[The Vector] Electric and Hybrid Cars – Is Their Time Finally Coming?

The Vector believes that a paradigm shift is coming, and coming quickly, in the way the U.S. consumers views their cars.

Here is why:
This month, we highlight the Electrification Coalition. This coalition commissioned a study that concludes the typical American household would spend less per year for their transportation energy if cars were electrified. By 2030, the study says, Americans could save an average of $3,060 per year (in 2008 dollar value). This move could decrease oil imports by 3.2 million barrels per day, according to the report.

Plug-in hybrid Chevy Volt, coming this fall

Prior to the Gulf oil spill, the U.S. Congress had backed efforts to facilitate the growth of the electric car. It has provided up to $7,500 in tax credits and as much as $25 billion to develop alternative fuels. But new proposals are in play with current legislation being discussed: The Senate measure would offer $2,500 more to consumers in tax credits while providing up to $250 million in grants to 15 different jurisdictions to build infrastructure. The House’s version would give consumers $2,000 more in credits while allocating $800 million in grants to five disparate areas.

 “Oil dependence is not a conservative or a liberal issue — it is a threat to our entire nation, and we are thankful that these leaders in the House and Senate have come together to face it head on,” says Robbie Diamond, chief executive of the Electrification Coalition.