California could give lower-income EV buyers a financial boost
#1
08-12-2014, 07:01 AM
California could give lower-income EV buyers a financial boost
Filed under: EV/Plug-in, Legislation and Policy, USA
One California state senator wants to make sure electric vehicles aren't just for the jewelry-rattlers anymore. California State Senator Kevin de Leon (D-Los Angeles) proposed a bill last month that is designed to put plug-in vehicles within reach of those with more moderate incomes than your typical Tesla buyer. It's called the Charge Ahead California Initiative and the bill may cross Governor Jerry Brown's desk as soon as next month.
In addition to the state's current $2,500 rebate for EV buyers, State Bill 1275 would provide as much as another $3,000 for moderate-income residents retiring an old car in exchange for a new plug-in. And for those lower-income residents not looking for an EV, the state may provide $3,000 in credits towards a public-transit pass or car-sharing membership for those retiring a clunker.
The flip side is that the bill would also dictate that those on the wealthier end of the income scale would no longer be eligible for the $2,500 state-funded EV rebate. The idea of not helping the wealthy quite so much to buy EVs with public money was tested in May when the California Air Resources Board (CARB) was talking about eliminating the state's $2,500 electric-vehicle rebates to buyers of EVs with MSRPs of at least $60,000 (we could theoretically call it the Tesla Rule), but CARB followed up by saying that proposed price limit on rebates won't see the light of day anytime soon.
Credit-rating firm Experian released a report this spring saying that that electric-vehicle owners tend to be both younger and wealthier than hybrid-vehicle drivers, and have better credit as well. In fact, more than one in five EV buyers boasted a household income of at least $175,000, whereas about 12 percent of hybrid buyers had that kind of annual cash rolling in. So with the Clean Vehicle Rebate Project running out of its most recent round of funds in April (the Los Angeles Times says a new infusion of $121 million will go into effect for the upcoming fiscal year), the idea of revisiting the rebate program and how the money is distributed will remain important. Check out the press release from de Leon below.Continue reading California could give lower-income EV buyers a financial boost
California could give lower-income EV buyers a financial boost originally appeared on AutoblogGreen on Tue, 12 Aug 2014 10:00:00 EST. Please see our terms for use of feeds.
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One California state senator wants to make sure electric vehicles aren't just for the jewelry-rattlers anymore. California State Senator Kevin de Leon (D-Los Angeles) proposed a bill last month that is designed to put plug-in vehicles within reach of those with more moderate incomes than your typical Tesla buyer. It's called the Charge Ahead California Initiative and the bill may cross Governor Jerry Brown's desk as soon as next month.
In addition to the state's current $2,500 rebate for EV buyers, State Bill 1275 would provide as much as another $3,000 for moderate-income residents retiring an old car in exchange for a new plug-in. And for those lower-income residents not looking for an EV, the state may provide $3,000 in credits towards a public-transit pass or car-sharing membership for those retiring a clunker.
The flip side is that the bill would also dictate that those on the wealthier end of the income scale would no longer be eligible for the $2,500 state-funded EV rebate. The idea of not helping the wealthy quite so much to buy EVs with public money was tested in May when the California Air Resources Board (CARB) was talking about eliminating the state's $2,500 electric-vehicle rebates to buyers of EVs with MSRPs of at least $60,000 (we could theoretically call it the Tesla Rule), but CARB followed up by saying that proposed price limit on rebates won't see the light of day anytime soon.
Credit-rating firm Experian released a report this spring saying that that electric-vehicle owners tend to be both younger and wealthier than hybrid-vehicle drivers, and have better credit as well. In fact, more than one in five EV buyers boasted a household income of at least $175,000, whereas about 12 percent of hybrid buyers had that kind of annual cash rolling in. So with the Clean Vehicle Rebate Project running out of its most recent round of funds in April (the Los Angeles Times says a new infusion of $121 million will go into effect for the upcoming fiscal year), the idea of revisiting the rebate program and how the money is distributed will remain important. Check out the press release from de Leon below.Continue reading California could give lower-income EV buyers a financial boost
California could give lower-income EV buyers a financial boost originally appeared on AutoblogGreen on Tue, 12 Aug 2014 10:00:00 EST. Please see our terms for use of feeds.
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