Alberta started 2023 with a unique advantage for drivers: a decrease in gasoline prices by 6.4% compared to the previous year. Adding to this, electricity prices in Alberta experienced a significant 45.6% drop during the same period. This price reduction makes home charging for electric vehicle (EV) owners in Alberta considerably more affordable. This cost-effectiveness is just one of the many benefits that EVs offer over traditional gasoline-powered vehicles, even when gas prices see slight dips.
The advantages of switching to an EV are numerous and well-recognized. EVs mean lower expenses on fuel, reduced maintenance needs, and a smaller environmental footprint. Furthermore, today’s EVs deliver impressive performance and cutting-edge technology, aligning perfectly with our increasingly digital world. However, there’s another compelling advantage for Alberta drivers that might be overlooked: substantial cost savings through the Canadian government’s Incentives for Zero-Emission Vehicles (iZEV) Program, alongside other potential rebates available in 2023.
Understanding the iZEV Program and Rebates for Alberta Drivers in 2023
iZEV Program: Savings Breakdown
The Incentives for Zero-Emission Vehicles (iZEV) Program offers rebates designed to make electric vehicles more accessible. These rebates vary from $625 up to $5000 and are structured based on factors such as lease terms (12, 24, 36, and 48 months) or outright purchase. The specific Make, Model, Model Year, Trim, and importantly, the Fuel Type of the vehicle, also determine the rebate amount. Fuel types are categorized as Battery Electric Vehicles (BEV), Plug-in Hybrid Vehicles (PHEV), and Fuel Cell Electric Vehicles (FCEV).
Qualifying for the iZEV Program in Alberta
To take advantage of the iZEV Program, the EV you are interested in must be listed on the official iZEV List of Eligible Vehicles. This list is regularly updated and can be found on the Transport Canada website here. Checking this list is the first step to confirm if your current EV or the one you plan to purchase qualifies for a rebate under the 2023 Alberta Car Program.
Eligibility is also linked to the purchase date of the vehicle. To be eligible, vehicles must be purchased on or after their respective eligibility date, which is also detailed on the Transport Canada platform. If you’re considering an EV, now is an opportune time to move forward. It’s important to act promptly because the iZEV Program is set to run until March 31, 2025, or until the allocated funds are depleted. You can track the remaining funds for the iZEV program to stay informed. Given the potential for high demand, Alberta drivers who want to benefit from these EV incentives are encouraged to act without delay.
Exploring Additional Rebate Opportunities in Alberta
While the iZEV Program provides a significant incentive for EV adoption, there might be other rebates available to further reduce your costs. For homeowners in Alberta, the Canada Greener Homes Grant could offer rebates for the installation of residential EV charging stations. It’s recommended to regularly consult the Federal Government of Canada’s Funding, Grants and Incentives resource centre for the most up-to-date information on evolving incentives and programs. For Edmonton residents specifically interested in rebates for EV charging station installation, Building Electric can be contacted directly at (780) 328-6491.
Incentives for Alberta’s EV Entrepreneurs and Business Owners
Alberta is home to many self-employed individuals and small business owners who often rely on personal vehicles for business operations. For these individuals, there are attractive tax incentives associated with owning and operating electric vehicles as part of the 2023 Alberta car program landscape.
Tax incentives are structured depending on your business setup (e.g., sole proprietorship, corporation). Notably, there are two specific Capital Cost Allowance (CCA) classifications for EVs. Class 54 applies to motor vehicles and passenger vehicles, excluding taxis, while Class 55 is for automobiles intended for lease or rent, and taxis. The CCA and deduction rates differ between these two classifications. While this article focuses on general information for Alberta drivers, entrepreneurs utilizing EVs for business purposes should consult the Government of Canada’s guide to CCA for Zero-Emission Vehicles for detailed guidance. Regardless of your specific business structure, there are clear tax advantages to owning or leasing an EV for business use.
Furthermore, for Alberta entrepreneurs participating in courier/delivery platforms or ride-hailing services like Uber and Lyft, additional benefits are available. Beyond CCA deductions, Uber’s participation in Electric Mobility Canada’s 2030 EV Action Plan means Uber EV drivers can access the Zero Emissions incentive, earning an extra $1 per trip.
Electric vehicle rebates and incentives are accelerating EV adoption among Alberta drivers. Building Electric is playing a key role in this transition by providing professional EV charger installations for homeowners throughout the greater Edmonton area. Contact us today to explore your EV charging options and take advantage of the 2023 Alberta car program benefits.
