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Sen. Schumer proposes a $454 billion electric vehicle trade-up program

The main method by which Schumer sees the US achieving this goal is by generous discounts for consumers. While he does not specify exactly how much each household receives for trading its gasoline car, Schumer notes that lower income Americans receive even higher credit.

Second, the plan would make electric vehicles – and the necessary infrastructure for charging batteries – available to all Americans, no matter where they live and work. This would be achieved by providing subsidies to states and cities for the construction of charging stations, with a particular focus on “low-income, rural and other underserved communities”. The last part of the plan provides for grants to American manufacturers to upgrade their facilities to better support the ecosystem. Essentially, the essence of the initiative is to make electric vehicles both more affordable and more practical.

The Senator estimates the total plan would cost about $ 454 billion over a ten-year period, with $ 45 billion going to local governments and $ 17 billion to manufacturers, according to The Verge. He adds that his plan would bring 63 million fewer gas cars on the road by 2030.

Schumer says that a number of environmental interest groups, including the Sierra Club and the Defense Council for Natural Resources, as well as unions, say they support the plan. Ford and General Motors, the two largest automakers in the US, also think this is a good idea.

“Critics have long said that courageous action against climate change would cost America money and jobs, which is not true,” writes Schumer in the commentary. “It is estimated that my plan will create tens of thousands of new, well-paid jobs in this country and make the United States again the world leader in automotive engineering.”

Schumer’s plan faces several obstacles, the most notable of which is that Democrats must win the elections for next year. The alternative is to seek a compromise with the Republicans, which would probably prove difficult. Under the legislation of the Obama era, the federal government is already offering a tax credit for purchases of electric vehicles. When you buy an electric vehicle, you get discounts of up to $ 7,500. The credit expires over a period of 18 months once an automaker has sold 200.00 EVs. However, last May President Donald Trump proposed that the bill be dropped to save the government $ 2.5 billion over the next ten years. However, the plan shows that both electric vehicles and climate change are important policies.