TAX CREDIT FOR EV

The FalconEV is a supplier of electric scooters and bikes in the southeast. On February 25th, New Leaf Market is sponsoring a presentation on adapting to this fuel efficient alternative to gasoline power.

Buried within the American Economic Recovery and Reinvestment Act of 2009, the $787 billion stimulus bill passed by Congress and signed into law by President Obama, is a modest, but important tax credit for a special class of electric vehicles.

Light electric vehicles or LEVs, electrically-driven machines, now qualify for a ten percent federal tax credit up to $2,500. Included for the first time in the amended federal tax credit code are two and three-wheeled electric vehicles. 

Also qualifying are four-wheeled, lithium battery-powered neighborhood electric cars known as NEVs. Also known, from personal experience, as those vehicles driven by dangerously angry residents of The Villages.

In order to qualify for the credit, two and three-wheeled vehicles must have a battery pack with a minimum of 2.5 kWh of stored energy capacity. NEVs would have to have a 4 kWh battery capacity.

The Xebra Xero, solar powered supported, electric vehicle plugs into any 110 outlet.goes up to 30 mph at a little over $ .03 per mi with initial investment of $11,000 and up.

Bicycles, however, either factory-made or conversions start around $700 and go up from there. Recumbents are one choice as well as the folding EV bike that is intriguing for travel. Despite its $1300 price tag, it seems to have a practical application for travel.

Posted in: electric bike,electric scooter,tax credits