After falling short of its 2020 target to put 2,500 electric cars on the road, New Brunswick is amping up its electrification plan with a rebate program for its citizens. The three-year program, called Plug-In NB, aims to entice New Brunswickers to switch to electric cars for up to $10,000 in rebates.
The province announced Thursday its program that will give rebates of $5,000 for a purchase of a new electric vehicle and $2,500 on a second hand vehicle. This rebate can be claimed on top of the existing one provided by the federal Zero-Emission Vehicles program, which also offers up to $5,000 in rebates. This means New Brunswick motorists that will make the electric switch can get up to $10,000 in total rebates.
Minister of Environment and Climate Change Gary Crossman said the program is another step towards achieving the target of having 20,000 electric vehicles on the road by 2030. The province was only able to register 646 electric vehicles out of its target of 2,500 vehicles by the end of 2020.
The department also said that funding for the rebate program will be approved annually. The province initially set a $1.95 million budget for the program’s first year, which will come from the $36 million allotted in the Climate Change Fund and will be managed by NB Power.
The program will initially reimburse New Brunswickers after the purchase but will authorize car dealers to apply the rebate directly later on.
Information for this briefing was found via the Global News Canada. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.