The White House unleashed $4.5 billion in new loan guarantees Thursday to build out the recharging infrastructure it hopes will make electric vehicles a reality and curb global warming.
The effort was announced at the closing of the Energy Department’s first-ever Sustainable Transportation Summit and a report from the Environmental Protection Agency that reaffirmed regulations to drive more electric cars into the market, despite falling sales of the vehicles due to low gasoline prices.
Low gasoline and diesel prices have caused more consumers to purchase newer sport utility vehicles and other large cars, instead of fuel-efficient vehicles like the hybrid-electric Prius or full-electric Nissan Leaf.
The White House called today’s action the next “responsible step to combat climate change, increase access to clean energy technologies, and reduce our dependence on oil,” according to a fact sheet issued along with the announcement.
It said the loan guarantees, along with a number of other actions it is announcing today, represent “an unprecedented set of actions from the federal government, private sector, and states, as well as a new framework for collaboration for vehicle manufacturers, electric utilities, electric vehicle charging companies, and states, all geared towards accelerating the deployment of electric vehicle charging infrastructure and putting more electric vehicles on the road.”
The White House announcement began with the “unlocking” of “up to $4.5 billion in loan guarantees and inviting applications to support the commercial-scale deployment of innovative electric vehicle charging facilities.”
But the White House didn’t stop there. It is also enacting a process to “identify zero emission and alternative fuel corridors, including for electric vehicle charging across the country,” the fact sheet said.
This would be used to “develop a 2020 vision” for a national network of electric vehicle charging stations that can charge a car’s battery faster than more conventional home charging units.
The White House announced “a call” for state and local governments to partner with the federal government to buy electric vehicle fleets at a discounted value. It will also be publishing a guide to federal funding, financing and technical assistance for electric vehicles and charging stations.
At the same time, 35 new businesses, universities, utilities and others will be signing onto a previously created Energy Department pledge to build workplace charging stations.
