CVAP is applied as a capitalized cost reduction on a lease. That said, I’m not sure an X5 would qualify. The eligibility requirements for a PHEV is 45 MPG minimum combined. The X5 xDrive45e gets 20 MPG combined and 50 MPGe on electricity.
Regarding the tax credit, check on Edmunds if there’s lease cash on this model. BMW may choose to pass only a portion of the tax credit.