The Vermont Drive
News for the Automotive Industry
UPDATE ON EV INCENTIVE PROGRAMS
State Incentive Payment Delays
According to Dave Roberts at Drive Electric, the EV incentive program administrators at the Center for Sustainable Energy (CSE) are working closely with the Vermont Agency of Transportation (VTrans) to address payment delays impacting dealer reimbursements for incentives. The process for dealer reimbursements starts when CSE approves incentive applications, which are then bundled up and sent to VTrans for payment. As CSE receives VTrans payments they use the funds to reimburse auto dealers passing through point-of-sale incentives. While there is plenty of funding available for the program, CSE’s payments from VTrans have experienced delays. If you have questions regarding the status of your dealership’s payments you can connect with the CSE team by email or phone at: vermontPEV@energycenter.org or 1-888-807-0446
Vermont PEV Incentives
The Dealer Quick Guide to the program is a helpful reference if you need information on submitting incentive applications for new Plug-in Electric Vehicles (PEVs). As indicated on the program’s funding dashboard, there was $9.3 million remaining as of the end of December 2022. The program guidelines include information on EVs currently eligible for the program under the State’s price caps ($40,000 base MSRP for PHEVs, $45,000 for all-electric models).
Replace Your Ride
This Vermont program is available and accepting applications for income-eligible consumers to receive an additional $3,000 towards a PEV or other clean mobility option if they scrap a 10+ year old gasoline vehicle. Details are available on the Drive Electric VT website and in the RYR program guidelines.
The Internal Revenue Service has revised how it classifies vehicles potentially eligible for a Section 30D Clean Vehicle Credit. As a result, more new battery electric (BEV), plug-in hybrid electric (PHEV), and fuel cell electric vehicle (FCEV) models/trim levels are now considered “SUVs, vans, and pick-ups” for purposes of the credit’s $80,000 MSRP cap. All other BEV, PHEV, and FCEV make/models (e.g., sedans, coupes, station wagons, etc.) are subject to a $55,000 MSRP cap. The revised vehicle classifications are based on those in www.fueleconomy.gov, a shopping resource commonly used by both dealers and prospective purchasers, and apply retroactively to January 1, 2023. A listing of which make/models fall under which MSRP cap is available here.