Beginning on April 1, those in New York State who purchase an all-electric or plug-in hybrid vehicle will have access to a $2,000 rebate program, according to recent reports.
Notably, the details have yet to be completely revealed by the New York Energy Research and Development Authority (NYSERDA), so it’s not clear yet if the full rebate will apply to all offerings, or just to those that meet a minimum battery-pack size requirement.
The news is particularly notable because New York State is actually one of the largest plug-in electric vehicle markets in the US, despite having never offered financial incentives for the purchase of the vehicles.
With the new rebate, sales could see a nice boost in the state. Or maybe not — after all, most people don’t even seem to be aware of the existence of the federal tax credit that’s been available for quite a while now, or of the many rebates on offer in various states around the US.
So, the basic takeaway for those in the state is that you can effectively get $9,500 off the purchase of a plug-in electric vehicle if you buy it before the federal tax credit runs out (and presuming that you pay enough in taxes to qualify for the full $7,500 credit).
As some explanation here, for those unfamiliar with the terminology, the rebates come right off the purchase price of the car when buying it (almost all of the time anyway), while the tax credit is just a means of lowering or eliminating your federal tax liability when you file.
I guess that this means that the Chevy Bolt EV can now (in April) be had for an effective price of around $28,000 in New York. Though, the upfront price will still be much higher (you have to wait until tax season), which can be a problem for some.
Also, I suppose that Tesla Model 3 reservation holders in the state will be happy: the Model 3 just got $2,000 cheaper.