New study finds the current tax credit scheme for encouraging electric vehicle purchases is less valuable to car buyers and less equitable
WASHINGTON — Financial incentives play an important role in the widespread adoption of electric vehicles. New research from the, however, finds that not all financial incentives are created equal in the eyes of prospective car buyers, and the current federal incentive — a tax credit — is, in fact, valued the least by car buyers.
They conducted a national survey among general public car buyers to quantify how much car buyers valued different types of incentives, such as a tax credit, a tax deduction, a sales tax exemption and an immediate rebate. They found that car buyers overwhelmingly preferred an immediate rebate provided at the point of sale.
“If you gave the incentive to car buyers as cash on the hood, our study found that you could lower the subsidy by almost $1,500. That’s how much people value immediacy,” Laura Roberson, an engineering management and systems engineering PhD student at GW and lead author of the study, said. “So $7,500 in April when I file taxes is the same to me as $6,000 if you gave me that money at the point of sale. That’s a huge difference in valuation.
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