When Chevy unveiled the all-new 2016 Chevy Volt plug-in hybrid earlier this year at the Detroit Auto Show, Chevy revealed everything from the Volt’s revamped exterior to its longer EV driving range, but one thing was missing—the price. Chevy has now revealed that the 2016 Volt will start at $33,995 when it arrives later this year, which is almost $1,200 less than the current-generation Volt.

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Even with its longer electric driving range and more available technology, the 2016 Volt is now cheaper than the current Volt. The best part is that pricing can dip as low as $26,495 after the available $7,500 federal tax credit. If you live in California the price drops even further to $24,995 after the available state and federal incentives.

Related: 2015 Chevy Spark EV price slashed to $14,995 after tax credits in some states

The 2016 Volt is able to drive 50 miles in electric mode, compared to only 38 miles with the current Volt. Chevy estimates that drivers who charge regularly will be able to travel up to 1,000 miles or more between fill-ups. Once you do have to tap the power from the four-cylinder engine, you’ll be happy to know that it is also more efficient with a 41 mpg rating compared to only 37 mpg with the current Volt.

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