Hooray! Great news for the electric pioneers out there! As part of the Emergency Economic Stabilization Act of 2008, Congress voted in a tax credit for plug in electric vehicles. Starting at $2,500, the credit is available on vehicles with batteries of at least 4 kWh (which is pretty standard for most NEVs). Here are the specifics:
$2,500 minimum credit with $417 for each additional kWh up to $7,500 for vehicles up to 10,000 lbs.
The credit begins to phase out after 250,000 qualifying vehcles are sold in the U.S. and expires at the end of 2014. The credit is available against the alternative minimum tax. As we do not want to offer tax advice, please contact your accountant to better understand what your individual savings would be.
Don't get lulled to sleep! Gas prices at the pump have been dropping like a rock, which is great news for everyone. That being said, we need to end our dependance on oil (foreign or otherwise) and the easiest way is to stop. Don't fire up the SUV to take a quick run to the store or to pick up the kids...you do have a choice. For most of us, local driving is the killer. It's not the longer distances, its short distance driving with lots of stops and starts. That's where an EV can help you save money, wear and tear on your car AND can help you do your part to clean up the environment. And, now with the tax credits in place, most of our vehicles will wind up costing less than $10,000 (after tax credits are applied). Now is the time to get on board...don't wait for another gas hike at the pump!
ECARCO hits Fox News...see Pete's interview
with Casey Stegal!