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Category: Incentives (Page 2 of 4)

Canada announces $15 Million in federal investments for 2,350 new EV chargers

The Government of Canada announce federal infrastructure investments totalling nearly $15 million for the installation of more than 2,350 EV chargers, 2,100 of which will be installed across the Greater Toronto Area.

Since 2016, the federal government has invested CDN$1 Billion to make EVs more affordable and chargers more accessible for Canadians and has approved funding to support the installation of more than 34,500 EV chargers to date.

This new funding was provided to 32 organizations, including municipalities, multi-resident buildings (MURBs), private firms, and utilities.

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SEMA supports ZEV conversion government rebates in California

California State Senator Anthony J. Portantino (D-Burbank) introduced Senate Bill 301 on Friday, a bill supported by the Specialty Equipment Market Association (SEMA), to create a financial rebate program for converting gas and diesel-powered motor vehicles into zero-emissions-vehicles (ZEVs). The legislation will allow California to support small businesses and maintain its rich car culture, while assisting consumers that want to convert their vehicles to cleaner engines.

SEMA is sponsoring the legislation, embracing the innovation of the auto industry as it works to make ZEV ownership more accessible following a similar bill introduced last year that passed in the Assembly with zero opposition.

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Google’s Year in Search 2022 report shows evidence of a fast growing trend towards purchasing electric vehicles

Excerpt from Google’s Year in Search 2022 report  »

Concerned about the future, people are looking for items and experiences that provide good value. But value goes beyond price point. It also covers brand trustworthiness as measured by reviews, product popularity, and sustainable options.

Google's Year in Search 2022

Google’s Year in Search 2022

State-level incentives for going electric hold more power these days, with sustainable-car buyers actively looking for savings and benefits. U.S. search interest for “ev tax” grew by 115% YOY, “cheapest electric car” by 135% YOY, “electric vehicle tax credit” by 75% YOY, and “cost to charge” by 70% YOY.

The specific attention to affordability follows a surge in general curiosity about the market, with U.S. search interest for “ev cars” and “plug in hybrid” growing by 120% YOY and 115% YOY, respectively. Meanwhile, U.S. search interest for “electric pickup truck” rose by 45% YOY, a sign of how the market is expanding to meet more needs.

“The auto industry is one space that’s poised for brand loyalty to be upended, since by the end of 2025 there will be over 150 new electric vehicle models in the market versus the 30 that are available now,” said Thomais Zaremba, managing director of automotive at Google. “With the EV market expected to grow five times its size soon, auto marketers will need to start investing in brand marketing for these new models today to ensure they emerge well positioned and top of mind when EV options increase for shoppers tomorrow.”

Auto isn’t the only vertical reflecting consumer interest in both sustainability trends and the savings they can bring. The phrase “cheap alternative to” saw a 30% YOY increase in U.S. search interest with breakout searches like “alternative airlines” and “cheap flights.” People are also more curious about saving energy at home, with U.S. search interest for “is solar worth it” rising 40% YOY.

Read the full report »

Thomais Zaremba, Managing Director of automotive at Google, made a similar point only a months ago.

The average price of a new EV in the US is dropping

EV prices have begun to fall, according to Kelly Blue Book.

While the average price of a new car rose in December, 2022 to US$49,507, the average price of electric vehicles (EV’s) fell 5.5% over the previous month, ending 2022 at US$61,448.

While that remains too high for the average American household, it is now lower than the cost of the average luxury car – which EV’s were commonly compared to – which stood at US$66,660 at the end of 2022.

As long as prices remain high, government incentives will play a large and necessary part of widespread EV adoption.

The Canadian federal government’s iZEV rebate program is getting another $73 million cash infusion

Mehanaz Yakub / Electric Autonomy Canada »

The federal government is continuing its efforts to aid and encourage more Canadians to switch over to electric vehicles by topping up, once again, the Incentive for Zero-Emission Vehicles (iZEV) rebate program.

The announcement was made this week as part of the government’s Economic and Fiscal update 2021 report, which reads that $73 million will be added to the program, to “allow Transport Canada to continue offering purchase incentives for zero-emission vehicles until the end of March 2022.”

Originally launched in 2019, the government’s initial investment of $300 million was used up in 20 months. Last year, another $287 million was budgeted into the program, but by the end of October 2021, only around $48 million was left.

The investment of an additional $73 million is now taking the total funding of the iZEV program to almost $660 million since 2019.

EV tax credits are good. Protectionism is bad.

Bloomberg Editorial »

President Joe Biden says his Build Back Better plan aims to confront the “existential threat of climate change.” So it’s unfortunate that in privileging union jobs over just about any other goal, a crucial element of the legislation would do just the opposite.

Included in Section 136401 of the House version of the BBB proposal is what looks like a harmless effort to promote electric vehicles. The bill offers a $7,500 refundable tax credit for most EVs. Consumers can then claim additional credits of up to $5,000 — but there’s a catch. To qualify for the full write-off, an EV must be manufactured by union workers, assembled in the U.S. and made with American batteries. Even the base credit phases out for all but American-made cars in five years.

Where to start with this misguided idea?

Britain for the second time this year, slashes EV subsidies

Bloomberg »

The U.K. is reducing electric vehicle grants, the second cut in nine months, as the government looks to rein in spending.

From Wednesday, drivers in Britain can expect grants of as much as 1,500 pounds ($1,987) on cars that cost less than 32,000 pounds, the Department for Transport said, with about 20 models continuing to receive subsidies. The change means the incentive has now been halved in the space of less than a year.

The decision will make funding to go further and allow more people to make the switch to EVs after sticker prices have come down, the government said. The Society of Motor Manufacturers and Traders said lowering the cap is a setback to the country’s plans to phase out internal combustion powered cars by 2030.

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