Biden announces $174 million investment in electric vehicles

Point of sale rebates, tax incentives, and expanded charging stations

As part of the $2 trillion infrastructure plan released by the Biden administration, $174 million is going towards the investment in electric vehicle adoption and infrastructure. EVs only make up 2% of the new car market and only 1% of all cars on the road. With the investment, the Biden administration is hoping to encourage consumers to purchase EVs over traditional combustion engine cars and trucks. His plan includes point of sale rebates and tax incentives to help lower the cost of EVs, which are typically more expensive than gas-powered vehicles

Biden’s plan also addresses the problem of supporting infrastructure for EVs–namely, chargers. Gas stations abound but chargers are few and far between. If EV adoption is to truly take off, consumers need to be confident of having access to charging stations around the country, especially in cities. In his announcement, he stated that his administration is setting a goal of building 500,000 chargers across the country by 2030.

Biden has acknowledged that this investment is a starting point. He will send the bill to the House and he expects changes and additions to be made. As a resident of New Jersey, I’m looking forward to the re-instatement of a state tax credit and hoping the federal incentives stack and apply to all EV makers. The next few years might be a great time to purchase an electric vehicle.

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