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Electric Vehicles(EV): Investing Billions!

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At RealClearEnergy.com, Constance Douris, Vice President of the Lexington Institute, tells readers of the coming wave of investment in Electric Vechicles (EVs). Automakers are all in on EVs, and there is a wave of public money behind them. Douris writes (abridged):

In coming years, automakers will unveil dozens of new electric vehicle (EV) models. Ford alone recently announced that it is investing $11 billion in EV development. A glance at automakers’ EV investments worldwide is revealing: $19 billion in the United States, $21 billion in China, and $52 billion in Germany. Clearly, these seasoned companies do not doubt the future EV market as many cities and countries around the world begin phasing-out the conventional internal combustion engine.

While many people are aware that EVs benefit the environment, fewer realize that these cars, which are cheaper to maintain and operate than conventional cars, can actually help the electric grid operate more efficiently. EVs can flexibly charge and serve as a demand response mechanism by charging during off-peak times. They can also help incorporate more renewable energy and eventually export electricity back into the grid, even providing backup power during outages.

New York’s Drive Clean Rebate for Plug-in Electric Vehicles offers up to a $2,000 rebate for EVs. There is also a charger rebate program that provides up to a $5,000 credit for installation. Drivers with EVs can also access high occupancy lanes with a decal, incentivizing drivers with faster commute times. Consolidated Edison has a time-of-use rate plan for EV charging, while Cleanview Energy offers a $75 rebate for a new ChargePoint residential EV charger

There are … several resources for EV owners to easily find convenient charging stations to relieve concerns about being left stranded and unable to “charge up,” such as ChargePoint’s dashboard.

To find a charging station near you, click here.

Read more from Constance Douris here.

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Richard C. Young

Richard C. Young is the editor of Young's World Money Forecast, and a contributing editor to both Richardcyoung.com and Youngresearch.com.