Turn Over a New Leaf: Get up to 47% off MSRP With This Offer
Update posted Oct 2 – offer extended through Dec 31, 2019 (Further note – CHEAPR incentive levels have been revised)
There is a discount available for the purchase of a new Nissan Leaf of either $2500 or $5000, depending upon which model of the Leaf is being purchased. Basically, the older, shorter range models, are eligible for the higher incentive, while the longer range Leaf Plus will get you $2500.
This incentive comes from Nissan corporate and it was negotiated by the CT Green Bank. It has nothing to do with the Federal EV Tax Credit or the CT CHEAPR incentive, both of which apply to this car. The 47% comes from applying the $5000 discount, the $7500 Federal Tax Credit, and a rebate of $1500 from CHEAPR against the base price of $29,990 for the least expensive Leaf.
September 30 of this year is the final date to obtain this discount. It has been extended several times in the past, and may be again, but we have no specific knowledge regarding whether that will happen.
These incentives are a mix of discounts, tax credits and rebates. In order to get the full benefit of the $7500 Federal credit, one has to have $7500 of tax liability, excluding FICA taxes, in the year that the vehicle was purchased. There is no carry-forward. And it is a tax credit, not a tax deduction, a point which many of the folks we speak to at our EV showcases do not realize.
The newest generation Leaf Plus has a battery pack of 62 kWh, translating to a range of 226 miles, close to the range of the Chevy Bolt (238). Even though the Nissan incentive is lower for this vehicle, it is partially offset by a higher CHEAPR rebate of $2000. CHEAPR rebates are based on the range of the vehicle and the larger battery packs will qualify for a higher rebate. The funding pool had been in danger of running out, but in the recently passed state budget, it was replenished. The funding mechanism is a clean-air fee added to the cost of an internal combustion vehicle registration.
Consumer and Dealer Awareness
This discount has not been widely publicized and most people that we speak to are not aware of it. The parameters of the offer have changed over time, which hasn’t helped. That is why we are working with the Green Bank to help get the word out. Unlike earlier versions of this incentive, which were limited to certain categories of individuals, it is now open to anyone. Also, importantly, there have been reports of dealers not being aware of this! This is a corporate discount, and not every dealer pays close attention to EV promotions. But it is a bona fide offer, whether or not the dealer knows anything about it. We recommend you print the page with the offer code and bring it with you.
The picture is murkier with a new vehicle lease. The dealer enters into the equation in terms of how much monthly payments may be decreased or the residual buy-out cost. We are not able to say what the exact savings will be.
This discount does not apply to the purchase of a used vehicle.
CT Green Bank
This incentive comes via a deal that was made between Nissan and the CT Green Bank (CGB). The CGB has approached other manufacturers as well, but to this point only Nissan has participated. This is the link to the page on the CGB website that explains the offer in more detail and maps which level of incentive applies to each of the five available models/trim levels. If you want to skip the fine print and go directly to the page with the offer code, here you go: http://bit.ly/LeafDiscount
Many dealers are interconnected with the state regarding the administration of the paperwork for the CHEAPR incentive. This enables them to easily handle the paperwork on your behalf. Then the rebate becomes, in effect, a discount, and you don’t have to file for it after the fact. And, by the way, when a consumer uses a CHEAPR rebate, the dealer gets a little bonus from the state as well. The state understands that many dealers don’t make an effort to sell EVs and so they are incentivizing the seller as well as the buyer.
EVs are more economical to operate and own than ICE vehicles. Putting in some extra effort to navigate the incentives can make them cheaper to acquire as well!