Yahoo Autos State offers generous new rebate to residents who purchase or lease new electric vehicles
Minnesota is the latest state to offer attractive incentives for drivers who purchase or lease electric vehicles.
The Land of 10,000 Lakes recently opened applications for its EV rebate program, which will allow customers to receive up to $2,500 in tax rebates for new EV purchases and up to $600 for used EV purchases, according to Repairer Driven News.
Eligible vehicles must have been purchased on or after May 25, 2023, and the program allows for a maximum base manufacturer's suggested retail price of $55,000, thus excluding higher-end EVs (presumably because if a driver can afford a vehicle more expensive than this ceiling, then they probably don't need a rebate).
The maximum MSRP for used vehicles, meanwhile, is $25,000. These rebates will be processed on a first-come, first-serve basis through 2027, though it's possible that the program's funding will be exhausted by then, so it's best to act quickly.
Of course, this state-level rebate program can be combined with the federal rebate program established by the Inflation Reduction Act, which allows customers to save up to $7,500 on new EV purchases, which means Minnesotans could save $10,000 on a new EV.
Minnesota is far from the first state to implement a policy to make EVs more affordable — Colorado and California offer similar incentives. TCD also estimates that drivers can save up to $1,500 on fuel every year with an EV since charging is cheaper than refueling a gas-guzzler.
