Investing in a Tesla is becoming more reasonable than ever for Ontario consumers, due to recent updates to the province’s electric vehicle incentive program (EVIP).
As of January 1st, 2017, the program has updated its program to make purchasing an electric vehicle more affordable and increase incentives for electric vehicles with more seating and bigger batteries.
The new parameters are as follows, per the EVIP website:
- Vehicles with a battery capacity from 5 to 16 kilowatt-hours (kWh) are eligible for incentives ranging between $6,000 to $10,000 based on battery size.
- Vehicles with a battery capacity of larger than 16kWh are also eligible for an additional $3,000 incentive.
- Vehicles with five or more seats are eligible for an additional $1,000 incentive.
- Plug-in Hybrid Electric Vehicles (PHEVs) with a Manufacturer’s Suggested Retail Price (MSRP) of $75,000 to $150,000 are eligible for a maximum incentive value of $3,000.
- Battery Electric Vehicles (BEVs) and PHEVS with an MSRP of $150,000 or greater are not eligible for an incentive.
- Leased vehicles are eligible for an EVIP incentive. Vehicles with a 12 month lease term will receive 33% of the incentive, 24 month lease term receives 66% of the incentive and leased vehicles with a 36 month or longer term will receive the full incentive.
The application program was established in 2010 and “supports the adoption of electric vehicles (EVs), rewards early adopters, and helps to create market demand for new technology in Ontario.”