Now that we have a new President-elect ready to take office next year, you may be wondering what he has in store for us in terms of energy sources and vehicle options.  Before he was elected to office, Barack Obama made it clear that he was concerned about our energy situation and that he wanted to look into alternative fuel sources for vehicles.  But, what exactly will our new President have in store for us?

The Current Fuel Plan

Looking into alternative fuel sources and encouraging the purchase of hybrid vehicles is hardly anything new.  In fact, just last month, the Senate included a tax credit for plug-in hybrid electric vehicles sin the $700 million bailout plan.  Basically, tax credits are determined by each kWh of battery pack capacity it provides over 4kWh, with each kWh over this limit earning a $417 credit up to a maximum of $7,500 for light duty vehicles.  No matter how much kWh of battery pack capacity it offers, however, all plug-in hybrid electric vehicles receive a $2,500 credit.  This isn’t the last you will see of credits for hybrids and legislation intended to increase the use of alternative fuel sources.

Obama’s Fuel Plans

While no one can predict what the future will hold, Obama has made it clear that making some changes with our current energy plans are high on his priority list.  In 2007, he and several other Senators introduced a bill that would further encourage the development of electric vehicles, including plug-in hybrids.  In fact, this bill was aiming for putting 1 million hybrid cars on the road by 2015. 

Obama has also supporting increasing the fuel economy of vehicles by 4% each year and has expressed a desire to have half of the vehicles purchased by the federal government and all of the vehicles in the White House fleet switched to plug-in hybrids by 2012.  In addition, he is in favor of providing incentives to auto plants and parts manufactures interested in furthering hybrid vehicle technologies.  This includes providing $4 billion in tax credits to these businesses to help them develop vehicles capable of getting 150 miles per gallon of fuel. He has also expressed a desire to provide a $7,000 tax credit to those who purchase hybrid vehicles.

Of course, making these changes won’t be entirely up to Obama.  He will also need to get the support of other leaders.  With the recent downturn in gas prices, it is easy to lose focus on the need to explore alternative fuel options.  Nonetheless, it is still a concern that should remain in the forefront with our new President-elect and should ultimately make energy more affordable for everyone.

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