Ontario to Offer Up to $14K in Incentives for Residents Who Buy an Electric Car

Earlier today, Premier Kathleen Wynne announced that Ontario will be offering residents who switch from gas-powered vehicles to an electric car will receive additional incentives up to a maximum of $14,000.

This comes as the province’s effort to help Ontarians shift to low- or zero-emissions vehicles in order for Ontario to achieve its greenhouse gas pollution reduction target of 80 per cent below 1990 levels by 2050.

Current subsidies, which were enacted in 2010, range from $5,000 to $8,500 and the Liberal government announced today that it will be increasing that amount to a range of $6,000 to $10,000.

Drivers are also eligible for another $3,000 if their vehicle has a larger battery capacity and another $1,000 if the vehicle has five or more seats, for a maximum potential subsidy of $14,000.

According to City News, this announcement is retroactive to Jan. 1, so anyone who bought an electric vehicle already this year can apply. But for those looking to purchase a higher-end vehicle priced between $75,000 and $150,000 the incentive is capped at $3,000.

Currently, the Tesla Model S retails in the U.S. for more than $70,000, and is the best-selling car in Norway. With hearing that dollar amount, consumers thinking about making the switch to an electric car may refrain.

But in order to meet the needs of all consumers, Tesla has announced that its newest car will cost $35,000 — before any incentives — making Teslas more accessible for mainstream buyers looking for a car they can actually afford.

The new Model 3 is expected to be revealed and made available for pre-order next month.

With Tesla decreasing its prices and the electric car incentive from the province, now might just be  the perfect time to wave goodbye to gas stations altogether.