Revised Senate Bill ($700B), sets Plug-In Rebate at $7500.

[Rybold]

Oct. 3 (Bloomberg) -- U.S. buyers of the plug-in electric autos that debut in 2010 will be eligible for a tax credit of as much as $7,500 under the $700 billion bank-rescue bill signed today by President George W. Bush.

Buyers of hybrid, gasoline-electric autos now are eligible for credits of as much as $3,000, until automakers sell a certain number. Then the credits are removed, as they have been for Toyota and Honda models. Under the new bill, the cap on vehicles that can get the credit will be set industrywide at 250,000 and not limited by carmaker. The amount of the credit varies based on the size of the battery.

...first generation of electric vehicles reaching showrooms that year (2010) from GM, Nissan, and Chrysler LLC. Nissan intends to sell small electric cars in the U.S. by 2010 and may be among the first large automakers to benefit from the credits. Toyota, which has said it will test plug-in Prius hybrids next year equipped with lithium-ion batteries, hasn't set a date for selling such models. Honda Motor Co. is among the few large automakers with no plans to add plug-in electric models.

http://www.bloomberg.com/apps/news?p...d=aqdB59cPT6u4

[Aviator_Guy]

I didn’t read the 450 page bailout, but I assume the tax credits for Hybrid Cars are for plug in Hybrids only? So, 2008 and 2009 Prius owners are out of luck?

My wife and I own a 2008 Prius and love it. But, our eyes will be on a new Prius plug in 2010 or maybe the 2011 model with Lithium Ion battery technology + solar option. We live in Los Angeles with year round sunny conditions and it would be really cool to park it on the street while it charges… Most of our trips are less than 10 miles when running around town…

[vuapplepudding]

The first automaker that can have a plug in that can compete with my current PRIUS on quality and price will get my check. That is if the range and mpg is greatly improved.

I graduate in 2010 so this will make a sweet graduation present for myself.

With $7,500 tax credit, I better be getting a huge salary job when I get out.

[Wayne]

What about conversions?

[zenMachine]

The credit is a base $2,500 plus $417 for each kWh of battery pack capacity in excess of 4 kWh, to a maximum of $7,500 for light-duty vehicles; $10,000 for vehicles with gross vehicle weights of more than 10,000 but less than 14,000 pounds; $12,500 for vehicles with a GVW of more than 14,000 but less than 26,000 pounds; and $15,000 for any vehicle with a GVW of more than 26,000 pounds.

Phaseout of the credit is to begin after the total number of qualified PHEVs in the US sold after 31 December 2008 is at least 250,000.

Qualifying vehicles must have a battery pack with at least 4 kWh of capacity—a provision that will preclude the inclusion of the first generation of Toyota PHEVs as well, potentially, as other lower all-electric range plug-ins.

$1Billion Plug-In Incentives Will Speed Auto Industry's Transformation

btw, the poll's answers are missing some options, such as Likely, Unlikely. So I didn't vote.

[donee]

Hmm,

I wonder how fast Toyota can make the Plug-in Prius 5KWH ? The Hymotion L5 pack is 5 KWH. So, it seems doable, but probably not with Japanese battery technology alone.

[PeakOilGarage]

Selling a new 2009 Prius with the Hymotion battery may qualify for the tax credit. It has to be titled as a new vehicle with the Hymotion battery installed by the dealer before it is titled to the owner.

Doing a conversion Hymotion battery on a used Prius won't qualify.

4 of the locations that install the Hymotion battery are Toyota dealers, so they could easily selling a 2009 PHEV Prius Hymotion as a new vehicle.

According to an inital review, this would likely qualify for at least $2,500 of tax credits on a 2009 tax return.

It really depends on how the IRS interprets the legislation.

[daniel]

Originally Posted by Aviator_Guy

... our eyes will be on a new Prius plug in 2010 or maybe the 2011 model with Lithium Ion battery technology + solar option. We live in Los Angeles with year round sunny conditions and it would be really cool to park it on the street while it charges…

You'd be much better off putting those PVs on the roof of your house, rather than on your car. The surface area of a car is too small, and seldom oriented optimally to catch the sun. And whenever parked in the shade it would get no sun. A PV-equipped car kept in full sun all day long would only get enough juice for an additional mile or so, whereas a big solar array on your home could power your car and your house.

I'm curious whether those Toyota dealers installing Hymotion PHEV kits in Priuses will honor the original Toyota warranty. Toyota has said such installations void the warranty.

[hill]

Originally Posted by daniel

You'd be much better off putting those PVs on the roof of your house, rather than on your car. The surface area of a car is too small, and seldom oriented optimally to catch the sun. And whenever parked in the shade it would get no sun. A PV-equipped car kept in full sun all day long would only get enough juice for an additional mile or so, whereas a big solar array on your home could power your car and your house.

I'm curious whether those Toyota dealers installing Hymotion PHEV kits in Priuses will honor the original Toyota warranty. Toyota has said such installations void the warranty.

AND, regarding all the junk attached to the bailout, Solar PV tax credits got a GIANT boost. Prior to the new legislation, you'd only get a paltry $2,000 tax credit. Now, it's the same as the business investment level, ie; a FLAT 30%. Woo hoo! Just in time ... our 7.2KW worth of PV panels will be on line in just a few more days! Photos to follow.

Now if you STILL can't even afford panels discounted to $13K - $20K ... not to worry! There are a BUNCH of companys that'll install 'em for FREEEEE. They'll compute your monthly power consumption, and lease them back to you for the cost you'd normally pay for electrircity. So no more excuses ... get out there, install 'em and get ready to power your EV when they arrive. We can ALL be as smug as Darell

[N3FOL]

I wonder how much tax credit you would get if you have that Hymotion battery installed in your old Prius.