Rebate could fuel electric car firms
The Obama administration came out with details on how it plans to put 1 million electric vehicles on U.S. highways by 2015, and those specifics could bring added opportunities to Silicon Valley businesses.
The adoption of plug-in electric vehicles — such as the Nissan Leaf and Chevy Volt and Tesla’s Model S when it comes off the line in 2012 — will have a trickle-down effect on Silicon Valley’s growing clean technology companies, including Coulomb Technologies Inc., Better Place and Tesla Motors Inc.
The proposed legislation by Michigan Democratic Sen. Debbie Stabenow would convert an existing $7,500 electric vehicle tax credit created under the federal stimulus package into an instant rebate, much like the Cash for Clunkers program. This would eliminate the need for electric-vehicle buyers to declare this amount on their taxes.
Buyers could receive the rebate at the dealership. There are also plans to extend some expired credits for hybrid vehicle buyers to 2014.
Felix Kramer, founder of the Palo Alto-based California Cars Initiative, said the rebate would vary from $2,500 to $7,500 depending on the battery capacity of the vehicle. Cars like the all-electric Tesla Roadster, the Leaf and the Volt would receive the full $7,500, while the Prius, a hybrid, would get $4,500 in 2012.
Read more in the Silicon Valley/San Jose Business Journal.
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