By Charlie Morasch, Land Line staff writer
Drayage truck owners have a new incentive to replace older trucks working at ports in mid-Atlantic states – $15,000 in no-strings-attached cash toward a down payment.
The University of Maryland and the Mid-Atlantic Regional Air Management Association announced a new program to cover as much as $15,000 toward a down payment on a new or late model truck.
The program – modeled after the federal cash for clunkers program – was made possible by a $3.3 million grant from the EPA. The ports of Virginia, Baltimore, Wilmington and Philadelphia, and several states, are chipping in to add money to the grant.
The program matches EPA contribution dollar-for-dollar, using a combination of public and private money. Financing for truck purchases also is available.
Trucks must be owned by the applicant for at least one year, and must meet certain truck specifications.
“They don’t have to pay back any of that,” Joanne Throwe, director of the University of Maryland Environmental Finance Center told Land Line Now Wednesday, June 29. “And the trucks they buy don’t have to be brand new – it could be a 2007 or newer engine.”
Throwe said the application is streamlined to encourage more applicants. Applicants with trucks that have 1997 model year or older engines will likely score higher than newer models, Throwe told Land Line Now.
The program has no time limit, though the university estimates the money will be gone within two years.
More information is available at the university’s Environmental Finance Center website.
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Information for this article was contributed by Land Line Now Reporter Reed Black.