Incentives for Zero-Emission Vehicles Program
Highlights
The Incentives for Zero-Emission Vehicles (iZEV) Program is a fantastic opportunity for your business. By participating, you can receive up to $5,000 in incentives for each eligible zero-emission vehicle (ZEV) you purchase or lease. This can significantly reduce your upfront costs and make it easier to transition to a more sustainable fleet.
Why Apply?
- Financial Savings: Up to $5,000 per vehicle can be a substantial saving.
- Environmental Impact: Reduce your carbon footprint and contribute to a greener future.
- Government Support: This program is backed by the Government of Canada, ensuring reliability and support.
What's in it for You?
- Cost-Effective Financing: The incentive can make ZEVs more affordable compared to traditional vehicles.
- Easy Qualification: The program is designed to be accessible, with straightforward eligibility criteria.
- Business Growth: Enhance your brand's reputation by adopting eco-friendly practices.
Participating in the iZEV Program not only helps you save money but also positions your business as a leader in sustainability. It's a win-win for your finances and the environment.
Financing Details
Type of Financing: Grant
Repayment Terms:
- No repayment required.
- No interest rates apply.
Eligible Expenses:
- Purchase or lease of new zero-emission vehicles (ZEVs).
- Vehicles must be battery-electric, plug-in hybrid electric, or fuel cell electric.
- Lease agreements must be for a period of 12 months or more.
Use of Funds:
- Funds can be used to offset the cost of purchasing or leasing eligible ZEVs.
- Up to $5,000 per vehicle.
Restrictions:
- Funds cannot be used for vehicles that do not meet the ZEV criteria.
- Cannot be applied to used vehicles or those with lease terms under 12 months.
Fees:
- No fees associated with applying for or receiving the grant.
Qualifications
- Must be a Canadian business.
- Must be purchasing or leasing a new zero-emission vehicle (ZEV).
- Vehicle must be a battery-electric, plug-in hybrid electric, or fuel cell electric vehicle.
- Lease term must be over 12 months.
Carsharing companies must be pre-approved by Transport Canada.
Disqualifications:
- None specified.
Description
The government is offering a program that can provide your business with up to $5,000 in incentives. This money is for purchasing or leasing zero-emission vehicles (ZEVs) for over 12 months.
ZEVs include:
- Battery-electric vehicles
- Plug-in hybrid electric vehicles
- Fuel cell electric vehicles
Using these incentives, you can reduce your business's transportation costs and contribute to a greener environment. There are no payback conditions for this incentive, making it a straightforward benefit for your business.
This program is an excellent opportunity to upgrade your fleet with environmentally friendly vehicles while saving money.
Program Steps
Select an Eligible Vehicle: Choose a zero-emission vehicle (ZEV) that qualifies under the iZEV Program. Ensure the vehicle is either a battery-electric, plug-in hybrid electric, or fuel cell electric vehicle.
Prepare Documentation: Gather the necessary documents for your application. You will need:
- Proof of business registration
- Identification documents
- Vehicle purchase or lease agreement
- Consumer consent form (latest version)
- Any additional documents specified by the program
Contact a Dealership: Reach out to a dealership or authorized seller that participates in the iZEV Program. Confirm that they can assist with the application process.
Complete the Application Form: Fill out the iZEV Program application form with the required details about your business and the selected vehicle. Ensure all information is accurate and complete.
Submit the Application: Submit the completed application form along with the prepared documentation to the dealership or authorized seller. They will process your application and submit it to Transport Canada.
Await Approval: Wait for confirmation from Transport Canada regarding the approval of your application. This may involve additional verification or requests for more information.
Receive Incentive: Once approved, the incentive amount will be applied to the purchase or lease of your ZEV. Ensure you receive the appropriate reduction in the vehicle's cost as per the program guidelines.