Removal of the Zero Emissions Vehicle (ZEV) Tax Credit in Georgia would subtract $252 million from the state’s economy over the next 16 years, as well as make the state more susceptible to problems accompanying volatile oil/gas prices, according to a new study from Keybridge Research.
The rather blunt warning against doing away with the tax credit was presented at a press conference hosted by Georgia State Representative Ben Harbin (R-Evans) and Keybridge Research President and former Chief Economist on the President’s Council of Economic Advisors Dr Robert Wescott.
The specifics of the study state that, as a result of an elimination of the tax credit, Georgia consumers would spend roughly $188 million more on fuel and maintenance over the next 5 years than otherwise.
That number would then continue rising, to $922 million over the next 16 years.
The removal of the credit would of course mean fewer electric vehicles (EVs) on the road, thus making the state more susceptible to increasingly volatile oil/gas costs over the next few decades — hurting the economy through direct and indirect means.
“This important study shows that the ZEV credit is a smart investment for the state of Georgia, as well as Georgian consumers and businesses,” stated Robbie Diamond, President and CEO of Securing America’s Future Energy (SAFE).
Diamond continued: “The core energy security vulnerability confronting the United States today is our near-total reliance on oil to power transportation. More than 92% of the energy that powers our cars, trucks, ships and aircraft comes from petroleum fuels. Georgia’s Zero Emissions Vehicle Tax Credit is a critical policy aimed at breaking that dependence — and the vehicles sales data shows that it is beginning to work. Now is not the time to scale back support for this critical technology.”
Based on findings of the Keybridge study, the removal of the credit would mean that roughly 44,000 fewer EVs would be on Georgia roads by 2019, than with the credit.
Those interested can find the report here.
Image Credit: Public Domain
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