backtop


Print 110 comment(s) - last by xti.. on Oct 10 at 2:42 PM


Chevrolet Volt
Bush signs bill which grants the Volt a $7,500 tax credit

In mid-September, DailyTech brought you news that congress was working on a new round of tax credits targeted at plug-in electric/hybrid vehicles. The tax credits were projected to weigh in at $3,000 for plug-in vehicles with at least a 6 kWh battery and top out at $7,500.

Toyota, which sells its Prius featuring a 1.3 kWh battery pack, balked at the tax credits as its hybrids wouldn't even qualify for the entry-level tax credit. Toyota also was unhappy that the only vehicle in the near future likely to qualify for the maximum $7,500 tax credit is the Chevrolet Volt.

Despite its opposition, Toyota's fears became law last week when President Bush signed the legislation which passed in the House by a vote of 263 to 171 as a part of the massive $700 billion Wall Street bailout package. The entire 10-year tax package for plug-in electric/hybrid vehicles is worth $1 billion.

Requirements to qualify for the tax credit have changed slightly since its inception in the Senate. The 6 kWh battery minimum dropped down to 4 kWh, while the base tax credit rose from $3,000 to $4,168. The maximum credit remains at $7,500 for the Chevrolet Volt with its 16 kWh lithium-ion battery pack.

The Chevrolet Volt gets its primary power from a 150 HP, 273 lb-ft electric motor. A 1.4 liter gasoline engine is also used to recharge the lithium-ion battery pack once the Volt's 40-mile battery range is depleted. According to GM, the Volt can save customers $1,500 per year in fuel costs based on a daily commute of 40 miles.

The $7,500 tax credit should go a long way towards making the Chevrolet Volt more affordable. Current estimates place the base price of the vehicle at $40,000 or higher.





Comments     Threshold


This article is over a month old, voting and posting comments is disabled

car is still too expensive
By yacoub on 10/6/2008 7:54:35 AM , Rating: 2
Considering you could purchase a car of similar size like a Scion, small Honda or small Toyota, and you would have a car that is likely to be more reliable, likely better build quality, would cost less to maintain and run, because even at $3.50/gallon you'd have to drive the Volt for decades before it would gain parity let alone be more cost-effective, and you'd have a car more readily understandable for troubleshooting for common problems and could have its basic maintenance done safely by the owner compared to an electric-powered car.




"So, I think the same thing of the music industry. They can't say that they're losing money, you know what I'm saying. They just probably don't have the same surplus that they had." -- Wu-Tang Clan founder RZA
Related Articles






Most Popular ArticlesTop 5 Smart Watches
July 21, 2016, 11:48 PM
Free Windows 10 offer ends July 29th, 2016: 10 Reasons to Upgrade Immediately
July 22, 2016, 9:19 PM







botimage
Copyright 2016 DailyTech LLC. - RSS Feed | Advertise | About Us | Ethics | FAQ | Terms, Conditions & Privacy Information | Kristopher Kubicki