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Tesla Inc (NASDAQ:TSLA) CEO Elon Musk said on Friday that there is a lack of utilization for the several incentives available for the purchase of EVs in many U.S. states.
What Happened: “Incentives for EVs exist in many states, but seem to be seldom used,” Musk said. “Maybe lack of awareness or excessively paperwork and requirements.”
Musk’s comments come on the heels of the state of Washington launching its new EV instant rebates program. The program focuses on supporting low-income residents to purchase EVs by offering between $2,500 and $9,000 off at the time of purchase or lease of an EV.
Why It Matters: Many states across the U.S. offer incentives for the purchase or lease of EVs to enable the transition to electric vehicles.
Colorado taxpayers are eligible for a state tax credit of up to $5,000 for the purchase or lease of a new EV with an MSRP of up to $80,000.
In the Bay Area, amounts ranging from $5,500 to $10,000 are available to replace an older combustion engine vehicle with an EV through the Clean Cars For All program.
Under New York’s Drive Clean Rebate, customers can get a discount of up to $2,000 on purchasing a qualifying electric car.
However, there are different conditions for qualifying for these incentives.
Several Tesla EVs are also eligible for a federal tax credit of $7,500, including three variants of the company’s mass-market Model 3 sedan, and all three variants of its Model Y SUV.
Check out more of Benzinga's Future Of Mobility coverage by following this link.
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Posted In: TSLA
