Burlington Residents Can Receive Rebates of Up to $8,700 on Electric Vehicles
WalletHub has named Vermont as America’s Greenest State for 2017 based on environmental quality, eco-friendly behaviors and climate-change contributions. The environmentally-conscious state has committed to producing 90% of its electricity from renewables as well as reducing greenhouse gas emissions by 75% by the year 2050.
Reducing the reliance on fossil-fueled travel will have a significant impact on this goal, as transportation makes up 47% of all greenhouse gas emissions in the state. Each vehicle produces around three and a half tons of carbon dioxide each year.
In an attempt to reduce emissions and make Burlington a “net zero energy city,” Burlington Electric have organized an electric vehicle incentive program. Burlington residents and businesses will receive a $1,200 rebate on the purchase or lease of a new electric-only vehicle valued at under $50,000 (plug-in and conventional hybrids do not qualify for the rebate.)
Darren Springer, Manager of Strategy and Innovation at Burlington Electric, said that the offer can be used along with federal tax incentives of up to $7,500. These incentives make the price comparable to a conventional fossil-fueled vehicle for those looking to buy a new car. Burlington Electric is working towards having the rebate applied automatically when a new electric car is purchased, rather than having to fill in extra paperwork. They expect that the rebate will help to pay for 240 electric vehicles over the next four years.
The city of Burlington currently produces 100% of its energy from renewable sources. 41% of its power comes from a biomass plant that turns organic waste into electricity, 25% is from hydroelectric plants and 34% comes from solar and wind farms.
A range of incentives are available for businesses undertaking renewable energy projects. One of these is the federal research and development (R&D) tax credit, which aims to assist companies who are developing newer and more efficient products and services. Get in touch with us at Swanson Reed R&D tax advisors to find out more.