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Electric car incentives and rebates in Newfoudland

2023 Hyundai Kona Electric Ultimate

Electric Car Incentives and Rebates in Newfoundland

More Canadian drivers are choosing electrified vehicles because of concern about climate change and skyrocketing fuel prices. Whether battery-only or hybrid, these vehicles allow you to save on fuel while offering a more extended driving range. Depending on where you buy these vehicles and where you live, you may be eligible for EV rebates. Newfoundland has a relief program for those purchasing EVs, in addition to the federal government incentives.

Purchasing an Electric Vehicle

Major automakers now offer electric versions or are planning to introduce one soon. They realize that many consumers want to save on fuel, preserve the environment, or just want a technologically advanced vehicle. If you plan to purchase one, you should know what is available.

The term “electric vehicle” refers to vehicles with an electric motor, but not all are the same. Battery-powered Electric Vehicles (BEVs) run solely on electricity, while Hybrid Vehicles (HEVs) use both an engine and an electric motor but are not rechargeable. Plug-in Hybrids (PHEVs) have an extra battery capacity; when charged, they run on electric power only and switch to gas once it runs down.

Federal and provisional incentives are available for BEVs and PHEVs but not HEVs. So you’ll want to make sure you check if the vehicle you intend to buy qualifies.

Electric Vehicle Rebates for All Canadians

The Incentive for Zero-Emission Vehicles (iZEV) program is operated by the Canadian government and offers up to $5,000 per vehicle. This program began in 2018 and runs until March 31, 2025, for eligible new or leased vehicles. 

The amount you receive depends on the type of vehicle. Manufacturers suggested a retail price of less than $55,000 for passenger cars, while higher-priced trims will be eligible up to a maximum MSRP of $65,000.

The base model price for pickup trucks, minivans, SUVs, station wagons, and special-purpose cars must be $60,000 or less, while high-end trims can be up to $70,000. Leased vehicles qualify only if the period is 48 months, and will be adjusted for 12, 24, or 36 months with rebates between $625 and $3,750.

Electric Rebates in Newfoundland

The NL Hydro EV program offers incentives for new and used electric cars for Newfoundland and Labrador residents. It consists of a $2,500 rebate for people purchasing or leasing a BEV and $1,500 for a PHEV. When combined with the federal $5,000 rebate, customers can save up to $7,500.

Book a Test Drive Today!

Purchasing an electric vehicle will save you money in the long run while allowing you to qualify for electric rebates in Newfoundland. Contact Parkway Hyundai in Corner Brook, NL, to book a test drive and discover the best deals and financing options.