Car Rebates Available in BC
BC’s Electric Vehicle Incentive Program
The main reason for the provincial electric car rebate is to make zero-emission vehicles of all kinds more affordable for all BC residents and business owners. Whether you own a business, or you work in a non-profit or government organization, or if you are simply a private BC resident, you can qualify for up to $3000 off the pre-tax price of your zero-emission vehicle lease or purchase. When it comes to EV purchases, in particular, BC residents will likely qualify for $3000 off the lease or purchase of a zero-emission electric vehicle. This rebate for electric vehicles is twice the amount for hybrid electric cars. This rebate will be applied at the time your purchase your electric car, and the dealership is responsible for handling all paperwork. Keep in mind that the rebate only applies to vehicles with an MSRP of less than $55,000.
Federal Electric Car Rebates
In addition to the $3000 in provincial electric car rebates you may be eligible for when purchasing or leasing a new electric vehicle, you may be able to receive even more from the federal government. For virtually all-electric vehicles with an MSRP of $45,000 or less, the federal government will grant an additional $5000 towards the lease or purchase. In some cases, the MSRP qualifying value can be higher if the electric vehicle has more than seven seats. For the most part, BC residents who choose a zero-emission EV model will be able to benefit from both incentive programs. This means you can save up to $8000 thanks to BC and federal electric car rebates when you purchase or lease an electric vehicle in 2020! Similar to the provincial car rebates, the federal rebates will be applied by the dealership at the point of sale.
If you are interested in making the switch to an electric vehicle in 2020, the friendly electrical experts at BPM Electric can help with the transition. For more information, or to arrange for a free estimate on things like home car charger ports for your new electric vehicle, be sure to contact us today!