California electric vehicle rebate demand exceeds Clean Vehicle Rebate Project funding
California Electric Vehicle Rebate Demand Exceeds Clean Vehicle Rebate Project Funding
April 14,2021 — CaliforniaAirResourcesBoard.com
In response to strong demand for electric vehicles, the California Air Resources Board expects rebate funds for the statewide Clean Vehicle Rebate Project (CVRP) to be exhausted within 30 days.Electric vehicles (EVs) account for nearly 8 percent of all light-duty vehicles sold in California. Over 145,000 EVs were sold in California in 2020 with a majority of sales taking place in the latter half of the year. Through the first quarter of 2021, CVRP rebate applications have already exceeded levels seen in early 2020, with substantially higher participation by low- and moderate-income consumers. This growing interest has led to a quicker draw on available funds through CVRP than anticipated. Existing funding for both standard and increased rebates is projected to be fully reserved in the coming weeks.