Officials offer residents rebates for key vehicle upgrades — here's what you need to know

While tax credits on renewable purchases are falling by the wayside in the U.S., an article by The Maine Monitor reported that Maine's current energy programs, targeted in particular at electric vehicles, are set to expand.

Current incentives in the state made possible by Efficiency Maine Trust include rebates on EV chargers that only charge when the grid is not at peak usage, bringing charger prices down from $300 to $129.

"This program will soon begin offering rebates on vehicles purchased in conjunction with off-peak chargers for 'high-barrier customers,' including low- and moderate-income drivers, businesses, and government entities," according to Michael Stoddard, executive director of Efficiency Maine.

Tax incentives on renewable investments began sweeping the U.S. after being passed in 2022 as part of the Inflation Reduction Act. The law promotes clean energy, such as solar panel installation and EV ownership, including up to $7,500 off purchasing an EV.

While the Trump administration's recent passing of the Big Beautiful Bill has cut these credits, they will remain available until the end of September for those wanting to cash in before time runs out.

Though the loss of the IRA puts a damper on new EV purchases, individual state offerings like Maine's will remain in place.

Furthermore, increasing launches of affordable electric vehicles can hopefully mitigate the loss of the tax incentives. Just this year, Tesla launched its Model Y Long Range Rear-Wheel Drive, which starts at $44,990. Meanwhile, various hybrid vehicles can be purchased for under $10,000.

Although the Inflation Reduction Act ends incentives for used EV purchases, the growing used EV market remains a great place to buy a secondhand EV at a more affordable price point.

As other states have their own EV incentives, such as Illinois or Colorado, you can check out what local offerings are available to you when considering purchasing an electric vehicle.

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