EVs will save you money in the long run, but did you know there are financial incentives available from the very start of your EV journey? From rebates on the purchase of an EV and loan rebates to tax write-offs and rebates on chargers, find out which incentives you or your business could qualify for below.
Residential
Federal EV Incentive – Up to $5,000
The Incentives for Zero-Emission Vehicles (iZEV) Program provides point-of-sale incentives if you buy or lease a new eligible EV.
Incentives range from up to $2,500 for shorter range plug-in hybrids to up $5,000 for all-electric and longer-range plug-in hybrid electric vehicles.
For more information and eligibility requirements, please visit iZEV Program.
Provincial EV Rebate – Up to $2,500
The Newfoundland and Labrador Hydro Electric Vehicle Rebate Program provides incentives for purchasing or leasing a new or pre-owned eligible EV.
Incentives range from $1,500 for a plug-in hybrid to $2,500 for an all-electric vehicle. • Completed applications will be accepted between April 1, 2023 and March 15, 2025. Rebates are available on a first-come, first-served basis or until program funding is depleted.
For more information and eligibility requirements, please visit EV Rebate Program. This program is delivered through NL Hydro in partnership with the Provincial Government.
Eco-Friendly Vehicle Loan Rebate – Up to $1,500
The Newfoundland and Labrador Credit Union (NLCU) offers an Eco-Friendly Vehicle Loan Rebate. If you’re purchasing a hybrid or electric vehicle five years old or newer, you may qualify for a rebate of 2.5%, or if you have a chequing account and a direct deposit with NLCU, you may qualify for a 3% rebate. Rebates are provided to a maximum of $1,500.
For more information and eligibility requirements, please visit Eco-Friendly Vehicle Loan Rebate.
Business
Federal EV Incentives
- The Incentives for Zero-Emission Vehicles (iZEV) Program provides point-of-sale incentives if a business purchases or leases an eligible EV.
Incentives range from up to $2,500 for shorter range plug-in hybrids to up $5,000 for all-electric and longer-range plug-in hybrid electric vehicles.For more information and eligibility requirements, please visit iZEV Program.
- Alternately, a tax write-off is available for EVs to support business adoption. Businesses that take advantage of the federal incentive through the iZEV Program will not be able to take advantage of the tax write-off for EVs.
For more information on the tax write-off for EVs, businesses and self-employed individuals may contact the Canada Revenue Agency at 1-800-959-5525 or visit the Government of Canada’s website: Canada – Zero Emission Vehicles. - The Incentives for Medium- and Heavy-duty Zero-Emission Vehicles (iMHZEV) Program provides point-of-sale incentives for Canadian organizations and businesses who buy or lease an eligible MHZEV.The iMHZEV incentives are determined based on the vehicle class of the base trim. There are eight levels of incentives up to $200,000 per vehicle.
For more information and eligibility requirements, please visit iMHZEV Program.
Provincial EV and Charger Rebates
- The Newfoundland and Labrador Hydro Electric Vehicle Rebate Program provides incentives to businesses, non-profit organizations, or municipalities when they purchase or lease a new or pre-owned eligible EV.
Incentives range from $1,500 for a plug-in hybrid to $2,500 for an all-electric vehicle. Completed applications will be accepted from April 1, 2023, to March 15, 2025. Rebates are available on a first-come, first-served basis or until program funding is depleted.For more information and eligibility requirements, please visit EV Rebate Program. This program is delivered through NL Hydro in partnership with the Federal Government.
- The Newfoundland and Labrador Hydro Commercial EV Charger Rebate provides up to 50% back when you install an EV charger at your workplace. With this program, qualified applicants can receive a rebate toward the cost to purchase and install qualifying Level 2 and Level 3 EV chargers at workplaces, for light-duty electric fleet vehicles, in public places, or on-street. Chargers must be made available for use by the public or employees of the applicant.Qualified applicants can receive a rebate for up to 50% of the costs to purchase and install eligible chargers, for a maximum of up to $5,000 per Level 2 charger, and up to $50,000 per Level 3 Direct Current Fast Charger (DCFC). Applicants can apply for up to 19 level 2 chargers, or six 20kW-49kW Direct Current Fast Chargers, or one 50kW or greater Direct Current Fast Charger per entity, with a maximum of 10 distinct sites.
Pre-approval is required. For more information and eligibility requirements, please visit Commercial EV Charger Rebate. This program is delivered through Newfoundland and Labrador Hydro in partnership with the Federal Government.