Delaware Extends $2,500 Rebate Program: Who Qualifies

0
28

Delaware has extended a $2,500 rebate for another year, so electric vehicle buyers will benefit moving into 2025.
The state’s Clean Transportation Incentive Program will now be available until April 30, 2025, after it was supposed to expire on April 30 of this year.
The money is reserved for those who purchase either a plug-in hybrid or battery electric vehicle. Since it was first unveiled in 2015, the program has sent out roughly 5,500 rebates for a total of $12.8 million.
There are a few changes in store for this year’s rebate, however.
Cars blur along Aviation Boulevard, in front of the Manhattan Beach, CA headquarters of electric-vehicle maker Fisker Inc., photographed May 17, 2024. Delaware has extended its electric vehicle rebate for another year. Cars blur along Aviation Boulevard, in front of the Manhattan Beach, CA headquarters of electric-vehicle maker Fisker Inc., photographed May 17, 2024. Delaware has extended its electric vehicle rebate for another year. Jay L. Clendenin/Getty Images
For this year, vehicles that use bi-fuel propane, dedicated propane or natural gas are no longer eligible for the cash. Only battery electric and plug-in hybrid cars from licensed dealerships will qualify now.
“While some states are cutting back on their electric car incentives, it’s a positive sign to see some states like Delaware extending these rebates for another year,” Alex Beene, a financial literacy instructor at the University of Tennessee at Martin, told Newsweek.
“There is a significant change, though… This is a smarter approach to targeting financial incentives for electric vehicles with rebates. By scaling back the type of vehicle accepted, it ensures that those who still have yet to purchase an electric automobile and qualify for a refund can.”
Some of the top vehicle companies are included under the rebate, from Tesla, Audi, Ford, Hyundai and Kia and more.
However, there will also be more participating dealerships within Delaware that will allow customers to grab the rebate after purchase.
The majority of eligible vehicles are priced at under $40,000, but cars must be made within eight years of the current model year and registered in the state of Delaware.
If you choose to get a lower-cost car model, you could also qualify for a higher rebate amount.
The maximum available is $2,500 for a new battery electric vehicle with a base manufacturer’s suggested retail price of $40,000 or less.
A smaller amount of $1,500 is available for those buying new battery electric vehicle with a retail price between $40,000 and $50,000. Meanwhile, those purchasing new plug-in hybrid electric vehicles with a retail price of $50,000 or less or used plug-in hybrid vehicles with a fair market purchase price below $40,000 can also get $1,000.
Delaware’s rebate program comes in addition to a federal program that allows tax credits up to $7,500 for specific electric vehicle models.
How To Get Your Rebate
In order to apply for the Delaware rebate, you’ll need to register as a “supplier” with the state using the online portal and then use your supplier ID on the online application. Once you apply, you can expect the cash within eight to 10 weeks.
Just keep in mind, if you approved for the rebate, you might have to report it as taxable income to the U.S. Internal Revenue Service as well as the Delaware Department of Revenue.
“It is important to know that any rebate may be deemed taxable income so please talk to your financial professional about the ramifications regarding your personal situation,” Kevin Thompson, a finance expert and the founder/CEO of 9i Capital Group, told Newsweek.

admin

LEAVE A REPLY

Please enter your comment!
Please enter your name here