Chevrolet Volt In San Francisco

Chevrolet Volt In San Francisco

Right before the buzzer, California's state legislature approved additional funding for the Clean Vehicle Rebate Project.

As SF Gate reports:

"The state will invest millions of dollars into a popular program that gives drivers rebates for buying clean energy cars in California under a $900 million deal..."

"The deal includes $133 million for the clean energy vehicle program, which is currently out of money and has a waiting list. Under the deal, the program will lower the cap on how much a person can earn and still qualify for the rebates following criticism that the state was essentially subsidizing wealthy people buying expensive Teslas."

So, there's more money available, but not for very wealthy individuals. The new guidelines states that an annual income cap of $300,000 on joint filers and $150,000 on single filers will go into effect on November 1. Previous caps were $500,000 joint and $250,000 single.

Rebates per vehicle range from $900 (electric motorcycle) to $5,000 (hydrogen fuel cell vehicle). Plug-in vehicle rebates are in the middle of the pack.

As part of the package, there's an $80 million program in place for "drivers who turn in high-emission vehicles that can’t pass a smog check, with those additional rebates ranging from $5,500 to $9,500, depending on the person’s income. The larger rebates would go to consumers who turn in a high-emission vehicle and replace it with a low-emission one," according to SF Gate.

Source: SF Gate