Electric Vehicle Tax Credits End Today
Two federal incentives aimed at increasing electric vehicle sales are set to end on January 1, 2014. The first provides a 30% tax credit (up to $1000) for individuals who install a high-speed electric vehicle charger in their homes. The second covers up to 10% of the cost of an electric motorcycle, up to $2500.
Both credits actually expired at the start of 2013, but Congress granted them a one-year extension. High-speed electric chargers use 220v (more commonly found in the household to power laundry equipment) instead of the standard 110v typically found in wall outlets to recharge batteries twice as fast.
Meanwhile, electric motorcycles from companies like Zero, Brammo, Mission, Lightning, and others are rapidly improving the performance and range one can expect from an electric two-wheeler. Much effort has been made by all of these companies to improve recharge time, as it typically takes eight hours to fully recharge a battery from total depletion.
From an economic standpoint, businesses have much to lose as well, as the federal tax credit included $30,000 for businesses that install multiple chargers.