In February 2011, BMW introduced their new sub-brand, BMW i. This sub-brand’s purpose was to focus on marketing and selling a new line of plug-in electric vehicles. The BMW i3 was one of the two planned models for this brand, and was launched in 2014. Since then, the BMW i3 has improved each year, and now stands as a notable competitor to other electric vehicles on the market.
As with any electric vehicle, prospective buyers can make use of the Plug-In Electric Drive Motor Vehicle Tax Credit, otherwise known as the federal EV (electric vehicle) tax credit. With the BMW i3 however, there are even more incentives to take advantage of. In this post, we will go over everything you need to know about the BMW i3 incentives and will also give you some details on the BMW i3 model itself.
BMW i3 Basics
The BMW i3 is a fully electric, B-Class, hatchback style BMW, which also comes in an upgraded version, the i3s. It is completely emission-free and uses a lithium-ion battery pack with an optional range-extending gasoline engine. The batteries also can come in two capacities:
- i3 60 Ah - 22 kWh battery (18.8 being usable)
- i3 94 Ah - 33 kWh battery
Other specifications include a range of 114 miles for 1 charge, single-speed automatic, edrive motor horsepower of 170 at 4800 rpm, max AC charging power of 7.4 kW, and more. These specs can also vary depending on the model being purchased.
BMW i3 Incentives
Now that we know more about the BMW i3, let’s talk about the cost and what incentives are available to lower this cost. The 2018 base i3 model runs for $45,000 plus an additional $995 in taxes and fees. Off the bat, this may seem a bit pricey, but when you can potentially save $20,450 off of this price, it becomes a much more realistic electric vehicle to look into.
At the base level, the incentive that everyone can take advantage of is the federal EV tax credit. This tax credit can be anywhere from $2,500 to $7,500 and depends on a couple factors, but in the case of the BMW i3, buyers can qualify for the full $7,500. One limitation for this tax credit is that it can only be applied to the first 200,000 units delivered by the manufacturer. This should not be a problem for the people looking to buy the i3 in the next year or two, because that number is still relatively low.
Outside of this federal incentive, there may be some state or local incentives that you can make use off. California is unique in this respect, in that it offers some incredible state and local incentives. One of these incentives is the Clean Vehicle Rebate Project (CVRP), which provides rebates up to $7,000 on various electric vehicles. The BMW i3 qualifies for a $2,500 rebate. With the federal and state incentive, you are now looking at $10,000 in savings.
The savings go even further if you are a customer of the Southern California Edison electricity company. They offer a general $450 rebate for anyone who buys an electric vehicle and recently announced that BMW has partnered with them to provide a further $10,000 off any purchase of an i3 or i3s, until April 30th. All in all, this accounts for the $20,450 that was previously mentioned.
Thousands of Dollars in Savings
If you are looking for an electric vehicle and are a fan of BMW, the i3 models are definitely something to look into. Although not nearly as efficient or powerful as some of the more popular competitors (Tesla), when you consider the fact that this car could cost you only 20-something thousand, it starts to stand out from the crowd.
With a minimum savings of $7500 from the federal EV tax credit, you will already be getting a solid deal, but when considering the additional incentives for California residents and customers of SCE, you could be getting almost 50% off. Hopefully with this information, you will be able to make a decision on whether or not the BMW i3 is the electric vehicle for you.