it's really good to hear they not only still have this program going but that they've increased the amount of the rebate! this helped me buy my first ebike when i was living there, my car had broken down and i didn't have the money to repair it. it was a mod-bikes, they have a shop on S 1st St. they are a very helpful group of guys they even helped me to apply for the rebate, there's some kind of form you have to send in to Austin energy if i'm remembering correctly. they make decent bikes and will give you free maintenance for a while if you buy from them.
Austin has fantastic bike infrastructure as far as Texas goes. it's way faster to get around by bike than it is by car or bus. the main issue i had there was theft. you can get just about anywhere in the city by bike safely but if you aren't careful where you park you'll come back to a bare frame that's been stripped of every part.