OLYMPIA – The average monthly lease payment on a new car is $578, according to Nerdwallet. Starting in August, low-income Washingtonians can get behind the wheel of an electric vehicle for potentially as little as $56 per month.
Gov. Jay Inslee and State Department of Commerce Director Mike Fong announced the nation-leading program Tuesday that assists leases and purchases for thousands of low-income drivers to spur EV adoption. Washingtonians earning up to 300% of the federal poverty level ($45,180 for a single resident or $93,600 for a family of four) are eligible for huge discounts toward the purchase or lease of an EV.
The program could bring down the cost of six popular EV models to less than $150 per month for qualified buyers. The Toyota bZ4X has the lowest estimated monthly payment of just $56 per month based on currently advertised deals. The Hyundai Kona ($78), Nissan Leaf ($87), and Hyundai Ioniq 6 ($93) are other popular models with estimated monthly costs beneath $100. That’s less than the average monthly phone bill.
“This is a nation-leading effort to democratize EVs,” said Gov. Jay Inslee. “It’s going to save you a lot of money on the purchase price of your first EV, and then we’re going to save you a lot of money at the pump. You won’t have to buy or burn another drop of gasoline – that’s a good thing.”
One in five new vehicles sold in Washington state is now electric. To support this wave, the state recently announced plans to install 5,000 public chargers statewide with a specific focus on installations at apartment complexes and multifamily housing. The charging expansion is supported by the Climate Commitment Act.
Commerce estimates that rebates will lower the monthly cost of six popular models to beneath $150 a month once the program launches in August.
