...California's electric-car rebate program, so popular that it ran out of cash last month, is back in business.
The California Air Resources Board on Thursday approved spending $15 million to $21 million to fund the program, which gives rebates to buyers of electric vehicles or plug-in hybrids.
"This money is going to put thousands of ultra-clean vehicles on our roads within the year," said Mary Nichols, the board's chairwoman, in a statement. "That means better air quality sooner, and real progress in making a dent in our dependence on petroleum."
The money comes from vehicle registration fees and smog abatement fees, so the program's exact budget will depend on the amount of revenue collected.
Even though electric cars are just now reaching the mass market, the Clean Vehicle Rebate Project has already attracted more applicants than planned.
The state hands out the rebates on a first-come, first-served basis. During the last fiscal year, the air resources board and the California Energy Commission devoted $7 million to the program. So many car buyers applied that the money ran out on June 20.
So for the fiscal year that began this month, the air board decided to expand funding and shrink the individual rebates, in a bid to stretch the money farther.
In the past, buyers of electric cars such as the Nissan Leaf or the Tesla Roadster could receive a $5,000 rebate. Now the maximum rebate will be $2,500. People who buy plug-in hybrid cars or electric motorcycles will receive smaller amounts...