Why the 2021 Infrastructure Bill Means It’s Finally Time To Buy That Tesla
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Recently, U.S. senators released the text of a 2,700-page $1 trillion infrastructure bill. While the bill’s length and complexity may make it difficult for the average person to decipher, one thing is clear—the electric vehicle (EV) sector is certainly a winner.
According to Jerry‘s car insurance data, it costs on average $316 a month to insure the Tesla Model S, a vehicle that costs about $69,000 to purchase. That’s the most expensive car insurance premium for Tesla’s models, according to our data.
But funds in the new bill aim to increase EV-friendliness of cities, so it might soon be a good time to invest in a Tesla or other electric vehicle.
The Senate bill includes $7.5 billion for electric vehicle charging stations.
Increasing infrastructure for electric vehicles
While the bill may be difficult to read since it’s so long, we do know that the word “road” appears 900 times in the bill, while “electric vehicle” shows up 11 times, “charging” shows up 117 times and “solar” also shows up 11 times, according to Barron’s.
In particular, electric vehicle charging seems to be a topic that comes out on top in the bill. With that said, the bill will reportedly help cities and states increase infrastructure, as electric vehicle charging is still fairly new—and still small enough for the government to help, according to Barron’s.
More charging stations for Teslas and other electric vehicles
According to Electrek, the bill includes $7.5 billion for electric vehicle charging stations, and there’s a focus on highways and routes that connect more rural communities. It’s the first-ever U.S. investment in electric vehicle chargers.
But there’s more. As reported by Electrek, there is $73 billion in the bill for building a more robust electric grid, so that it can carry more renewable energy. According to a White House Fact Sheet from June 24, that includes “thousands of miles of new, resilient transmission lines to facilitate the expansion of renewable energy, including through a new Grid Authority,”
There’s also $7.5 billion for zero- and low-emission buses and ferries.
Tesla and tax deductions
As Barron’s also points out, there is a $3.5 trillion budget reconciliation package that just needs a majority to move out of the Senate, and it’s expected to include tax deductions for buying electric vehicles.
That could help shares of Tesla and General Motors, since both companies have sold too many EVs to qualify for current tax deductions.
So since buyers of a Tesla or a GM Bolt just don’t get the federal tax incentive, a new incentive would probably help those two most.
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