CEV for BC rebate fund now sitting at just over $5,000,000, and Federal iZEV rebate also running low on funds

British Columbia is one of only two provinces in Canada currently offering a rebate (Quebec is the other) on the purchase of eligible electric vehicles (EV) through the Clean Energy Vehicles for BC fund.

What was originally a $5,000 rebate on vehicles like the Tesla Model 3 Standard Range Plus (SR+), it has since been reduced to $3,000 due in part to the popularity of the program. The program was initially funded with $42 million set aside in the 2019 Provincial Budget, and now as we enter 2020, the fund sits at just over $5,000,000 remaining.

CEV for BC balance

While that may sound like a lot of money, it will get used up in just a few months as the province also has the BC Scrap-It program, which will start up again for 2020 on Monday, January 6. The BC Scrap-It Program offers up to $6,000 to scrap high polluting vehicles for an electric vehicle. Unfortunately Tesla does not qualify for this program, but that doesn’t mean it isn’t very popular, and will contribute greatly to the draining of the CEV for BC fund.

BC Scrap-It Program

Then there’s the Federal iZEV rebate of $5,000 for eligible electric vehicles, for which the Tesla Model SR+ also qualifies. Based on current burn rate of that fund, it is expected to run dry in late March 2020. That is much quicker than the three years it was originally announced to last, so additional funding may come to keep that rebate around for EV purchasers.

BC has the highest number of EV sales per capita in North America, with Tesla leading the pack, so if you’re considering purchasing a Tesla Model 3 SR+, you might want to click that buy button sooner rather than later to get the best deal you can.

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