The bicycle rebate program announced in the 2022 budget in February has officially launched on P.E.I.

A rebate of up to $100 will be offered on new bicycles with a retail price up to $2,000. The rebate is issued at the point of sale. The bike rebate is available retroactively to those who have purchased a bike from a participating retailer on or after April 1, 2022.

Brett Doyle of Outer Limit Sports said the retroactive rebate will be a pleasant surprise to some.

"I think there was a lot of customers that were waiting and waiting and just got tired of waiting and pulled the trigger and bought a bike in hopes, but not knowing for sure that they would get that hundred dollars," said Doyle.

"We know for sure there were customers like that so there's a lot of happy customers that are going to wind up getting that hundred dollars that have already purchased bikes."

The $100 rebate was enough motivation for Betty Anne Younker to purchase a bicycle on Thursday.

"I found a bike. I liked it. $100 rebate. It's a win-win situation, so go for it," she said.

"I got a kick stand, racks, mirror. So some of that is paid off from the rebate, so it's good."

P.E.I. residents can also receive a $500 rebate on the purchase of a power assisted bicycle, or e-bike.

Participating retailers for the bicycle rebate include:

• Home Hardware stores in Charlottetown, Souris, Alberton, O'Leary and Tignish

• Stewart & Beck's Home Building Centre

• Discounters in Stratford, Charlottetown, Montague and Summerside

• Leisure Moment Bikes and Accessories Inc.

• Outer Limit Sports

• Ted's

Other retailers will be joining soon, according to the province. The most up-to-date list can be found at www.princeedwardisland.ca/bikerebate

Retailers offering point of sale rebate for e-bikes include:

• Red Rock Motor Sports

• ALL EV

• Dennis Motor Sports

• Rising Tide EV Inc.