Democrat Senator Chuck Schumer of New York has proposed a plan, unveiled in a New York Times column, that would make it a lot easier for Americans to buy into the idea of electric vehicles, especially for buyers who’ve had a tough time swallowing some of those hefty costs associated with buying an EV.
- Senator Chuck Schumer has proposed a 10-year plan that includes offering up to $5,000 or more in rebates to buy U.S.-made zero-emissions vehicles.
- The proposal would include another $2,000 in rebates for low-income buyers who purchase a zero-emissions vehicles.
- Schumer’s plan, unveiled in a New York Times column he wrote, includes a proposal for $45 billion to incentivize carmakers to retool plants for zero-emission vehicles.
New York State Senator Chuck Schumer has introduced a proposal that would enable American car buyers to get rebates of up to $5,000 or more on electric vehicle if they opted to buy one made by a U.S. carmaker.
The proposal is part of a $454 billion 10-year plan the Democratic senator is working to garner support for, aimed at transitioning 26 percent of America’s car fleet away from traditional combustion engines to zero-emission vehicles.
Senator Chuck Schumer’s proposal could give the U.S. electric vehicle market a huge boost if it gets approved. (Photo: Getty Images)
Under the proposal, car buyers would receive rebates ranging anywhere from $3,000 to $5,000 for a U.S.-made EVs. Low-income buyers would be eligible for another $2,000 off the cost of an electric car made in the U.S.
Schumer’s plan includes $392 million in subsidies to encourage combustion vehicle owners to move into zero-emission vehicles, including plug-in hybrids, pure EVs or fuel cell cars.
The proposal also includes $45 billion for EV charging stations along with another $17 billion in incentives to entice automakers to retool factories to build zero-emission cars. But given some of the lingering skepticism about the true benefit of zero-emissions vehicles among some U.S. lawmakers, Schumer’s proposal won’t be an easy sale in Washington.
WHY THIS MATTERS
Senator Chuck Schumer’s $454 billion plan aimed at reducing the cost for electric vehicles could be a huge a boost to the EV market, which has faced some challenges swaying enough people away from combustion engines to offset the huge costs carmakers have been investing in EVs.