California's EV Rebate Program Running Low on Cash
California's rebate program for people who buy electric cars has grown so popular that it's about to run out of cash.
The state offers rebates of up to $5,000 to clean-car buyers, on a first-come, first-served basis. So many have applied during the current fiscal year, however, that the program's $5 million annual funding will probably be used up before the next fiscal year begins in July, state officials reported Tuesday.
The California Air Resources Board, which provides most of the program's funding, is expected to appropriate more money at its July meeting. But even if it does, there will be a lag in rebates, with applicants placed on a waiting list.
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