California electric vehicle rebate program runs out of cash

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If you're a resident of California thinking of purchasing an electric vehicle, then you'd better not be banking on receiving a rebate check from the state. That's because the California Air Resources Board (CARB) has sort of announced that its rebates for zero-emissions vehicles no longer exist.

Back in March of 2010, CARB launched the Clean Vehicle Rebate Project (CVRP). With $11.1 million dollars in initial funding, we all knew that the CVRP would eventually run out of cash. That's precisely why CARB stated that CVRP funds are limited and would be given out first-come, first-served.

It now looks like CVRP funds are depleted. As of today, the status of the CVRP is as follows:

CVRP currently pending: $186,500
CVRP waiting list: $97,300
CVRP currently reserved: $3,296,200
CVRP rebates issued: $6,992,250
CVRP remaining funds: $ 0.00

Next fiscal year, CARB hopes to reignite the CVRP by dumping $17 million in the program and decreasing the maximum individual rebate amount to $2,500, which should allow for at least 6,000 rebates to be distributed.