There are many other potential incentives for purchasing and owning a fuel-efficient vehicle, such as:
- Tax credits—There is currently a federal tax credit of as much as $7,500 for purchasing a qualified electric or plug-in electric vehicle, and many states have similar programs (see afdc.energy.gov/laws/state).
- Special financing programs—Some lenders offer green vehicle loan programs. For example, U.S. Bank offers a slightly reduced interest rate for financing vehicle loans on certified SmartWay vehicles. Check with your lending institution to see if they offer incentives.
- High occupancy vehicle lanes (HOV)—In California, single-occupancy drivers of certain qualifying clean alternative fuel vehicles can use the HOV lanes normally reserved for cars with two or more occupants.