PEI $5,000 EV Rebate Now Live, Retroactive to April 1

Prince Edward Island’s $5,000 CAD incentive program for the purchase of electric vehicles (EVs) is now live — reports CBC News.

The rebates will also be awarded retroactively, so all Islanders who have bought EVs and Plug-In Hybrid Electric Vehicles (PHEVs) on or after April 1 will be eligible for a $5,000 rebate for EVs, and a $2,500 CAD rebate for the latter.

The announcement was made in the P.E.I. Legislature by Environment, Energy, and Climate Action Minister Steven Myers on April 29. Minister Myers said the rebate program is the “most generous” in Canada.

Quebec has managed to get over 100,000 EVs on its roads by offering rebates of up to $8,000 CAD on the purchase of new EVs, so that might not be entirely true. Unlike other provinces, however, the P.E.I. rebate program offers the full $5,000 CAD for both new and used EVs.

According to Myers, the government wanted to launch the program, coined the ‘Universal Electric Vehicle Incentive’, sooner, but the provincial budget still remains the subject of debate. The government had to seek special permission from P.E.I’s treasury board to launch the program.

The offered incentives will be applied directly to any bill of sale generated or lease agreement signed on or after April 1, noted a press release on the subject. Dealerships will be able to apply for compensation through P.E.I’s provincial website.

In addition to the monetary rebates, the incentive program also provides Islanders who purchase an EV or PHEV with a free Level 2 home charger. The free home chargers are slated to start shipping in the coming weeks.

With nearly 70% of Canadians planning on buying electric vehicles for their next cars and how fast Canada’s federal EV rebate fund was depleted, Islanders should act fast to take advantage of the Universal Electric Vehicle Incentive.