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E-Cars' Impact Assessed In Hundreds of Billions of Dollars

A Federal policy to promote electrification of passenger cars and other light vehicles could have a $330 billion net benefit to the Treasury by 2030, an industry group said. The cost of tax credits and subsidies would cost $120 billion, the Electrification Coalition said in an economic impact report.

By increasing tax credits for new electric vehicles, providing credits to install vehicle rechargers and making loans to retool auto assembly lines, the Coalition forecast that light-vehicle motor fuel use could be reduced from the 133 billion gallons in 2010 to 63 billion in 2030; instead, 222 billion kilowatt hours of electricity could power the vehicles.

The forecasts are in the report "Economic Impact of the Electrification Roadmap," released by a group of executives engaged in enterprises that would service an electric transportation system. It includes battery makers, delivery services and utilities.

The David Crane, of the Coalition and president of NRG Energy, said national security implications of reducing US dependence on foreign oil is a top for developing electric transportation. The report notes that oil imports have had about a $5 trillion impact since 1970, and that developing electric transportation would reduce oil imports from 11.9 million barrels a day now to 8.9 mbd by 2030.

Senators are working on legislation about electrifying transporation, Crane said. Sen. Lamar Alexander (R-Tn) has said electric vehicles could help solve the problems of oil imports and climate change.

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