The Department of Commerce announced the new program will begin in August of this year. They say it's the first low-cost EV lease program in the US.

State officials unveil new incentive program

The Department of Commerce on Tuesday, April 23rd. held an event in Seattle to kick off what they say is the latest incentive program to help people afford electric vehicles.

The program will emphasize what Commerce calls low-cost leases. According to DOC:

"interested consumers will go to a dealer to learn about low-cost lease offers available under the state instant rebate program. The dealer will get a signed attestation that the buyer meets the income requirements of the program, and determine that their credit score qualifies for a lease deal on offer. With that, the dealer deducts the applicable rebate amount from the cost of the lease and then applies dealer, state and local fees to arrive at the total lease amount. There is no state sales tax because the vehicles qualify for the state’s zero-emission vehicles exemption up to $15,000 in lease payments. "

Using an example of a lease that costs $239 a month for three years, under the terms of the program, it would cost $78 per month. DOC did not specifically list the make or model of the vehicle for the example.

There are some financial or income restrictions for who is eligible for the plan.

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The DOC said a lot of input in the program came from rideshare drivers, whom they say spend a lot of time on the road. The program will reportedly be ready to start in August.

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