As of this morning, the plug-in vehicle rebate in Texas only has 301 rebates remaining. The rebate is worth $2,500 and is available to those who buy or lease a plug-in vehicle in Texas and register it in Texas. Tesla customers cannot take advantage of this, because the vehicle has to be purchased from a dealership and not a manufacturer.
I have received two of these rebates myself. It is a great program for moving the electric revolution forward. Over the last four months, on average, 210 rebates have been issued per month. Based on that, I expect the last rebate to be issued no later than mid-April. The silver lining to this cloud is that the last time Texas ran the rebate, it did not generate enough interest to use all the funds allocated. In fact, at the end of the program, it still had $4.2 million available.
This time around the rebate is scheduled to stop, when either the entire allocated $5 million is spent or on September 1, 2019. Obviously, I do not expect the fund to last to it’s scheduled end date. The money will be long gone before then.
Coupled with the halving of the federal income tax credit of $7,500 to $3,750, due to hit GM plug-in vehicle buyers on April 1, 2019, NOW is the time to buy, if you’re wanting a Chevy Bolt EV or Volt. Of course, the Volt has ceased production and almost all of them have been delivered to dealers. The Bolt EV has been in very short supply in Texas. So, if you see a Volt or Bolt EV that you like, at a dealership, I highly recommend you get it right away, so you can get the entire $10K in government incentives.
