Cost Benefit Analysis Of Plug In Hybrid Electric Vehicles
The cost benefit analysis of Plug In hybrid electric vehicles includes a comparison between the lifetime of the vehicle and the ownership cost. Here the cost of ownership includes the cost of consumption of energy as well as the retail cost, but excludes the differences in cost of maintenance. A high cost of 5 USD per gallon of gasoline is assumed for the near term scenario. The cost of consumption of electricity is assumed to be 0.09 USD per Kilowatt-hour.[29]
7. GOVERNMENT INCENTIVES
Since reduction of pollution is the need of the hour, several public and private sectors have invested in this particular field of interest. Grants, tax credits, financial and non-financial incentives have been promoted in order to push consumers to buy PEVs. …show more content…
United States
The American Clean Energy and Security Act of 2009 and the Energy Improvement and Extension Act of 2008 in the United States of America granted tax credits for new qualified PEVs [35]. Federal tax credits for converted PEVs were permitted by the American Recovery and Reinvestment Act of 2009. This tax credit for new PEVs is worth USD 2,500plus an extra USD417 per kWh of battery capacity over 5 kWh. The maximum credit allowed for new PEVs is USD 7,500. Several incentives, tax exemptions and other non-monetary incentives have been established by multiple states for BEVs and PHEVs. [36]
A goal of having 1 million PEVs on the road by 2015 was set by Barack Obama but owing to the slow rate of PEV sales in mid-2012, this goal was underachieved by a very large margin. Another goal was set in September 2014 by the Governor of California in the Charge Ahead California Initiative bill of placing over 1 million vehicles emitting zero and near zero pollutants on the road in California by 2022. [37]
7.3.2. Canada
For the purchase or lease of PEVs after July 1, 2010, a rebate of USD 4,900 to USD 8,320(varying according the size of the battery) was established by Ontario to the first ten thousand applicants who
7. GOVERNMENT INCENTIVES
Since reduction of pollution is the need of the hour, several public and private sectors have invested in this particular field of interest. Grants, tax credits, financial and non-financial incentives have been promoted in order to push consumers to buy PEVs. …show more content…
United States
The American Clean Energy and Security Act of 2009 and the Energy Improvement and Extension Act of 2008 in the United States of America granted tax credits for new qualified PEVs [35]. Federal tax credits for converted PEVs were permitted by the American Recovery and Reinvestment Act of 2009. This tax credit for new PEVs is worth USD 2,500plus an extra USD417 per kWh of battery capacity over 5 kWh. The maximum credit allowed for new PEVs is USD 7,500. Several incentives, tax exemptions and other non-monetary incentives have been established by multiple states for BEVs and PHEVs. [36]
A goal of having 1 million PEVs on the road by 2015 was set by Barack Obama but owing to the slow rate of PEV sales in mid-2012, this goal was underachieved by a very large margin. Another goal was set in September 2014 by the Governor of California in the Charge Ahead California Initiative bill of placing over 1 million vehicles emitting zero and near zero pollutants on the road in California by 2022. [37]
7.3.2. Canada
For the purchase or lease of PEVs after July 1, 2010, a rebate of USD 4,900 to USD 8,320(varying according the size of the battery) was established by Ontario to the first ten thousand applicants who