Atlanta, Ga. – Eliminating Georgia’s Zero Emissions Vehicle (ZEV) Tax Credit would harm long-term economic growth in the state while increasing its reliance on the volatile oil market, according to a new study released today by Keybridge Research LLC. Removal of the credit, according to the report, would subtract $252 million from the state’s economy over the next 16 years while making consumers more vulnerable to fluctuating gasoline prices.
The report’s findings were announced in 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 Weshe report’s analysis finds that, as a result of eliminating the credit, Georgia consumers would spend an additional $188 million over the next five years on vehicle fuel and maintenance. That figure would rise to $922 million over the next sixteen years. With fewer electric vehicles on Georgia roads, the state would be more vulnerable to the negative effects of high and volatile global oil prices, eliminating an important insurance policy for businesses and consumers.
“This important study shows that the ZEV credit is a smart investment for the state of Georgia, as well as Georgian consumers and businesses,” said Robbie Diamond, President and CEO of Securing America’s Future Energy (SAFE).
Added Diamond: “The core energy security vulnerability confronting the United States today is our near-total reliance on oil to power transportation. More than 92 percent 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.”
The Keybridge study finds that if the Georgia ZEV tax credit were eliminated, there would be roughly 44,000 fewer EVs on Georgia roads by 2019, leaving the state’s consumers more vulnerable to high and volatile oil prices.
The study, “Impact of Elimination of the Electric Vehicle Tax Credit on the Georgia State Economy” was commissioned by Securing America’s Future Energy in partnership with the Electrification Coalition.