There are many reasons why it is a good idea to purchase an electric vehicle. There are many benefits to purchasing an EV and hybrid vehicle, including reducing your carbon footprint and saving money at the pumps. And thanks to Canada's zero emissions incentive program, there is now one more reason for Canadians to buy a lower emissions vehicle.
What is Canada's Zero Emissions Incentive Program?
In order to help reduce harmful greenhouse gas emissions that are caused primarily by the automotive industry, the Canadian government has decided to offer cash incentives to anyone who leases or purchases an electric vehicle.
Many people think that electric vehicles are the way to go if you are looking to save a little money. And the way fuel prices continue to rise, they are right. Fortunately, there has never been a better time to purchase or lease an electric vehicle. Thanks to Canada's new EV incentive program, you can save even more when you choose to purchase or lease a zero emissions vehicle (ZEV).
The Incentive for Zero Emission Vehicle Program (iZEV) has broken up the eligible vehicles into two categories. Vehicles that are powered by a hydrogen fuel cell, powered completely by a battery, or have a long-range plug-in hybrid powertrain are in one category together and offer a $5,000 incentive. A shorter-range plug-in hybrid that has a battery of at 15kWh is in the other category and offers a $2,500 incentive.
What Vehicles are Eligible for the iZEV Program?
In order to be eligible for the incentive program, you must be the first owner of the vehicle. If you are leasing the vehicle, you can also receive the incentive. However, only people who are leasing an eligible vehicle for 48 months will be able to receive the full amount of the cash incentive.
Some of the other criteria that a vehicle must meet in order to be eligible for the incentive include:
- Must have less than 10,000 km on the odometer
- Must be in compliance with Canada's safety standards for motor vehicles
- Must be a four-wheeled vehicle that has fully functioning wheels
- Must be street legal
If you are unsure whether or not your vehicle is eligible for the incentive, you can check the iZEV eligibility list.
Hyundai Has Several Vehicles that are Eligible for the Zero Emissions Vehicle Incentive Program
Hyundai has a wide range of new all-electric and hybrid vehicles that are eligible to receive the full $5,000 incentive.
The Ioniq 5 is an all-electric SUV that is both powerful and stylish. The exterior features a unique design and the interior comes with a wide range of high-tech features. The Ioniq 5 comes standard with a 58 kWh battery that has an all-electric range of 354 km. With the available 77.4 kWh battery, the vehicle can travel up to 488 km on a single charge.
The all-new Kona Electric has a fun and sporty exterior design. On the inside, drivers can enjoy the available heated seats, available heated steering wheel, and optional wireless charging pad. Under the hood, the Kona Electric has a powerful electric motor that is able to produce up to 201 horsepower and 290 lb-ft of torque and has an all-electric range of 415 km.
Santa Fe Hybrid
The Santa Fe Hybrid is perfect for every occasion. it has a sleek and stylish design that is perfect for cruising down the city streets. It also has several selectable driving modes and a powerful engine that allows it to tackle off-road trails with ease. The Santa Fe hybrid comes standard with a 1.6-litre 4-cylinder engine that works with an electric motor to deliver 178 horsepower and 195 lb-ft of torque. There is also an available 2.5-litre engine that delivers 191 horsepower and 181 lb-ft of torque. The Santa Fe is also available as a plug-in hybrid. Both the hybrid and plug-in hybrid models are only eligible to receive the $2,500 incentive.
The Sonata Hybrid is a sporty sedan that has many stylish features including bold LED headlights that are integrated into the hood, LED taillights, and an available panoramic sunroof. The Sonata Hybrid is also only available for the $2,500 incentive. However, it does come with a powerful 2.0-litre I-4 engine that can deliver 150 horsepower and 139 lb-ft of torque.
Claim Your $5,000 Incentive Today
If you are looking to save $5,000 on a vehicle that will continue to save you money each year, then don't hesitate to contact us today. We can help you find the perfect vehicle that will suit your needs and we will take care of all of the required paperwork to ensure that you receive your cash incentive.