British Columbia EV rebate fund nearly out of money

CEV for BC

British Columbia, along with Quebec and most recently Yukon, is one of the few provinces or territories in Canada to offer an electric vehicle (EV) rebate.

Combined with the federal iZEV rebate, the cost of a qualifying EV in B.C. can be as much as $8,000 cheaper. But unless there is a new infusion of cash, the Clean Energy Vehicles (CEV) for BC fund will soon run out of money.

In the B.C. Budget 2020 released in February of this year, the provincial government added an additional $20,000,000 for the program. Without that new money, the incentive funds would have run out by March or April.

With the rapid rise in popularity of EVs in the province, in particular the Tesla Model 3, the CEV for BC rebate fund is once again almost out of money. As of October 19, 2020 there is just $1,781,134 remaining.

CEV for BC October 18 2020

If all of the remaining funds go to fully electric vehicles ($3,000), that means just 593 buyers will be able to claim the rebate. Since hybrids also get a rebate ($1,500), that number will likely be even less.

Given that during busy periods Tesla has been known to deliver up to 150 new vehicles per day, the fund will be completely dry before the end of the year.

With a provincial election scheduled to take place on October 24, and the potential for a new government to take over power, it is anyone’s guess when more funds will be added, or even if that will happen.

If you’re interested in the new refreshed Model 3 with increased range and much more¬†and want to take advantage of the rebate, it might be a good idea to place your order now.