ELECTRIC VEHICLE REBATE PROGRAM GETS $2.7M IN FUNDING
A total of $2.7 million in new funding for a consumer rebate program aimed at promoting the sale of electric vehicles is now available, Gov. Dannel P. Malloy announced Friday.
He shared the news at the 2016 Connecticut International Auto SHow in Hartford.
The Connecticut Hydrogen and Electric Automobile Purchase Rebate Program – known as "CHEAPR" – provides a cash rebate for residents, businesses, and municipalities that purchase or lease a battery electric, fuel cell, or plug-in hybrid vehicle. Fuel cell powered electric vehicles receive the largest rebate of $5,000, while plug-in hybrid and full battery electric electric vehicles receive incentives ranging from $750 to $3,000, based on battery size.
Funding for CHEAPR, which is administered through the EVConnecticut program, comes from money that was made available to the state as a result of the merger of Northeast Utilities and NSTAR. The merger of those companies, now known as Eversource Energy, was completed in April 2012.
"This rebate program puts money back into consumers' pockets while also supporting local retailers by helping make the price of electric vehicles competitive with a conventional car," Malloy said.
Since the launch of CHEAPR in May 2015 more than $2 million in rebates have been issued or reserved for the purchase or lease of 960 electric vehicles in Connecticut.
"Electric vehicle incentive programs are extremely effective, and this rebate helps consumers think about alternatives that are good for the environment as well as their bottom line when deciding to invest in a new car," Jim Fleming, president of the Connecticut Automotive Retailers Association.