Rebates Set Another Monthly Record
Tesla Model Y Leads Rebated Vehicles
CHEAPR set another record in June in terms of rebates awarded with 421 rebates, way exceeding the previous high water mark that occurred just one month prior of 286.
The best-selling EV in the country, the Tesla Model Y, leads the field by far with 228, or 54% of all rebates. Other models with double digit rebates
- Tesla Model 3 – 51
- Chevy Bolt – 40
- Toyota RAV4 Prime – 33
- Volkswagen ID.4 – 15
E-Bike Rebates Sizzle
Things you can do in 13 minutes –
- Walk a mile
- Complete a simple crossword
- Reheat last night’s leftovers
- Blow through the entire e-bike voucher budget!
One of the new components of CHEAPR authorized last year in Public Act 22-25, e-bike rebate vouchers, went live in July. It was available for all of 13 minutes before the entire budget was depleted with 6300+ applications received like a bolt of lightning. DEEP had originally budgeted $500,000 for this first year, but increased it to $750,000 when the strong demand became immediately clear. Still, that only extended the shelf-life by a scant few minutes.
Still Awaiting Traction for LMI rebates
There were only 4 of the supplemental Rebate+ incentives awarded to individuals who are income-qualified or live in distressed communities. There is hope for much higher numbers. We still counsel patience. DEEP has reported a good response with respect to the pre-qualification vouchers and the vouchers are good for a year. The public dataset does not contain information on the number of approved vouchers. The 4 incentives were all for new vehicles.
Fleet Rebate Postponement
The one new program component that still awaits launch is the fleet incentives. The eligibility is wide – commercial, non-profit, municipal, tribal entities. The limit is 10 incentives in a single year and 20 total. The standard CHEAPR incentive applies (i.e. not the supplemental), as does the $50K MSRP cap. Reminder, MSRP is defined as the base price of the trim level ordered without accessories. The light-duty program launch had been expected imminently, but DEEP is taking a step back. In the wake of the overwhelming e-bike response, they are looking to be prepared in the event of a robust response.
There is also a medium and heavy-duty vehicle component to this program. This will launch sometime next year.
Burn Rate Running Hot
At the September Board Meeting, DEEP expressed some concern about funds depletion as the program gave out $874,250 (not including e-bikes) in the month of June. They probably don’t need to worry, at least for a while, as Tesla has withdrawn the Model Y standard range. The Tesla website now only lists the long range and performance trim levels, neither of which qualify for a CHEAPR incentive.