One of the reasons many people purchase an electric vehicle is due to the cost savings that they offer. But it’s not just skipping the gas pump, as most governments offer rebate incentives to sweeten the deal when you’re shopping for a new vehicle.
Federally, the Canadian Government funded a program in May 2019 with $300 Million for purchasers of electric vehicle and plug-in hybrids. Known as iZEV and managed by Transport Canada, it’s 3 year mandate was to offer a $5,000 incentive rebate when purchasing one of the qualifying EVs.
This is often in addition to any provincial rebate programs available. BC originally offered $5,000 but recently dropped it down to $3,000. Ontario removed their rebates completely in 2019 which also slowed EV sales in that province.
As of July 31st, after 15 months of the program, that fund has used up more than $225 Million by handing out rebates to over 53,000 drivers. BC and Quebec buyers have been the most active, snapping up 86% of the rebates so far.
It’s unclear if the program will be expanded once the fund is completely depleted. Updates to the program were expected earlier this year in the Federal budget which was delayed due to the pandemic.
Other incentives include programs like the Scrap-It Program in BC which offers up $6,000 if you take your existing (and still running) gas vehicle off the road and buy an EV. PluginBC has a full list of incentives available.
Many consider these incentives to be an essential part of climate action programs and expect they will continue for at least a few more years as buyers shift away from gas powered vehicles.
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