Vermont is pioneering a ‘gas clunkers for EVs’ trade-in incentive program

Published

2 years ago

October 3, 2022

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The state of Vermont has launched an incentive program that will help residents scrap and replace old gas cars with new or used eligible electric vehicles (EVs) or plug-in electric vehicles (PHEVs).

The first of two phases of the Replace Your Ride program will help lower-income Vermont residents replace older, high-polluting light-duty vehicles with EVs or PHEVs.

Vermont transportation secretary Joe Flynn said:

The transportation sector accounts for about 40% of Vermont’s carbon emissions. The state is working to rapidly reduce these harmful emissions by providing incentives for Vermonters to switch to cleaner transportation options, and allowing those incentives to be combined with existing state and local utility programs for even greater cost-savings.

To qualify for the Replace Your Ride program, applicants must be Vermont residents listed on both the new EV purchase or lease agreement and the old vehicle registration. Incentives are currently available at the point of sale or lease and are limited to one per person for the life of the program.

State incentives are available on new vehicle purchases or leases of eligible models with a base MSRP of $40,000 or less for PHEVs and $45,000 or less for EVs. The participating dealer list is here.

Incentives of $3,000 are available on a first-come, first-served basis to income-eligible Vermont residents who hand in a gas car that’s at least 10 years old – that’s model year 2012 or older – and switch to a new or used plug-in electric vehicle. The clunker has to be able to start and drive at least 30 feet forward and in reverse under its own power. (More eligibility requirements can be found here.)

For example, the maximum income allowed for an individual filing as single or head of household for a new EV is $50,000 annual income or less, and for a used EV, it’s $51,968.

Vermont’s Replace Your Ride is funded with $4.5 million through the 2021 and 2022 Transportation Bills.

The $3,000 incentive can be stacked with one of the existing (new or used) incentives. Information on the other programs is available at the Drive Electric Vermont’s website. Drive Electric Vermont has a handy “Compare Models” tool to see which models qualify for which rebates.

In Replace Your Ride’s second phase, which will be launched by November 2, eligible applicants can receive a card preloaded with a $3,000 voucher to use on eligible clean transportation expenses at participating electric bike shops or for shared mobility options.

Vermont is the second US state to offer a scrap-and-replace program. California’s Clean Cars 4 All program is offered in four participating air districts – South Coast area including Los Angeles, San Joaquin Valley, Bay Area, and Sacramento area – in order to transition lower-income drivers from gas cars to electric vehicles. Depending on income, qualifying California residents can receive up to $9,500 toward the purchase of a new or used plug-in hybrid electric, battery electric, or fuel cell electric vehicle, or up to $7,500 in incentives to access public, private, and shared mobility options.

Electrek’s Take

Every single US state should be running an incentive program like this. It helps lower-income residents access cleaner, affordable transportation. If the car is more reliable, then it’s going to give the driver a leg up when it comes to getting to work and taking care of family, for example.

I recently spoke with a woman who runs a cleaning business. She lost a good employee because that person’s car is not reliable. This sort of incentive program would hopefully help alleviate that kind of problem.

There are many affordable EVs on the market, and these incentives will help spur interest.

In the meantime, I’m gonna just leave this tweet, which was posted by the Detroit Free Press and USA Today autos editor, right here, since it illustrates the myth of EVs not being affordable:

Photo: State of Vermont Agency of Commerce and Community Development

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Environment

Ørsted’s largest solar farm in the world is now online in Texas

Published

6 hours ago

November 23, 2024

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Ørsted's largest solar farm in the world is now online in Texas

The Mockingbird Solar Center, Ørsted’s largest solar project globally, is now online, next to protected prairie donated by the renewable energy giant.

This massive 468-megawatt (MW) solar farm is set to power 80,000 homes and businesses, providing a major boost to the Texas grid.

But the launch of Mockingbird Solar isn’t just about clean energy – it’s also about restoring precious ecosystems. Ørsted has donated 953 acres of the Smiley-Woodfin Native Prairie Grassland, which sits next to the solar center, to The Nature Conservancy. The donated land is now the Smiley Meadow Preserve, a protected area for tallgrass prairie that’s home to more than 400 species of grasses and wildflowers.

Tallgrass prairies are some of the rarest ecosystems in the US, with less than 1% of Texas’ original tallgrass prairies still in existence. Tallgrass prairie does a lot of heavy lifting for the environment, including storing carbon, preventing floods, and providing crucial habitats for pollinators.

“Native prairies are the rarest landscapes left in Texas – so much so that many people have never seen one,” said David Bezanson, land protection strategy program director for The Nature Conservancy in Texas. He added that preserving Smiley Meadow will not only conserve one of the best prairie remnants left but also help restore other prairie habitats and boost regional biodiversity.

The Mockingbird Solar Center, a half-billion-dollar project, is part of Ørsted’s $20 billion push to expand renewable energy production across the US. Beyond generating electricity, it will inject $75 million into local property taxes, benefiting schools and other public services. The project also created over 550 construction jobs and will continue to be supported by operations staff moving forward.

Ørsted worked with US companies, including First Solar, for solar panels and partnered with local businesses like Drake Construction and Pfifer Farms for construction materials. It also gave more than $50,000 to local volunteer fire departments in Roxton and Brookston.

With Mockingbird Solar now up and running, Ørsted has more than 6 gigawatts of onshore wind, solar, and battery storage projects either in operation or being built across the US.

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Environment

Cramer names oil and natural gas stocks set to do well under Trump

Published

7 hours ago

November 22, 2024

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Cramer names oil and natural gas stocks set to do well under Trump

CNBC’s Jim Cramer on Friday said companies related to natural gas and oil will thrive under President-elect Donald Trump’s administration and a majority Republican Congress.

“We’re hearing about all sorts of Trump trades right now, and many of these things have made insane moves in less than three weeks, to the point where, actually, they’re feeling precarious to me,” he said. “If you want a sustainable Trump trade, I say bet on the natural gas ecosystem. This is an industry that already had a lot going for it, it just needed some cooperation from the federal government, which it is about to get.”

President Joe Biden’s administration is largely opposed to fossil fuels, Cramer said, and the federal government has worked to block pipelines and paused new liquified gas export authorizations. This dynamic, coupled with a weaker global economy, caused the sector to underperform for much of the year, he suggested. But Trump has shown more favor to the industry, and Cramer pointed out that he tapped prominent oil executive Chris Wright to lead the Department of Energy.

Cramer recommended several stocks in the sector, including energy producers EQT and Coterra. The former is focused on natural gas and recently acquired peer Equitrans, raising the combined company’s valuation to an estimated $35 billion, Cramer noted. He added that Coterra is a good long-term holding and called the company “one of the shrewdest operators in the industry.”

He highlighted pipeline companies, including Energy Transfer and Kinder Morgan, and said he was especially bullish on Enbridge. Enbridge says it transports about 20% of all natural gas consumed in the U.S., and Cramer claimed the Canadian outfit has “strategically located assets.” He also named Cheniere and Sempra, saying the former is the “best play” for liquified natural gas exports.

“Seasonally, this is a good time for the commodity,” he said, pointing out that natural gas itself has climbed since the election. “But I also think there’s some optimism about the future of the industry driving this move.”

Jim Cramer’s Guide to Investing

Environment

Jeep launches Wagoneer S EV lease prices starting at just $599 per month

Published

7 hours ago

November 22, 2024

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Jeep launches Wagoneer S EV lease prices starting at just 9 per month

Jeep’s first global luxury electric SUV will arrive at US dealerships any day. Despite its $72,000 price tag, lease prices for the 2024 Jeep Wagoneer S EV start at just $599 per month.

2024 Jeep Wagoneer S EV lease prices

After unveiling its first global electric SUV, Jeep’s CEO said the Wagoneer S “marks a new chapter” in its storied history.

Jeep claims the Wagoneer S packs “exhilarating performance.” With 600 hp and 617 lb-ft of torque, the big-body SUV can sprint from 0 to 60 mph in just 3.4 seconds. Its 100 kWh battery pack also gives it a driving range of over 300 miles.

The electric SUV is unmistakably still a Jeep, but it did get several upgrades to distinguish it as an EV. The grille is now enclosed without the need to cool a massive engine, giving it a sporty, more modern look.

Jeep revamped its design with a new illuminated seven-slot grille with ambient cast lightning. It also fine-tuned its profile, adding flush door handles, a rear wing, and integrated fins for better airflow.

The first Jeep Wagoneer S Launch Edition models get exclusive dark accent design elements like 20″ Gloss Black Wheels.

Inside, the electric SUV is loaded with the latest tech and connectivity, including a best-in-class 45″ of usable screen space. The setup includes a 12.3″ center screen and an exclusive 10.25″ interactive front passenger screen.

Jeep already announced that the 2024 Wagoneer S EV will start at $71,995, but now the company has revealed lease prices for the first time.

According to Jeep, the 2024 Jeep Wagoneer S Launch Edition can be leased for $599 per month for 36 months (10,000 miles per year). The deal includes $4,999 due at signing and a $7,500 EV incentive. However, you may want to act fast, as Jeep’s offer is only good until December 2, 2024.

Jeep Wagoneer S vs Tesla Model Y	Starting Price	Range	Lease Price
Jeep Wagoneer S Launch Edition	$71,995	+300 miles	$599/mo
Tesla Model Y RWD	$44,990	320 miles	$299/mo
Tesla Model Y AWD	$47,990	308 miles	$399/mo
Tesla Model Y AWD Performance	$51,490	279 miles	$599/mo

In comparison, Tesla Model Y RWD lease prices start at $299 for 36 months with $2,999 down (10,000 miles). The Performance AWD model starts at $599 per month. In an end-of-year promo, Tesla also offers 3 months of free Supercharging and Full Self-Driving.

Ready to drive off in your new electric SUV? We can help you get started. You can use our links below to view offers on the Jeep Wagoneer S and Tesla Model Y at a dealer near you.

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