Uncle Sam’s about to Pay You $10K to Kick the Oil Habit

As oil continues to flow into the Gulf, it is becoming increasingly clear that this environmental disaster will be a major sticking point for voters come the elections in November.

Hence why we’re now seeing new House and Senate bills that, if passed, will increase incentives for electric vehicles. Albeit, the timing is suspect, but if this helps bolster support for electric vehicles and makes us some money in the process then why not!

The House legislation offers $800 million to five designated regions with the intention of getting 700,000 electric cars on the road within six years. The Senate legislation would pony up to $10,000 tax credits for electric car buyers in 15 metropolitan areas.

The legislation also bumps up the tax credit for the installation of electric vehicle charging stations from 30% to 50% of the equipment purchasing cost; it also extends the credit out to 2017.

Certainly this is great news for those major automakers that will soon be debuting their new electric offerings, including Nissan  which has already had about 20,000 drivers pony up their reservation fees to be among the first to own the company’s all-electric LEAF. We are also thrilled to report that these vehicles are being built by U.S. workers in Tennessee.