California’s Clean Vehicle Rebate Project Receives $44.5 Million in Additional Funds
The California Air Resources Board announced yesterday that an additional $72.5 million in funding will be set aside to clean up the state’s fleet of automobiles. The majority ($44.5 million) of the funds will go directly into the state’s Clean Vehicle Rebate Project, which provides “individuals, nonprofits, government entities and businesses a rebate of up to $2,500 on a first-come, first-served basis.”
Here are the specifics on where the $72.5 million will go and how the additional funds will be used:
• The Clean Vehicle Rebate Project received an influx of $44.5 million to help California consumers purchase plug-in hybrid and zero-emission cars and light trucks. The Clean Vehicle Rebate Project provides individuals, nonprofits, government entities and businesses a rebate of up to $2,500 on a first-come, first-served basis. This can be combined with an up to $7,500 clean vehicle federal tax credit and various other regional incentives. More than 33,000 rebates have been issued since the program launched in 2010, and consumer demand has surged to about 2,500 rebates per month.
• Funding for this year’s Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project was increased by $10 million to $15 million. This program provides vouchers of up to $55,000 to help California fleets purchase cleaner, advanced technology trucks and buses. Since its inception in 2010, the program has helped deploy more than 1,600 hybrid and electric trucks and buses in California. ARB expects vouchers to become available at participating dealerships beginning this December.
• ARB’s Truck Loan Assistance Program received an additional $18 million to help small business fleet owners finance truck upgrades required under the ARB’s In-Use Truck and Bus Regulation. The program has leveraged state funds to provide about $210 million in private financing since 2009 to help truck owners purchase cleaner trucks, exhaust retrofits and truck efficiency upgrades. With this additional funding, the program will continue to support small business truck owners to gain access to cleaner trucks. The Truck Loan Assistance Program is implemented in partnership with the California Pollution Control Financing Authority.