Benefits of Owning a Hybrid/EV in California
Hybrid & Electric Vehicle Benefits
For years, California has been paving the way in terms of environmentally friendly technology. So, it is no surprise that this environmentally conscious state offers plenty of incentives for drivers to make the switch to an electric or hybrid vehicle. Let’s discuss the different ways in which making the switch to fuel-efficient vehicles will save you both time and money in California.
Federal Tax Credit
Your battery capacity will determine how much you can save with federal tax credits. The credit ranges from $2,500-$7,500. If you decide to lease your hybrid or electric vehicle, this credit will go to the manufacturer, but you can often lower your monthly payments or down payment because dealerships can factor the credit into the lease.
Free Parking Opportunities
Certain cities in California such as Santa Monica, Sacramento, San Jose, and Hermosa Beach provide free parking options for electric or fuel-efficient vehicles. You can check your city’s DMV website to learn more about how to qualify for this cost-saving opportunity.
Perks of Choosing Environmentally Friendly Transportation
California wants to reward their drivers for cutting down on pollution. You can earn up to $1,500 for retiring your high-polluting vehicle, which is a great way to earn money to put towards your new electric or hybrid car, which will then save you even more money over time. Also, you will have the peace of mind of knowing that you are doing your part to help take care of the environment.
The Clean Vehicle Rebate Project, local electric utilities, and local air districts help you save by providing rebate savings to those who lease or purchase eligible electric vehicles.
Access to HOV and HOT Roads
Save time and money by simply getting your electric or hybrid vehicle qualified as a Clean Air Vehicle (CAV) at the DMV. Once you receive your CAV decal, you can be exempt from HOV lane restrictions. Even if you are traveling alone, you will be able to travel in diamond or carpool lanes and use High Occupancy Toll (HOT) roads for free, which is a great way to save some extra cash. Check your DMV’s website to see if you qualify for the white or green CAV decal, and then you can enjoy your time and cost-efficient commutes.
Most drivers would agree that insurance can be costly over time. In California, some insurance providers will give you discounts if you have a vehicle that is eco-friendly. Some of these discounts include low-mileage discounts, hybrid auto discounts, economy car discounts, alternative fuel vehicle discounts, and pay as you drive discounts. This a great way to save, so take advantage of this opportunity by finding a provider that offers these incentives and start saving today.