U.S. Government Will Buy $7,500 Of Your Chevy Volt

Posted by EcoFriendly

Oct 4

No one has been pleased to see the price point of the Chevrolet Volt continue to rise. Initially engineers were pleased to hear that I’d pay as much as $30,000 for the car. But now, with Honda on the scene with an $18k hybrid, GM has been project a cost closer to $40k than $30k.

Well, that might all change thanks to a bill passed today (amidst a bunch of other good news for car companies.) The Bill gives a tax credit to buyers of plug-in vehicles. Each plug-in automatically gets a $2,500 cut, then you get an additional $417 per kwh for batteries greater than 4 kwh. That works out to $7500 per Volt, which could push the base price below $30k.

The tax credit will only apply to the first 250,000 plug-ins sold, and will be phased out over the course of the following fiscal year. In the end, it will cost the federal government about $750 M.

So get ready to buy your plug-ins folks! The price just dropped more than the cost of my current car!