Where Can You Find The Largest Inventory Of New And Pre-Owned Electric Vehicles In PEI? – 2021 EV Incentive FAQs In PEI

Imagine how crazy it would be if the provincial government told you, "We'll take $5,000 off the cost of your next vehicle." 

Or maybe it's not so crazy after all. Through the Universal EV Incentive, the province of Prince Edward Island is now cutting the total cost of an electric vehicle by $5,750. The rebate is applied at the point of sale, after taxes and fees have been applied. And another there: there's free annual vehicle registration for EVs, as well. 

(* This article has been updated with new figures based on the PEI Universal EV Incentive's March 2023 changes.)

$5,750 is good. $10,000 is better. Pair the $5,750 PEI Universal EV Incentive with the $5,000 Federal Zero-Emission Vehicle and the $10,750 in total savings stretches a long way, especially considering you've just eliminated much of your fuel bill.

A 2021 Nissan Leaf Plus – in S, SV, or SL trim levels – uses a 62 kWh lithium-ion battery. At prevailing rates of $0.1492/kW, a full charge would cost around $9.00. That nets you a range of 363 kilometres, or a per-100-kilometre cost of around $2.50. Compare that with a 2021 Toyota Corolla's cost of $8.95 per 100 kilometres (based on 6.7 L/100km and fuel prices of $1.33/L.) 

That's over $6.00 saved for every 100 kilometres you drive. For most drivers, that's going to be around $1,000 in fuel savings per year, and that's in comparison to a relatively fuel-efficient car. What if the vehicle you're currently driving consumes even more than 6.7 L/100km? The savings becomes exponential.

This is why electric vehicles have suddenly become so popular in Prince Edward Island, and it's why we've worked hard to make sure Centennial Nissan of Charlottetown offers the largest inventory of new and pre-owned electric vehicles on the Island.

Pre-owned? Most definitely. The $5,750 PEI Universal EV Incentive also applies to pre-owned electric vehicles. Check out our entire pre-owned EV inventory here. You can also see our current new Leaf inventory, as well, by clicking here.

Want to know more about charging? Visit ChargeHub.com, where you can monitor public chargers, plan routes, and even view upcoming charging stations. To learn more about the specific PEI Universal EV Incentive rules and regulations, check out our answers to frequently asked questions below.

FAQs

Are All Electric Vehicles Eligible?

For new vehicles, PEI follows Transport Canada's guidelines for EV eligibility, which means the manufacturer's suggested retail price (MSRP) for the entry-level passenger car in a model lineup must be under $55,000. (Upper trim levels from the same model line can qualify provided they're priced under $60,000.) For SUVs, the ceiling is at $60,000, or $70,000 for upper trim levels of the same model line.

For pre-owned vehicles, the price must be $70,000 or less and no more than seven years old.

Do All Incentives Apply To Pre-Owned Vehicles, As Well?

The $5,750 PEI Universal EV Incentive applies to either new or used electric vehicles. The Federal Zero-Emission Vehicle Incentive is for new vehicles only.

Can I Lease A Vehicle And Still Get The Discount?

Yes! When leasing new electric vehicles, both the provincial and federal incentives apply at the same rate. On a lease of 48 months or more, the full $5,000 incentives apply (for a total of $10,750). On a 36-month lease, there's a $4,312 incentive (totalling $8,062). The incentives on a 24-month lease are $2,875 (for a $5,375 total). The incentives on a 12-month lease are $1,437 (or $2,687 in total.)

When Do I Get My Rebate?

The incentives are applied at the point of sale and are applied directly to the total cost of the vehicle after tax. Plus, we complete the paperwork – there's no added layer of complication to you, the customer. In other words, if a new vehicle's total cost is $40,000, the taxes-in total is $46,000. That will then be reduced to $40,250 with the provincial incentive and then $35,250 with the federal incentive!

Can My Business Purchase Multiple Electric Vehicles And Receive Multiple Incentives? 

Yes! The provincial government has made clear that "organizations, non-profits, and private businesses" can claim five incentives per year. 

Won't People Just Work The System By Claiming Rebates And Trading In On Something Else?

Whether the math would even work is up for debate, but no, there are no workarounds to take advantage of the EV incentive. In PEI, there are three factors that must be fulfilled: 12 months after taking possession, the new or pre-owned EV must still be plated, registered, and insured in PEI in the original buyer's name. If at some point during those 12 months lifestyle changes force you to sell or trade your vehicle, you will not have to return the entire incentive. "The applicant will be required to pay back a prorated amount," the province says. In other words, half the amount would need to be paid back if the vehicle was kept for only six months. 

Can I Cross The Bridge, Buy An EV In PEI, And Return To The Mainland?

Sure! We're happy to help you acquire a new or pre-owned electric vehicle. But you won't be able to claim the PEI Universal EV Incentive, which is open only to PEI residents or non-profits, businesses, public agencies, or other entities "operating or registered in PEI." 

However, the federal $5,000 incentive applies across Canada, and because the PEI Universal EV Incentive has altered the electric car landscape in PEI, we're now able to carry significantly more EVs in our inventory. We probably have what you're looking for.

Is It Easy To Find A Charger?

Yes! ChargeHub.com is a great website for finding EV charging stations across North America. Naturally, there's even an app for your phone. ChargeHub lets you see whether a charger is available or busy, what kind of charger it is (Level 1, Level 2, or Level 3 fast charger), and even which kind of outlets the charger offers. ChargeHub goes further and even lets you plan routes round conveniently located charging stations, whether you never leave the Island or you're planning a trip across the country.

How Much Does It Cost To Charge?

At current Maritime Electric rates, a level 2 charger at home will be using electricity at a rate of $0.1492/kW. In a worst-case scenario (a completely depleted battery), a 2021 Nissan Leaf with a 40kWh battery would cost less than $6.00 to charge, and it would take roughly 8 hours. 

But what if you're out and about in the community or driving to the mainland? Presently, most level 2 chargers in PEI are free to use; some cost $2.00/hour. Level 3 fast-charging typically costs $20.00/hour. At a level 3 fast charger like the one in Borden-Carleton, you can charge the same Leaf up to 80% capacity in about 40 minutes for less than $14.00.

This also means that 60 minutes of charge time at the same fast charger would take a 2021 Nissan Leaf Plus (with its larger 62kWh battery, greater range, and greater power) up to 290 kilometres of range for $20.00. 

Where Are PEI's Chargers?

They're everywhere! As of July 1, 2021, Prince Edward Island is home to eight fast charging stations in Souris, Wood Islands, Charlottetown, Borden-Carleton, Summerside, and O'Leary. There are level 2 charging stations all across PEI, as well, including 18 in and around Summerside and 17 in the greater Charlottetown area. These numbers are growing all the time, with new charging stations popping up recently along the north shore in the PEI National Park.