Vermont governor Phil Scott wants drivers who trade in their 10-year-old gas cars for a new EV $3000 in cash!
Vermont has been helping to lead the charge towards electrification in recent years, and this latest proposed policy will give Vermonters yet another incentive to to buy electric cars. This one, called “Replace Your Ride,” offers $3,000 to drivers of cars that are at least 10 years old (the cars, not the drivers) and use fossil fuels. That money, it’s hoped, will make a nice down payment on a new (or even a used) EV.
In the coming months, the “Replace Your Ride” program is expected to expand in order to help more Vermont drivers switch to other forms of fossil-fuel-free transportation, as well – like e-bikes or electric scooters.
But Wait – There’s More
On its own, $3,000 may not seem like a significant enough incentive to get people to switch out of their 10-12 year-old cars. Especially when used car prices are still close to their all-time highs and long wait times for new EVs remain the norm. The good news, however, is that “Replace Your Ride” is only one of several incentive programs available to Vermont drivers.
Other Vermont EV incentives include:
- 25% off the sale price of a used high-efficiency car, up to $5,000, through a program called “MileageSmartVT.”
- Income-based state incentives, which can reduce the purchase price of an electric vehicle by as much as $4,000 for individual Vermonters making $50,000 or less, and up to $2,500 for individuals making up to $100,000 per year.
- State utility companies (ex.: Green Mountain Power) offer up to $2,500 to VT drivers who make the switch to electric, and some programs offer a free charger.
All that, in addition to the $7,500 maximum tax credit allowed under the Inflation Reduction Act of 2022, could mean big savings for electric vehicle shoppers. Add up that $3,000, the $5,000 through MileageSmartVT, the income-based state incentive of $4,000, plus the $2,500 from Green Mountain Power, and you can easily get more than half of that new 2023 Chevy Equinox EV or Nissan LEAF paid for.
Sounds pretty good to us – what do you guys think? Scroll on down to the comments and let us know how you feel about Vermont’s aggressive EV incentives in the comments.