75% of Canada’s EV Rebate Fund Has Been Spent in Just 15 Months

Canada’s electric vehicle (EV) rebate fund has been well-utilized, especially in the wake of increased coverage and options announced by British Columbia and Quebec.

In an update shared by The National Post, it was reported that 75% of the $300 million (CAD) invested in the EV rebate program has already been spent in just 15 months. Projections for the program expected three years total in funding, though the program’s popularity has led to most of these funds being used up almost a year early.

While many expansions of the program have taken place over the past few years, including the institution of the $5,000 (CAD) rebate in May 2019, the program will likely require new funding sources as it has already paid over $225 million (CAD) to 53,310 drivers, primarily in Quebec, British Columbia, and Ontario, in a mere 15 months.

EV advocates out of Ottawa are also pushing the Canadian government to expand the rebate, citing the need for exponential growth of the EV market while on the cusp of climate change. The country’s target is to have 10% of all passenger vehicles be electric by 2025, and the program is the only way they’ll get there, advocates argue.

One thing is for certain: These funds being almost completely used up signify a majorly successful, incentive program, and we can likely expect a renewal of the program, perhaps even alongside an expansion of its benefits.