A CASH rebate of up to $5,000 has been suspended due to low cash flow.
The Oregon Department of Environmental Quality (DEQ) announced that the rebate for EV purchases will be temporarily suspended effective May 1.
According to a press release, the department advised residents to buy a vehicle on time and apply for the rebate within six months.
Residents were given rebates ranging from $2,500 to $5,000 on cars, depending on income.
The program had a budget of $15.5 million, which officials expect will be used up in the next two months.
Once this is done, eligible applications will be placed on a waiting list, which will be paid out in early 2024 when the DEQ receives its next grant.
“DEQ has one of the most generous EV discount programs in the country. It has been extremely successful and 2023 rebate requests are coming in at our highest rate yet,” said Oregon DEQ Director Leah Feldon.
“People are choosing electric vehicles, and rebates are a big part of driving down costs for Oregon residents.”
Since the rebate took effect, nearly 25,000 EV buyers have been rewarded over $68 million.
MORE OREGON DISCOUNTS
The Oregon Clean Vehicle Rebate Program offers the following rebates to residents who buy, lease, or already own electric vehicles:
- $750 for a zero-emission motorcycle
- up to $2,500 for electric cars
Some low-income residents may qualify for up to $7,500.
Several electricity and utility companies also offer their own discounts.
Central Lincoln customers receive a $250 discount when they purchase and install a charging station.
The Emerald People’s Utility District is offering a $100 rebate when you register a new or used electric vehicle or plug-in hybrid.
Eugene Water & Electric Board customers can charge $500 to install a qualifying charging station.
Portland General Electric customers can now claim up to $1,000 when purchasing an electric vehicle charging station.
Consumers Power Inc. is offering an immediate $400 rebate for installing a qualifying EV charging station.
Pacific Power customers receive a $500 rebate to purchase and install a new EV charging station.
These rebates can be coupled with federal rebates for maximum creditworthiness.
The Inflation Reduction Act introduced a series of EV rebates that took effect on January 1st.
These rebates have an income cap of $150,000 to allow individuals to qualify for up to $7,500.
Meanwhile, those filing as head of household have a limit of $225,000, rising to $300,000 for joint applicants.
Discounts are also available for used vehicles up to $7,500.
The tax break does not apply to individuals who purchased a van, SUV, or pickup truck costing more than $80,000, or any other type of vehicle costing more than $55,000.
On January 1, 2024, a new rule will come into effect that will allow the buyer to receive a $7,500 discount off the price of the car at the time of purchase.
This comes as another one-time discount of between $250 and $500 is rolling out in the coming weeks.
Also, check out the five states that are giving out rebates ranging from $350 to $1,000 this month.
https://www.the-sun.com/money/7664575/pausing-rebate-low-cash-deadline-apply-oregon/ State deferred refund of $2,500-$5,000 due to low cash balance – see deadline to apply