President Obama's New Budget Includes $10,000 EV Rebate

From EcoGeek:

Written by Megan Treacy on 16/02/12

President Obama's recently released new budget plan includes lots of incentives for cleantech industries and reportedly an exciting $10,000 rebate for electric vehicle purchases.

Currently, if you purchase an all-electric vehicle, you are eligible for a $7,500 tax credit that you receive when you file your taxes for that year, but this new rebate program would allow consumers to slash $10,000 off the top of the cost of an electric car, right at the time of purchase. That's a huge incentive for drivers who are on the fence and would likely support some large gains in sales of those vehicles.

Many of the first crop of mass market EVs are still in a price range that is just beyond what most consumers want to pay for a sedan or compact car, but with this rebate, the Chevy Volt would go from $41,000 to $31,000; the Nissan LEAFwould go from $36,000 to $26,000 and the newest to hit the market, the Mitsubishi i, would drop to under $20,000. Those are prices that would be much more appealing to a wider base of consumers.

The rebate would apply to other alternativ-fuel vehicles, too, like natural gas, hydrogen fuel cell or other high-tech green vehicles.

Though it's hard to hold out hope for things like this to make it through a very tough Congress, it's pretty exciting to think of the impact a rebate would have on the EV market.

Time to take a look at EV's.