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GM's EV tax credit might shrink soon
If you were thinking about buying a Chevy Bolt in the US, you might want to hop on that shortly. A Reuters source claims that GM managed to sell a lifetime total of 200,000 electric cars by the end of 2018, triggering the EV tax credit phase-out that recently affected Tesla. If accurate, you'll see the credit cut in half to $3,750 this April, drop again to $1,875 in October and disappear entirely in April 2020.
Tesla slashes EV prices by $2,000 to offset reduced tax credits
Now that Tesla's federal EV tax credit has been cut in half, it's determined to keep sales humming with a price cut. The automaker has slashed the price of the Model 3, Model S and Model X by $2,000 in the US to soften the blow of the reduced tax incentive. You still won't save as much as you would if you'd snagged the full $7,500 credit, but it could make the financial hit easier to bear. As it stands, Tesla may need this price drop -- its deliveries didn't meet market expectations.
Tesla, GM and Nissan will fight to maintain EV tax credits together
Tesla, GM and Nissan have teamed up on a new lobbying initiative to extend the $7,500 per vehicle tax credit for EVs. The "EV Drive Coalition" -- which also counts industry giant ABB and non-profit Plug In America as its members -- launched on Tuesday to spur lawmakers into passing reformative legislation that "works better for more consumers for a longer time frame."
The US government may take away the $7,500 tax credit for EVs
If you were hoping to take advantage of the federal government's $7,500 tax credit for buying an electric vehicle, you may soon be out of luck. According to a report at Bloomberg, the provisions in the US tax code may be eliminated in the current round of tax cut efforts. If so, it could affect the entire nascent industry by not supporting EV sales at a federal level.
San Francisco could offer credits, rebates to promote solar panel usage
It's hard to deny San Francisco's infatuation with solar power, and a new plan could further showcase its adoration for the sun (and Mother Earth, too) by throwing out tax credits, rebates and even loans for individuals and businesses that choose to equip their buildings with solar panels. Under the proposal, businesses would reportedly be "eligible for rebates of up to $10,000," while residents could fetch somewhere between $3,000 and $5,000 to help offset the high cost of installing panels. Furthermore, the city itself would underwrite loans that could be paid back "through annual tax assessments on properties." As it stands, the plan still has to be approved by voters and legislators, but Mayor Gavin Newsom is aspiring to have the whole shebang in place by next summer.[Image courtesy of San Francisco Sentinel]
