U.S. government to invest USD 5 billion to fund EV charging network

U.S. government to invest USD 5 billion to fund EV charging network

by Pranali Mehta

The Biden administration is reportedly planning to invest USD 5 billion over the next five years to develop electric vehicle charging stations across the United States.

It is worth noting that Congress had already approved this funding for states back in November of 2021, as part of its USD 1 trillion infrastructure bill. Although obtaining additional funding for expanding the EV network has been stalled by Congress, Biden’s government is promoting people towards electrification and away from gasoline-powered vehicles.

Sources claimed that the delayed White House-endorsed legislation asks for raising the current EV tax credit of USD 7,500 to USD 12,500 for union-made cars, USD 4,000 for secondhand EVs, and also move the cap of 200,000 for EV manufacturing to make giants like General Motors and Tesla qualified again to entail the benefits.

The bill provides a 30% credit for commercial electric vehicles, as well as USD 3.5 billion for transforming the existing U.S. factories into EV plants. In addition, the federal governments and the United States Postal Service will receive USD 9 billion to purchase charging stations and electric vehicles.

However, the administration has asserted that in 2022, it will make USD 615 million available conditioned on the fact that the states submit detailed plans and receive federal approval beforehand.

According to Pete Buttigieg, the U.S. Transportation Secretary, the funding will help in creating a massive charging network across the country with the active participation of states, labor, and private entities.

It is worth noting that the White House intends to build approximately 500,000 EV charging stations by 2030, to ensure that nearly half of all new vehicles sold are electric or plug-in hybrid electric models. The Biden administration is also prioritizing investing in interstate highways to install and operate EV stations, which will be given to the private sector.

Source credits –

https://money.usnews.com/investing/news/articles/2022-02-10/u-s-to-detail-5-billion-plan-to-fund-ev-charging-network#:~:text=Feb.%2010%2C%202022%2C%20at%205%3A04%20a.m.&text=U.S.%20Transportation%20Secretary%20Pete%20Buttigieg,a%20historic%20nationwide%20charging%20network.%22

Pranali Mehta

A chemical engineer by qualification, Pranali Mehta dutifully walked down the slated path and worked in a chemical firm for a year. Her passion for writing however, pushed her into experimenting with the same as a career. With over three years of experience in content writ Read more...