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Vehicle Efficiency Incentives

Vehicle Efficiency Incentives. Transportation Working Group Meeting 19 December 2003 Prepared by Harold Ward Based on work by Will Space and Nick Bianco Center for Environmental Studies Brown University. Procedures for VEIP Administration.

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Vehicle Efficiency Incentives

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  1. Vehicle Efficiency Incentives Transportation Working Group Meeting 19 December 2003 Prepared by Harold Ward Based on work by Will Space and Nick Bianco Center for Environmental Studies Brown University

  2. Procedures for VEIP Administration • DEM sets zero point and rate each year, calculates fees and credits for all new models and notifies DMV and dealers • Dealers post fees and credits on vehicles • Applies only to new vehicle registrations • Offset against sales tax at the time of first registration

  3. Goals for RI VEI Program • NE Gov. and EC Prem. goal for 2020 is 90% of 1990 emissions • Assess by taxable sales of gasoline • Requires reduction of 2002 sales of gasoline by 17% • Meeting this goal will reduce tax revenues from gasoline sales (as will any vehicle efficiency measures).

  4. Adjustable VEI Parameters • Zero point = the combined fuel economy in mpg at which there is no fee or rebate, e.g. 26 mpg • Slope = the dollar amount for each gallons/100mi difference from the zero point, e.g. $500/gal/100 mi. • This combination of zero point and slope gives fees and rebates comparable to those accepted by the stakeholders in Phase II. • Expected to give an adequate financial cushion

  5. Comparison – Smaller Cars

  6. Revenue Projection

  7. Learning from Experience • DEM would track balance between fees and rebates and adjusts zero point and slope to stay on track to the goal and to maintain a positive financial balance • If a weak response, increase slope • If a strong response, increase zero point, perhaps reduce slope

  8. What about unrated vehicles? • Vehicles over 8500 lbs GVWR are not rated by EPA • Suburban & Hummer H2 = 8600 lbs GVWR • Hummer H1 = 10,300 lbs GVWR • What fees for non-rated vehicles?

  9. Points for Discussion • Starting zero point and slope? • Limits to rate of change of zero point and slope? • Caps on fees and/or rebates? • Fees for unrated vehicles? • What VMT in 2020? • Others?

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