(a) The Arkansas Energy Office of the Division of Environmental Quality may offer a rebate for qualified alternative motor vehicle property that is:
(1) Not more than fifty percent (50%) of the cost of the qualified alternative motor vehicle property, not to exceed four thousand five hundred dollars ($4,500) for each motor vehicle that is powered by hydrogen fuel cell, compressed natural gas, liquefied natural gas, or liquefied petroleum gas; and
(2) Not more than fifty percent (50%) of the cost of the qualified alternative motor vehicle property, not to exceed two thousand five hundred dollars ($2,500) for each qualified alternative motor vehicle property that is powered by electricity.
(b) The Director of the Division of Environmental Quality may increase the rebate percentages listed under subsection (a) of this section if the increase is designated or authorized by a funding source approved by a federal settlement or state settlement.