A program in Oregon giving rebates for buying or leasing electric vehicles has become a victim of its success.
The state has temporarily suspended rebates for a year starting in May because too many people are applying, and the program is running out of money, according to a report by The Oregonian/OregonLive.
Over 60,600 EVs are registered in the state.
In over five years, the Clean Vehicle Rebate Program has disbursed more than $71 million to help people buy or lease roughly 25,000 of those vehicles.
VOLKSWAGEN INTRODUCES ITS FIRST AFFORDABLE ALL-ELECTRIC VEHICLE, SET FOR RELEASE IN 2025
The state has offered two cash rebates for Oregon drivers who buy or lease electric vehicles or plug-in hybrids under $50,000.
The standard rebate of up to $2,500 is available regardless of income and can be received at participating dealers.
The “charge ahead” rebate of $5,000 is aimed at low or moderate income households and must be accessed via a mail-in application. The two rebates can be combined for up to $7,500 cashback.
MISSISSIPPI GOVERNOR SIGNS LEGISLATION RESTRICTING ELECTRIC CAR STORES
By 2035, Oregon’s Department of Transportation estimates that people will be driving 1.5 million electric vehicles in the state.
The Associated Press contributed to this report.
