Vermont’s Agency of Transportation (AOT) has updated its incentive programs to include flood-damaged vehicles after Hurricane Beryl hit the state hard at the beginning of the month.
As a result, Vermonters looking to replace their totaled gasoline- or diesel-powered vehicles with an all-electric or plug-in hybrid vehicle—either brand new or used—can benefit from up to $6,000 in state incentives which can be piled on top of other state stimuli and the federal tax credit for potential savings of up to $18,500.
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Incentive upgrade
Even before this year's floods, Vermonters had some solid incentive packages if they wanted to switch to an EV. Now, the state has expanded those incentives to include flood-damaged vehicles.
The so-called Replace Your Ride Program that offers up to $5,000 for swapping a gas- or diesel-powered car with a used EV has been modified to include flood-damaged vehicles regardless of age or whether they can be driven or not. If you’re going for a new or leased EV, the state will add $1,000 to the tally, bringing the total up to $6,000 for Vermont residents who want to replace their flood-damaged cars.
Another state program, MileageSmart, which was designed to offer up to 25% of a vehicle’s price as an incentive to switch to a high-efficiency used vehicle, will now automatically offer $5,000 to Vermonters who want to replace a flood-damaged car with a more environmentally friendly used vehicle regardless of the sticker price. Per the state’s guidelines, a high-efficiency vehicle must have an efficiency rating of 40 miles per gallon or higher, including hybrids, plug-in hybrids and all-electric cars.
“Me and my team are doing everything we can to give immediate relief to Vermonters as we continue to assess and respond to the needs,” said Governor Phil Scott. “This program will help those whose vehicles were flooded upgrade to a new vehicle that’s better for the environment.”
Participants can stack these programs with other state incentives for up to $11,000 off the price of a new EV and up to $10,000 off the price of a used EV, according to Drive Electric Vermont. Furthermore, the state programs can also be bundled with the $7,500 federal tax credit, potentially bringing in savings of up to $18,500 for buying or leasing a new EV in Vermont.
