Washington businesses looking to cut fuel costs may soon get a major boost from the state as it rolls out a new $112 million incentive program offering steep discounts on electric trucks, vans, and other commercial equipment.
The Washington Zero-Emission Incentive Program, or WAZIP, began taking voucher applications this week and is predicted to experience high demand in the first funding round.
These WAZIP vouchers are expected to cover roughly 40% of the cost of vehicles, according to Truck News.
For businesses that gross less than $10 million a year, they could receive even larger vouchers. These small businesses, as well as nonprofit organizations, could claim vouchers worth up to 90% off the purchase price of the vehicles, per Biz Journals.
According to the new website promoting the program, WAZIP helps businesses for four main reasons. These reasons include "saving money on fuel and maintenance; lowering overall operating costs; improving the driver experience; and reducing harmful emissions."
Washington Gov. Bob Ferguson announced the WAZIP program in Seattle at the end of April in front of a lineup of several EVs, according to KING 5.
At the announcement, Gov. Ferguson said, "We're investing $112 million to make the purchase of cleaner commercial vehicles and equipment more affordable for a wide range of companies, big and small, all across Washington state."
For many businesses, the 40% point-of-sale vouchers will be a big deal, as fleet electrification has often stalled, not because of long-term costs, but because the upfront purchase prices have simply been too high. Now, WAZIP, which is funded by revenue from a cap-and-trade program, can help businesses avoid these initial economic hurdles.
State leaders framed the effort as both an economic and environmental move. While electric commercial vehicles lower fuel and maintenance costs over time, there are also the added benefits of cleaner air and not contributing to an overheating planet.
Washington lawmakers are urging businesses to apply early because initial funding could be limited. To check out which vehicles, dealerships, and equipment are eligible for the program, you can use the WAZIP website.
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