With the recent rise in gas prices I am reminded of how fortunate we are that gas prices are not $4 per gallon. The auto industry challenges, global warming, and the recent rise in fuel prices have started folks thinking about saving money and the planet again. A recent inquiry to the Ask Gene blog asked about rebates available on fuel-efficient cars. While I knew that we offered a special loan rate and that there were purchase incentives available, I had no idea to the extent of funds available to help purchase a hybrid vehicle.
Our staff here at Rogue Federal (thanks Jinger) helped me do some research on programs available for fuel efficient vehicles. There are a variety of programs available on both a state and federal level, and for individuals and businesses. However, you need to read the guidelines closely. Due to the way the programs were initially set up some very popular hybrid vehicles are no longer eligible for the incentive programs.
You can get an Oregon tax credit of up to $1,500 and a federal tax credit of up to $3,000 for select hybrid vehicles. While these numbers are considerable they vary by vehicle type. For example, the federal tax credit on a 2009 Chevy Malibu Hybrid is just $1,550 – but a 2009 Ford Escape Hybrid qualifies for a $3,000 credit. In addition, businesses could be eligible for an Oregon tax credit of up to 35% on select vehicles.
The rules and guidelines are quite detailed and well beyond the space that we have here. You can learn more about the federal rules by clicking here and for the state rules click here. Both of these sites are quite extensive and provide links to related information. For those of you that are thinking about “Going Green” with your vehicle, the Environmental Protection Agency’s Green Vehicle Guide is an extensive site that provides details on green vehicles.
Finally, I can’t close without mentioning that here at Rogue Federal we are working to support Green auto initiatives with our “Go Green” rate promotion. We offer members a rate discount of up to .25% for vehicles that get at least 28 miles per gallon. See our website for more information and qualification details
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