General Motors says its upcoming Chevrolet Spark battery-electric vehicle will cost $27,495, including an optional lease price as low as $199 per month, making it one of the more competitively priced cars in its class.

The ’14 Spark EV is eligible for federal tax credits reducing its base price tag to as low as $19,995. The 3-year lease requires a $999 down payment at signing and has a cap of 12,000 miles (19,312 km) annually.

GM previously said it expected the Spark EV would cost less than $25,000 after federal tax credits.

Key segment competitors such as the Mitsubishi i sell for a base price of $21,628, or lease for as little as $221 per month. Honda sells its Fit EV through a lease program of $389 per month. Another competitor, the Scion iQ EV, sells only to fleet customers and car-sharing programs.

“The Chevrolet Spark EV is the most efficient, and now one of the most affordable, EVs you can buy,” Chevrolet marketing chief Chris Perry says in a statement. “Combined with outstanding infotainment and great design, the fun-to-drive Spark EV is engineered to impress.”

The Spark EV goes on sale this summer at Chevy dealers in California and Oregon before rolling out to other U.S. markets later. In California, an additional state tax credit can be applied to its purchase.

The Spark EV will travel 82 miles (131 km) on a full charge and will be the first vehicle of its kind on the market capable of receiving a DC Fast Charge taking its battery to an 80% charge in 20 minutes. It can withstand multiple charges daily, a key hurdle for many other EV sellers.

The Spark EV carries an 8-year, 100,000-mile (160,934 km) warranty.