Yesterday, the administration released the details of its plan — announced in January’s State of the Union address — to put one million electric vehicles (EVs) on U.S. roads by 2015.
A key provision of that plan calls for converting the existing $7,500 tax credit for EV buyers to rebates. The change is a huge bonus for buyers who would receive the cash back at the point of sale — instead of having to wait until tax time to realize any benefit.
Other provisions detailed in the report issued by the Department of Energy include:
- New R&D investments targeting innovative technologies in electric drive, batteries, and other energy storage methods.
- Grants to as many as 30 cities to encourage investment in EV infrastructure (such as charging stations) and removing regulatory hurdles.
A table included in the report shows that auto manufacturers are already planning on producing enough EVs to meet the president’s goal — if consumers buy them.