Washington State Announces $9,000 One-Time Payment: Who’s Eligible and How to Apply

Electric vehicles are back in the news. After several EV and EV adjacent companies filing for bankruptcy in 2023 and 2024 due to inferior sales than projected, there has started to be a concerted effort to make the technology more appealing to consumers. One of the ways governments and lawmakers are trying to do this is by giving Americans incentives to purchase EVs instead of regular gas cars when making a change.

The latest state to roll out one of these measures is the state of Washington, which has informed its residents that if they wish to change their vehicle before the summer months to an Electric Vehicle, they may be eligible to receive a cash rebate for their purchase.

Washington Electric Vehicle rebate

This tax rebate is a generous one, up to $9,000 that would fall under the aptly named Washington EV Instant Rebate program. Buyers who meet certain requirements regarding their income could access this rebate by August 2024 for the purchase of a new or second-hand electric vehicle in the state.

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The income requirement is based on a sliding scale, with a single person being capped at an annual salary of $45,180 and those who are part of a larger family of four people being capped at an annual salary of $93,600. 

Buyers will also be expected to have a good credit score and qualify for the vehicle on their own without the incentive in order to be eligible to receive it. This is independent of whether the car will be leased, a lease to own or a straight up purchase.

As per usual, once the buyer decides on which electric vehicle adapts best to their needs and budget, they must provide the usual documents proving their income and their credit score, which will be checked before any purchase is considered. Once approved for the purchase, then qualifications will be considered for the rebate of up to $9,000 for a lease of three years or more.

The rebate will not be the same for every vehicle type and for every lease length. A two-year lease will make individuals eligible for up to a $5,000 rebate if the car is a new production model. If the buyer chooses to go with a used electric vehicle the maximum rebate they would be eligible for is $2,500.

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Making the correct decision for your family in cases like this should be independent of the rebate the government offers, as the upkeep for EVs is higher than normal gas cars, and a cash upfront motivated purchase could end up hurting buyers in the long run.

The price of the car is also a factor in the eligibility for the rebate, as only vehicles that are fully battery-electric (no hybrids) and under the $90,000 sticker price are considered for the deal. This leaves out most of the luxury vehicles available in the market unless they are purchased second hand, as these depreciate quicker because of battery lifespan, mileage and cycles.

The budget for this initiative is generous, with an amount of $45 million having been allocated to the cause by the Washington’s Department of Commerce, organism responsible for the creation and management of the program. Since the deadline for the application is so strict, funds will be available to purchasers until June 2025 or until the money gets allocated in its entirety.

So for those in the state that are considering the purchase, do your research soon before the funds become unavailable. Do bear in mind that costs for vehicles have risen after the pandemic and they do not seem to be going down to pre-pandemic levels any time soon.