Minnesota is the newest state to introduce a Minnesota rebate in cash for the purchase of an electric vehicle (EV) or hybrid.

Applications opened for the Minnesota rebate last Wednesday, February 7, and can be made online

Almost 4.3 million people could be eligible, provided they purchased an electric vehicle (EV) or hybrid. New vehicles will qualify for a Minnesota rebate of up to $2,500. Meanwhile, used vehicles will qualify for a Minnesota rebate of up to $600.

Additional Criteria for Minnesota rebate are the MRSP of the vehicle must be no greater than $55,000 for a new vehicle and $25,000 for a used vehicle. And the vehicle must also have been bought on or after May 25, 2023.

To make an application for a Minnesota rebate, residents will need three documents.

1. Current driver’s license
2. Electric utility bill at the time of EV purchase. Renters who do not have an electric utility bill can submit their renter’s lease
3. Purchase agreement or lease

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Processing of Minnesota rebate

The Minnesota rebate will be processed on a first-come, first-serve basis until funding has been fully distributed, or on June 30, 2027.

Minnesota Residents can also apply for a federal tax rebate for the purchase of an EV. This lowers the federal tax bill for anyone who purchased a new EV or hybrid by $7,500.

Read Also: 2024 Tax Refund: 7 Common Tax Mistakes That Can Delay Your Tax Rebates