As part of the federal 2019 – 2010 budget, the Government of Canada pledges to invest over $300 million dollars over three years to bolster more zero-emission electric vehicles (EVs) on the road. The iZEV Program will help Canada achieve its ambitious goal in eliminating sales of new internal combustion vehicles by 2040 (Government of Canada, 2019b).
According to the Government of Canada (2019d), Canadian consumers can receive up to $5,000.00 worth of rebates for select EV models. To be eligible for the rebates, EVs purchased must be priced at a maximum of $45,000.00 and must be purchased on or after May 1st, 2019. The incentive is capped per consumer per calendar year.
Currently, there are 28 electric vehicles approved under the iZEV Program. Qualifying vehicles include the Tesla Model 3, Chevrolet Bolt, Toyota Prius Prime, Nissan Leaf, and Ford Focus (Government of Canada, 2019c).
For a list of approved EV models, click here.
Businesses can capitalize on the iZEV Program too. Businesses adopting EVs receive a full tax write-off of up to $55,000.00 in the same year the clean vehicles will be put into use (Government of Canada, 2019a).
Canadians’ quality of life—and Canada’s future growth—are deeply tied to the environment. Failing to invest in a cleaner, more sustainable future threatens the things Canadians rely on for their success: an affordable cost of living, good, well-paying jobs and resilient communities.
-Government of Canada, 2019b
Before the federal announcement, EV ownership has been growing across Canada. In 2018 alone, annual EV sales have risen to 8.3% (FleetCarma, 2018). With the rebate now available, one can expect EV sales demand to dramatically increase in the next three years.
Figure 1. Annual Canadian EV Sales. From “Electric Vehicles Sales Update Q3 2018, Canada” by FleetCarma, 2019, https://www.fleetcarma.com/electric-vehicles-sales-update-q3-2018-canada/.
Complementary Benefits of ZEV Ownership
When purchasing EVs, the average homeowner can take on more economic advantage by investing in their own EV charging stations right at home. Having a personal EV charging station allows homeowners to charge their vehicle at the same rate provided by electricity retailers. Today, homeowners can also pair up their EV charging stations with solar energy. This allows consumers to harness free energy from the sun and convert it to into usable energy for their electric vehicles and appliances at home.
On the other hand, businesses that invest in EV charging stations distinguish themselves as industry leaders committed to sustainability and innovation. Businesses set themselves apart from their rivals by offering unique services to their tenants and employees, while generating alternative means of revenue.
Getting EV Ready
Today, installing EV charging stations for business and home properties have become more accessible and affordable. Interested consumers can simply call in their nearest EV installer to perform a site assessment and installation.
At Virtuoso Energy, we can help you meet your sustainable lifestyle goals. We offer quality turnkey solutions in getting your home or business solar and EV ready at competitive prices. For more information, please visit our website at https://www.virtuosoenergy.com/ to find out how you can get EV ready!
Article written by: Frances Teves
Photo taken from: https://www.lowestrates.ca/blog/auto/credits-still-available-electric-vehicles-canada
FleetCarma. (2018, November 09). Electric vehicles sales update Q3 2018, Canada. Retrieved from https://www.fleetcarma.com/electric-vehicles-sales-update-q3-2018-canada/
Government of Canada. (2019a, March 19). Chapter 2: Building a Better Canada. Retrieved from https://www.budget.gc.ca/2019/docs/plan/chap-02-en.html#supporting-business-investment-in-zero-emission-vehicles
Government of Canada. (2019b, April 17). Government of Canada invests in zero-emission vehicles. Retrieved from https://www.canada.ca/en/transport-canada/news/2019/04/government-of-canada-invests-in-zero-emission-vehicles.html
Government of Canada (2019c, May 01). List of eligible vehicles under the iZEV Program. Retrieved from http://www.tc.gc.ca/en/services/road/innovative-technologies/list-eligible-vehicles-under-izev-program.html
Government of Canada. (2019d, May 02). Zero-emission vehicles. Retrieved from http://www.tc.gc.ca/en/services/road/innovative-technologies/zero-emission-vehicles.html