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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.



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RE: Not Enough at $699 Billion
By Villains on 10/6/2008 1:21:43 PM , Rating: -1
Are you kidding me?

Average home size is 2349 sq-ft?

What the hell does an average family need that much space for?

You guys cry about rates of things going up and cost of everything, all the while sitting in a house that just eats energy, shells out for taxes and maintenance.

LOL.


RE: Not Enough at $699 Billion
By Reclaimer77 on 10/6/2008 1:42:13 PM , Rating: 5
Would you want to live in a world where you are only alloted just " what is needed " and nothing more ?

Oh wait... nevermind. You apparently already are.


RE: Not Enough at $699 Billion
By Spuke on 10/6/2008 1:49:08 PM , Rating: 3
quote:
Average home size is 2349 sq-ft?
Actually, it's 2434 sq ft and that size home is mostly concentrated in the southeastern US. The northeast would be second. The farther west you go, the more expensive homes get so they are generally smaller (there are exceptions). Homes are cheap here compared to most of Europe so we get larger one's.

In the south, depending on the neighborhood, you can get a 2400 sq ft house for well under $150k. More than affordable to your average American family.


RE: Not Enough at $699 Billion
By Oregonian2 on 10/6/2008 9:37:21 PM , Rating: 2
Yup, that sized home would go for a LOT more than that here. Almost without regard to location. We're probably two to three times more expensive (making wild assumptions about location and the like) -- and we're dirt cheap compared to the SF Bay area in California. And our property taxes are high too (although there is no sales tax).


RE: Not Enough at $699 Billion
By Oregonian2 on 10/6/2008 9:30:58 PM , Rating: 2
My wife and I get by in a 2850 sq ft home (could use more).

I don't complain about those things (other than taxes). It was built in 1996 when we moved in, so although not real new, the insulation (and such) are decent -- but the central air conditioner could have been much higher in efficiency (now), so that is a problem in the summer -- but like buying a new Chevy Volt a spendy thing to "fix".

But then I didn't just graduate from college -- I used to be in apartments, then my first home was a whopping 1250 sq feet where my wife and I used to live. And that house still exists and is part of the average. I think the 2349 may be the average of new-builds rather than existing homes. As land becomes more expensive (very much the case here in my metro area where land zoned for houses is fairly scarce) it becomes more advantageous for builders to build larger houses on the land they have available to them. Of course at the very moment, houses aren't selling well and the smaller ones probably would sell better if it weren't for those looking for "entry houses" probably not being in good positions to get loans (at the moment) with good size down payments (speaking generally in a statistical way).

Of course, all of those nasty ARM and other 'creative' loans that the banks are now in trouble for having made had some part in driving up prices and house sizes seeing as how people could get loans for homes bigger than they could afford.


RE: Not Enough at $699 Billion
By FITCamaro on 10/7/2008 10:01:09 AM , Rating: 3
Who are you or the government to decide how much space I "need"? One of the biggest fake environmentalists out there, Al Gore, owns a 10,000 square foot home.

And what does the size of a home have to do with the rate? In some areas a 1000 square foot home costs as much as a 3000 square foot home in other areas. What matters is what you financed and how you financed it. It doesn't matter the size of the home.


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