Canada’s iZEV rebate program has been topped up with more money in the government’s Fall Economic Statement 2021.
According to the report, Transport Canada will be receiving another $73 million for the Zero-Emission Vehicles program. The rebate program provides up to $5,000 off the purchase of a qualifying zero-emission vehicle (ZEV).
The funding will ensure the program can continue to operate until the end of March 2022, when the government will announce its 2022 Budget.
The iZEV program has proven extremely popular among Canadians. When it was announced in 2019, the government allocated $300 million to the program for a three-year period.
The full amount was used up in just 20 months, with the Tesla Model 3 accounting for a large share of the rebates.
In the Fall Economic Statement in 2020, the government added another $232 million to the iZEV program for the 2021-2022 fiscal year.
By the end of October, Canadians had used up $184 million. The remaining funds would only have lasted another two months.
The number of rebates should drop in the coming months after Tesla raised the price of the entry-level Model 3 making it ineligible for the iZEV rebate.
Tesla increases Model 3 and Model Y prices in Canada again, making the entry-level Model 3 ineligible for the iZEV rebate [Update]