The Government is Paying Maine Residents to Buy Electric Vehicles

Even though electric vehicles have been around for well over a century, EVs have really become a topic of conversation in the last few years.

Because of concerns about climate change being brought on by fossil fuel burning vehicles, many governments have been urging their residents to ditch gas guzzlers in favor of electric vehicles.

Some states, including Maine, have been discussing programs that would limit the number of new internal combustion engine vehicles that can be sold on an annual basis.  So far, the Maine version of that program is still in the discussion phase.

Despite all of the urging by the world's governments, many people have been hesitant to purchase an electric vehicle.  Here in Maine, the reasons for this include the cost of the vehicle, the cost of the equipment needed to charge the vehicle at home, and concerns about driving the vehicles in winter weather.

Because of this hesitation, the government is literally willing to pay you to purchase an electric vehicle.

The Federal Government EV Tax Credit

The U. S. federal government will pay you up to $7,500 to purchase a new EV.  This pay comes in the form of a tax credit from the Internal Revenue Service.

The credit breaks down like this: a $2,500 base amount, $417 for a vehicle with at least seven kilowatt hours of battery capacity, and $417 for each kilowatt hour of battery capacity beyond five kilowatt hours.

The maximum credit for the program is $7,500.

Of course, there are some income requirements.  In order to get the credit, married couples cannot make more than $300,000, heads of households cannot make more than $225,000, and other filers cannot make more than $150,000.

The Efficiency Maine Rebate

If you are running a business or an organization, you could be eligible for a rebate from Efficiency Maine.

Depending on the type of vehicle you purchase, you could be entitled to a rebate of up to $8,000 per vehicle.  And each entity is entitled to ten rebates.  So in theory, you could snag $80,000 in rebates.

Of course, in most cases, these rebates do not offset the fact that EVs are significantly more pricey than gas or diesel powered vehicles.