“Replace your Ride” Program Offers Incentives for Low Income Vermonters to Scrap Old Vehicles and Switch Towards a Cleaner Alternative

Electric vehicle charging stations in Vermont via Efficiency Vermont

Fossil Fuels vs Clean Energy: Vermont's Economy will improve through the reduction of fossil fuel consumption.

The state of Vermont continues to heavily rely on fossil fuel consumption for transportation.  Due to the state’s rural characteristics, on average more miles are driven per trip within Vermont as opposed to other more densely populated states.  According to the Vermont Climate Action Plan, statewide transportation costs equate to roughly 45% of total energy spending for the average Vermont household.  The plan also states that 70% of all the money we spend on fossil fuels leaves the state’s economy each year, whereas over 50% of every dollar spent on electricity will recirculate in Vermont’s economy.  This emphasizes the importance of switching away from gas and transitioning to clean alternatives.  By investing in renewable energy, not only the economy will greatly benefit, but we also accelerate the process of meeting the state’s allotted energy goals.

Replace your Ride: What’s their mission? Who is eligible for the program?

 The obstacle for many people is being able to afford an electric vehicle in the first place.  Once the transition is made, the upkeep and maintenance costs for a modern electric vehicle are a fraction of what it costs for old, inefficient vehicles.  This new program called “Replace your Ride” aims to address this issue by helping lower-income Vermonters in switching to clean transportation alternatives.  This program is focused on targeting the oldest highest polluting cars on the road (must be from 2010 or earlier) as they make up roughly 40% of the total cars in Vermont and emit the most carbon pollution.  The Replace your Ride program summary states, “For each older/low MPG vehicle taken off the road, the resultant GHG emissions reduction is up to three times that of a newer equivalent vehicle replacement, and significantly higher if replaced by a zero-emissions alternative.” Vermonters that own and are willing to scrap their high-polluting vehicle from 2010 (or earlier) and also earn an adjusted gross income of $50,000 or less, are eligible to receive financial incentives towards the purchase of an Electric Vehicle through Replace your Ride.  The upkeep and maintenance costs of an EV will be greatly reduced allowing low-income Vermonters to save more money and also positively contribute to the community.

Impact of stacking incentives

“Replace your Ride” offers up to $3,000 in cash that can be used towards any of the following options: A New/Used EV, a Plug-in Hybrid, an E-Bike, or even vouchers towards shared mobility options.  By choosing to purchase or lease a new/used EV these incentives can be stacked on top of other existing EV incentives depending on your income status.  If one is planning on purchasing a new EV and is qualified to utilize all the stacked incentives, a new EV can be purchased for as low as $8,600.

Incentives that can be stacked w/ the $3,000 from “Replace your Ride”:

 -Utility Incentives: Depending on the situation money can also be saved through Utility Costs.

 -State Incentives: Vermonters can save up to $4,000 from the state by transitioning to clean energy (money varies based on yearly income).

 -Incentives through Electric Utilities:  Companies such as Green Mountain Power offer rebates up to $2,500 for those who have already made the switch.

-Federal Tax Incentive of $7,500 for those who use purchase Electric Vehicles.