A. Beginning January 1, 2022, a resident of the Commonwealth who purchases a new electric motor vehicle from a participating dealer shall be eligible for a rebate of $2,500. A qualified resident of the Commonwealth who purchases such vehicle shall also be eligible for an additional $2,000 enhanced rebate.
B. Beginning January 1, 2022, a resident of the Commonwealth who purchases a used electric motor vehicle from a participating dealer with a sale price as provided by § 58.1-2401 of not more than $25,000 shall be eligible for a rebate of $2,500. A qualified resident of the Commonwealth who purchases such vehicle shall also be eligible for an additional $2,000 enhanced rebate.
C. Any rebate provided under this article shall be applied toward payment for the purchase. The participating dealer shall be reimbursed by the Department from the Fund for each eligible rebate.
D. Rebates available pursuant to this article are subject to availability of funds in the Fund.
E. The amount of the rebates provided under this article may be increased or decreased annually by the Department in an amount not to exceed the recommendation of the Advisory Council pursuant to subsection A of § 45.2-1730.
F. The Department in consultation with the Advisory Council, shall develop and implement a process for verifying eligible purchasers and shall ensure that such process (i) is capable of being administered at the point of sale or lease of a vehicle, (ii) allows for the immediate determination of purchaser eligibility and the total amount of the rebate to which the purchaser is entitled, and (iii) confirms the rebate to the participating dealer.