Consumers interested in electric vehicles will soon have more incentives to buy them because of the 2017 Oregon Legislature.
The transportation funding package passed in the first week of July includes a $2,500 rebate for the purchase or lease of an all-electric vehicle and a $1,500 rebate for the purchase of a plug-in hybrid vehicle.
The rebates are in addition to the $7,500 federal tax credit for the purchase of all-electric vehicles. Qualifying vehicles must have a base price of less than $50,000, which includes all but the most expensive models on the road today.
The state rebates are doubled for low- or moderate-income drivers who scrap a car that is at least 20 years old and replace it with a new or used electric vehicle.
In addition, beginning in 2019, rebates will also be offered for electric motorcycles and other electric vehicles only authorized to travel on streets with speed limits at or below 35 miles per hour.
The rebates will be funded by a tax on the sale of new vehicles projected to generate $12 million a year for six years for the program. The package also includes additional registration and title fees of approximately $110 on electric vehicles, beginning in 2019.
The package is projected to raise $5.3 billion a year for road, transit and other transportation improvements.