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NY Electric Vehicle Incentives

electric vehicle incentives ny

NY Electric Vehicle Incentives

The vibrant city of New York boasts over 2M registered cars, but that will change soon with electric vehicle (EVs) incentives. The state has joined others like Alabama, Wisconsin, and Ohio to provide those wishing to own EVs with thousands of tax advantages, rebates, and offers.

 

And to show its commitment and seriousness in incentivizing the EV sector, according to Elektrek, the NY state government recently added over $12 million to the program. Besides that, NY state electric vehicle incentives are a stone’s throw away from anyone who wishes to grab them, provided you are from within the state.

 

So, taking advantage of EV perks is an opportunity you don’t want to miss, according to the New York State Energy Research and Development Authority.

 

Let us explore more.

Ny state electric vehicle incentives

TOP 8 Electric Car Incentives in NY

NY has uncountable electric car incentives for both private car owners and fleet owners. From income tax credits to a multitude of cost-saving exemptions, here are a few of them.

1. Electric Vehicle Supply Equipment (EVSE) Rebate

EVSE rebates relieve drivers from the pocket-burning cost of acquiring equipment like Level 2 charging stations. Level 2 station is a type of EV’s “fast charger” rated 240 volts and takes less than 5 hours to charge up a modern e-car completely. With its cost averaging at $2200, there is no doubt EVSE rebates cushion car owners against its steep price.

 

A Rebate is basically a type of incentive where a person receives back a portion of the money used to buy something. In our case, the design of the EVSE rebates program is to accommodate customers struggling with expensive EV accessories.

 

A multi-unit EVSE customer unlocks hefty cashback totaling $6000 per charger. On the other hand, a residential customer receives over $599 per unit. But to be in a better position of taking advantage of limited EVSE rebate offers, note that;

Incentives electric vehicle New York

2. The Drive Clean Rebate

Drive Clean is a point of sale rebate available to New York state residents leasing or buying EVs. Simply find a participating dealer, and purchase a qualifying car. You will be entitled to a discount of over $2000 per transaction. And if you combine that with EV’s Federal Tax Credit totaling $7500, you can save almost a quarter of a modest EV’s price.

 

You should, however, note that:

  • Only cars purchased after 2010 are eligible for this rebate

 

  • The rebate’s price depends on the EPA-all electrical range. This range implies the number of miles an all-electric car can travel on a single charge. For example, modern cars with powerful batteries can run for over 200 miles under a single charge. They thus receive the maximum allocatable amount of $2000.

 

  • It works with selected models. Over 60 electric car models are currently part of the Drive Clean Rebate program. Examples include;

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3. Electric Vehicle Emissions Inspection Exemption

In almost all states, a vehicle inspection is a must-do process. Cars will be inspected and tested for emission, safety, and other preset criteria. Failure to get an inspection sticker attracts fines of between $25 to over $100.

 

Why should you go through this cumbersome and expensive process yet you can seek a safe haven in electric cars? Yes, you heard me right! Hiding behind the steering wheel of an electric car is a safe way to get past vehicle inspectors.

 

According to the New York Vehicle Inspection Program, EVs are among those exempted from On-Board Diagnostic (OBDII) and low-enhanced emissions inspection.

 

However, with models like Tesla, you will only pay $15 for a safety check rather than $35 for a full emission check.

4. Con Edison Monthly Rewards

Edison Monthly Rewards is a company-initiated rebate program that seeks to reward EV owners who participate in the new Con Edison SmartCharge program. Here, residents within NYC and Westchester County will receive valuable information and prizes for participating in the program.

 

Benefits to active participants include:

electric vehicle incentives ny state

5. Vehicle Emissions Reduction and Electric Vehicle Supply Equipment (EVSE) Project Funding

Diesel has earned a well-deserved reputation for being one of the major toxic pollutants. New York, together with other states, is spearheading change through EVSE.

 

EVSE is an initiative available for diesel and electric vehicles. The main aim of the funding is to reduce the number of diesel engines on the road and increase the adoption of EVs. The project is funded by the State of New York and Volkwagen, with each sponsor contributing to almost ten projects divided into classes.

 

Class 8 includes heavy-duty vehicles such as diesel-fueled port drayage trucks and single-unit dump trucks. Transits buses, street sweepers, running Bobtail trucks, and school buses fall between classes 7 and 4, just to name a few.

 

The funding also targets airports to replace ground support equipment with electric forklifts and rechargeable cargo handling equipment.

Electric vehicle ny incentives

6. Assembly Bill A4761A incentives

Though incentives for vehicles in NY are not the best nationwide, the senate is doing what it can to ensure the state tops the list. A good example is the approval of Assembly Bill A4761A.

 

The Assembly Bill provides various exemptions such as tax for the first sales of plug-in and hybrid electric vehicles or equipment amounting to $35K. An example of such an arrangement is compensating use taxes. Compensating use tax is a tax levied by the state government on buyers for owning, using, or storing goods purchased from other states.

 

Compensating use tax rate hovers around 6.5% in many states. This means that if the average cost of an EV is staggering at $ 56457, you will save almost $2000.

7. Heavy-Duty Alternative Fuel and Advanced Vehicle Purchase Vouchers

There has never been a well-timed moment to replace your fleet than using heavy-duty vehicle purchase vouchers. New York State is bringing this and many more vouchers to help businesses owners replace their old diesel trucks and buses with electric or alternative fuel vehicles. 

 

The program is under New York Truck Voucher Incentive Program (NYTVIP) and has a lot to offer. It provides incentives to auctionable technologies across the entire transport sphere other than the purchase and lease of all-electric vehicles. Those who wish to advance to plug-in and conventional hybrids will also benefit from it.

 

Uniquely, NYTVIP bases voucher amounts on incremental costs. Incremental cost in this situation is the difference between the cost of acquiring an alternative fuel vehicle and that of its equivalent that uses diesel.

 

With figures like 95% and 100% off, qualified candidates will save up as much as they can under this program. For instance, you can save up to 95% of incremental cost transitioning to all-electric trucks.

 

At the top, school bus owners save 100% of the incremental cost for acquiring new electric or alternative fuel buses. However, the program only reimburses a maximum of $200000 per bus.

Incentives for vehicles in ny state

8. Plug-In Electric Vehicle (PEV) Rebate Program

The PEV rebate program falls under the New York State Energy Research and Development Authority (NYSERDA), which provides rebates of up to $2000 for new EVs.

 

 

An eligible vehicle must:

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Summary

There is More to Look Up For When It Comes to NY electric Cars Incentives

Incentives for vehicles in New York are competitive and command a large market. From tax exemptions to price slashes to rebates on electric cars, NY residents have unlimited options to choose from. 

 

So far, Drive Clean Rebate is the best offer for private electric car owners. They are guaranteed up to $2000 off on the cost of their EVs. In contrast, hauling companies and fleet owners can change to new electric or alternative fuel trucks and buses thanks to Heavy-Duty Alternative Fuel and Advanced Vehicle Purchase Vouchers. Here, business owners can enjoy hefty vouchers in excess of $200000 per vehicle.

 

Investor-owned companies like Con Edison are also supporting electric car owners by providing monthly perks for charging their vehicles in the Corporation’s territory. But, to qualify for some of these incentives, your car’s model, price, time of purchase, and its purpose come into play.

 

All in all, NY state electric vehicle incentives offer a great platform to own and maintain electric cars at the lowest cost possible.

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