ST. PAUL, Minn. (FOX 9) - Those interested in purchasing an Electric Vehicle (EV) could receive a little help with their purchase from the state of Minnesota through a rebate program that begins Wednesday, but only limited funds will be offered to participants on a first-come, first-served basis.
The Minnesota Department of Commerce opens applications for its EV Rebate Program at 10 a.m. Wednesday, Feb. 7. Rebates will range up to $2,500 for a new EV that is purchased or leased, and $600 for a used vehicle. Once approved, rebates will be issued as direct payments.
To be eligible, the EV must be either fully electric, or a plug-in hybrid, must be purchased or leased on/after May 23, 2023, and be titled in Minnesota.
There’s no income limit to be approved for a rebate, but there is a limit on the cost of the EV itself.
New vehicles must have a base MSRP of $55,000 or less, excluding taxes and fees, and used vehicles must have a purchase price of $25,000 or less. A business, nonprofit or government entity will only be eligible to receive one EV rebate.
Applications can be found here, and those applying will need to include a driver’s license, utility bill or lease agreement, and a purchase agreement for their new or used EV.
The news comes as more federal guidelines were issued for EV tax credits on Jan. 1, 2024.