SAN FRANCISCO, California (NV) – Although everyone in the United States can qualify for a federal tax credit of up to $7,500 for a new electric vehicle, states and cities have plans to offer more various grants to help residents purchase these clean energy vehicles.
For those living in the San Francisco Bay Area, the Bay Area Air Quality Administration (BAAQMD) has a grant program of up to $9,500 to help residents purchase clean energy cars, new or used, according to Caranddriver.com.
The following are the requirements for residents to receive this electric vehicle financing.
First, applicants need to live in the Bay Area, which means they must be residents of one of the 76 Zip Codes on the program’s list (link: https://www.baaqmd.gov/funding-and-incentives/residents/clean-cars-for-all/eligibility )
Second, the applicant needs to dispose of his or her current personal car, model year 2005 or earlier, and that the vehicle has been registered in the Bay Area for at least two years.
Third, applicants have a maximum income of $51,520/year for an individual, or $69,680 for a family of two. For a family of four, the income cap is $106,000.
Finally, any individual or joint owner of a scrap vehicle that applies to this program will receive only one-time funding to purchase a replacement clean-energy vehicle. Sponsorship only applies to a family that shares a tax return. Individual family members will not receive a separate grant.
In addition, any vehicle that is currently registered to a nonprofit or corporate entity or operated by a government agency or licensed for use by a company fleet is not eligible. join the program.
If an applicant qualifies for the maximum grant amount to purchase or lease a new or pre-owned plug-in hybrid or hydrogen-powered vehicle, that individual can receive up to $9,500.
But whoever has a higher income under the list above will receive a lower benefit, worth $5,500.
Lower-income families may qualify for $7,500 in the middle funding tier or $9,500 in the top tier.
Vehicle buyers who must use an electric charger are also eligible for a grant of $2,000 to install a charger at home, or $600 to purchase a portable Level 2 charger or a $500 public charging card.
BAAQMD says the average price for “clean cars” is $28,000 and the average incentive funding the agency offers is $8,500. (MPL)
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