GM has been one of the pioneers of electric vehicles, introducing the General Motors EV1 back in 1996 and the groundbreaking Chevy Volt in 2010. Today, Chevrolet has some of the best EV options on the market, with more scheduled for release in the next few years.

In addition to the Chevy Bolt EV, considered the top-rated electric vehicle right now according to Edmunds, and its slightly more spacious cousin, the Bolt EUV, Chevrolet plans on releasing more electric options in 2023 and 2024, including the Chevrolet Silverado EV, Chevrolet Equinox EV, and Chevrolet Blazer EV.

With an impressive 259 miles of range and a reasonable starting price tag of $26,500, the easy-to-drive and stylish Chevy Bolt EV is a great option for drivers looking to purchase their first electric vehicle. What’s more, the Bolt EV is eligible for a variety of federal and state tax credits, rebates, and incentives that can potentially bring the price down to zero for qualifying drivers.

Let’s take a look at how you can get a brand new Chevy Bolt EV or Bolt EUV for free.

Tax credit, rebate, or programIncentives total: up to $26,000
Federal EV Tax Credit $7,500
California Clean Vehicle Rebate Project (CVRP)$7,500
Clean Vehicle Assistance Program$5,000
Clean Cars 4 All program$9,500
Consumer Assistance Program (CAP)$1,500

Federal Tax Credit

Federal EV Tax Credit: $7,500

The Inflation Reduction Act of 2022 renewed and expanded funding for the federal EV tax credit through 2032 for qualified drivers looking to purchase an electric vehicle. Applicants can receive a non-refundable tax credit of up to $7,500. The Inflation Reduction Act contains a complete list of eligible vehicles, which includes the Chevy Bolt EV and Chevy Bolt EUV.

Candidates for the federal tax credit are subject to requirements regarding vehicle usage, the suggested retail price (MSRP), household income, and U.S manufacturing that will affect how much of the tax credit they are eligible to receive.

California Electric Car Rebates

Clean Vehicle Rebate Program: $7,500

California has a variety of programs incentivizing EV purchases that can help consumers purchase a Chevy Bolt EV or EUV. The Clean Vehicle Rebate Project (CVRP) offers rebates of up to $7,500 toward the purchase or lease of eligible zero-emission vehicles, including electric, plug-in hybrid electric, and fuel cell vehicles. The Chevy Bolt EV and Bolt EUV are both on the list of eligible vehicles for the CVRP program.

Applicants must be residents of California and meet income, vehicle model, funding availability, and ownership retention eligibility requirements, and must apply for their CVRP rebate within 90 days of purchasing or leasing their vehicle. These factors will determine the size of your rebate.

California Clean Vehicle Assistance Program: $5,000

The Clean Vehicle Assistance Program, funded by a statewide initiative known as California Climate Investments that “puts billions of cap-and-trade dollars to work reducing greenhouse gas emissions,” provides grants and loan access to lower-income Californians looking to purchase or lease clean vehicles, including plug-in hybrid and battery electric vehicles like the Chevy Bolt.

Qualified California residents of disadvantaged communities (DACs) can receive grants of up to $5,000 in buy-down assistance and special financing, plus a free vehicle charger and installation. Applicants must meet location, income qualification, and minimum vehicle purchase requirements, and must complete online financing and advanced technology training.

If you live in an eligible neighborhood in the Bay Area or Sacramento area, you may also qualify for additional financing assistance, including low-interest loans up to $20,000 for clean vehicle purchases. To receive one of these grants or low-interest loans, you must be approved prior to purchasing the vehicle and comply with all program requirements. Grants are given directly to the dealer to lower the overall cost of the qualifying vehicle.

Clean Cars 4 All: $9500

The Clean Cars 4 All program helps lower-income consumers invest in EV vehicles by retiring their older, high-polluting vehicles. This is perfect for drivers who have an operational gas- or diesel-powered vehicle (model year 2005 or older) and are looking to upgrade to an EV option like the Chevy Bolt.

Residents of the Bay Area, South Coast Area (including Los Angeles), San Joaquin Valley, and Sacramento area who meet income and vehicle eligibility requirements for their area can receive a rebate of up to $9,500 toward the purchase of a new or used plug-in hybrid electric (PHEV), battery electric (BEV), or fuel cell electric vehicle (FCEV). 

The highest incentive amount under this program is reserved for applicants with the lowest income who live in disadvantaged communities and choose the cleanest vehicle technology, such as fuel cell electric vehicles.

If you qualify for the full $9,500 rebate in addition to the other programs listed above, the price of your Chevrolet Bolt EV or EUV is pretty much paid for!

How EV Life Can Save You Money on Your Chevy Bolt EV

The high price tag for electric vehicles, even for affordable options like the Chevy Bolt, has always been one of the most prohibitive factors for drivers looking to make the switch to an EV. So, what’s the best way to maximize your savings with EV tax credits and rebates?

Don’t expect much help from car dealerships. Dealers see helping you with your EV incentives as a liability that could backfire if you don’t get what you expect.

Likewise, traditional auto lenders don’t take your EV tax credits and rebates into account on your loan. As the car buyer, you’re left to spend countless hours researching and applying for tax credits and rebates, then waiting 6-18 months to get your money back.

That’s where EV Life can help. There is a ton of money available to help qualified Californians make the change to a zero-emission vehicle. A variety of federal and state programs are in place that can significantly reduce the price of your new EV, and the Chevy Bolt is on the list of eligible vehicles for every single one of them.

If you finance your electric vehicle purchase with EV Life, you don’t need to search through government websites and examine all the fine print for each EV incentive out there, then wait months to receive the money. EV Life will:

  • Maximize your savings. EV Life will help you find every dollar available to you and put that money to work immediately.
  • Put your rebates and credits to work. EV Life will qualify your incentive qualifications in mins and set you up with an EV Climate Loan to finance your Bolt, using your anticipated EV incentives as an incremental down payment that can lower your loan payments by up to $200/month.
  • Apply your savings anywhere. You can use your low-interest EV Climate Loan to purchase your Chevy Bolt EV at nearly any dealership.

Don’t wait 6-18 months to benefit from your EV incentives. Applying for an EV Climate Loan lets you use the money now, and EV Life’s loan repayment structure helps you automate tax credit and rebate filing, making it easy to apply them to your loan when they’re received.

Once you drive off the lot, EV Life will automatically help you identify and apply every tax credit, rebate, and incentive that fits your particular situation, so you don’t miss out on any money you’re entitled to. Those dollars are then directly applied to your low-interest EV Climate Loan repayments.

So, if you’re looking to buy an electric vehicle, EV Life can help you get every dollar available to you, then skip the waiting period and put them to good use financing your purchase. Who knows? You may even qualify to get a Chevy Bolt EV for free.

Ready to find out how much you could save?

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