BC Government Adds Bridge Funding to CEVforBC
September 24, 2018
B.C. Tops Up Clean Energy Vehicle Incentive Program
(September 24, 2018) VICTORIA – The Government of British Columbia is keeping clean transportation affordable by contributing an additional $10 million to the Clean Energy Vehicle Program (CEVP).
“We are making it easier for everyone in our province to choose a clean-energy vehicle as their next purchase,” said Michelle Mungall, Minister of Energy, Mines and Petroleum Resources. “These additional funds will make transportation more affordable today, while supporting our long-term work to build a cleaner future.”
Due to the success of B.C.’s efforts and strong demand for accessible clean transportation, funding for the CEVforBC point-of-sale incentives is running out sooner than expected. These additional funds are being added to maintain the program until the provincial government releases a strategy for a clean-growth future later this year. A new CEVP is expected to be part of this strategy.
A transition to clean-energy vehicles will be an important part of meeting the Province’s updated greenhouse gas reduction targets. The targets are aiming for a 40% reduction in carbon emissions from 2007 levels by 2030, and a 60% reduction from 2007 levels by 2040. The upcoming clean-growth plan is part of the provincial government’s work to build a strong, stable and innovative economy.
The latest statistics indicate British Columbia has the highest per-capita electric-vehicle adoption rate in Canada. British Columbia had the highest market share of electric-vehicle sales in Canada at 3.7% in June. Between April and June of this year, more than 1,400 incentive applications were paid out to consumers.
In the fall 2017 Budget Update, the B.C. government re-committed $40 Million for the Clean Energy Vehicle Program, with $27 million going to the CEVforBC vehicle incentive program. Due to the popularity of the incentive program, the $27 million would have been depleted by the end of this month (September 2018).
Point-of-sale incentives are administered by the New Car Dealers Association of BC.
* The CEVforBC program offers incentives of:
◦ up to $5,000 for the purchase or lease of a new battery electric or plug-in hybrid electric vehicle; and ◦ up to $6,000 for a hydrogen fuel-cell vehicle.
* British Columbians who purchase electric vehicles typically save about 75% on their fuel and maintenance costs, which adds up to about $2,400 per year.
* The $27 million allocated to the CEVforBC program in the fall of 2017 is expected to result in over 6,000 new clean-energy vehicles reaching B.C.’s roads.
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