Chevrolet has announced the official pricing details for its all-electric battery-powered vehicle, the 2014 Spark EV. It will be offered on lease with payments as low as $199 per month. The vehicle could save owners on average of $150 each month in fuel costs based on EPA estimates.

More precisely, the new 2014 Chevrolet Spark EV will be offered on a 36-month lease at $199 per month with $999 due at lease signing, which doesn’t include taxes, title, license. That makes this electric car one of the lowest priced EVs on the market. The starting price is $27,495, once the federal tax credit of $7500 is removed is $19,995.

The 2014 Spark EV owners can also qualify for additional state and local tax credits in California taking as much as an additional $2500 off the purchase price. In certain areas of California that would bring the overall purchase price of the electric vehicle to $17,495.

All Spark EV’s feature a 21 kWh lithium-ion battery pack that includes an eight-year or 100,000-mile warranty (whichever comes first). The EPA estimated combined city/highway fuel economy equivalent is 119 MPGe. They also come with useful features such as MyLink infotainment, a seven-inch touch screen with third-party apps integration as well as Siri Eyes Free, Pandora and BringGo navigation.

The Spark EV will go on sale initially in California and Oregon. It will also be sold in Korea, where all Sparks are built.

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