John Edgar For Colorado's 5th

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Title: Electric Vehicle Renewable Grid Replacement Economic and Environmental New Deal (EVeR GREENeD) Act

Proposed by: John Edgar, Candidate for United States House of Representatives, Colorado’s 5th Congressional District

The EVeR GREENeD Act seeks to address the urgent challenges of climate change, economic inequality, and environmental degradation by promoting electric vehicle (EV) adoption and renewable energy generation. This legislation aims to accelerate the transition to a clean energy economy while fostering job creation, supporting local economies, and advancing environmental justice.

Section 1: Tax Credit Enhancement for EV Purchases and Renewable Energy Installation

1.1. The EVeR GREENeD program shall enhance the existing tax credit for EV purchases to $15,000, provided that the credit is used towards the installation of American-made renewable energy infrastructure.

1.2. Eligible renewable energy infrastructure includes, but is not limited to, wind turbines, solar panels, microhydropower systems, geothermal systems, hybrid wind-solar systems, and other systems approved by the Department of Energy.

Section 2: EVeR GREENeD Opportunity Zones

2.1. EVeR GREENeD Opportunity Zones shall be identified as communities which are: 

A.) experiencing significant economic disadvantage 

B.) most vulnerable to the effects of climate change

2.2. EV purchases made within EVeR GREENeD Opportunity Zones shall qualify for an enhanced tax credit of $20,000, provided that the credit is used towards the installation of American-made renewable energy infrastructure.

2.3. Eligible individuals shall have 36 months from the date of receiving the tax credit to utilize it towards the installation of renewable energy infrastructure.

Section 3: Incentives for Homeowners and Renters

3.1. Homeowners and renters alike shall have access to incentives under the EVeR GREENeD program to promote renewable energy adoption.

3.2. Renters can save their credit for up to 60 months, providing them with additional flexibility for utilizing the tax credit towards the installation of renewable energy infrastructure.

3.3. Renters may also have the option to pool their credits with other renters within their community to collectively finance and own cooperative renewable energy projects. These projects would generate renewable energy to be sold back into the grid, providing renters with an opportunity to invest in and benefit from renewable energy generation while also contributing to the local energy supply.

Section 4: Support for Manufacturing and Local Economy

4.1. The EVeR GREENeD program shall prioritize the use of American-made renewable energy equipment and components to support domestic manufacturing.

4.2. Local contractors shall be encouraged and supported in the installation, maintenance, and repair of renewable energy infrastructure, thereby stimulating local economies and job creation.

Section 5: Environmental Progression and Social Equity

5.1. The EVeR GREENeD program shall prioritize the deployment of renewable energy infrastructure in marginalized communities disproportionately affected by climate change.

5.2. Environmental justice considerations shall be integrated into program implementation to ensure equitable access to benefits and opportunities for all communities.

Section 6: Community Resilience and Long-term Impact

6.1. Distributed renewable energy generation shall be promoted to enhance community resilience to climate change impacts and increase energy independence.

6.2. Monitoring and evaluation mechanisms shall be established to assess the effectiveness of the EVeR GREENeD program in achieving its objectives and to facilitate continuous improvement and adaptation.

Section 7: Funding and Administration

7.1. Funding for the EVeR GREENeD program shall be allocated through appropriations from the federal budget, with additional resources leveraged from public-private partnerships, grants, and other sources.

7.2. The Department of Energy shall oversee the administration and implementation of the EVeR GREENeD program, in collaboration with relevant federal agencies, state governments, and stakeholders.

Section 8: Reporting Requirements

8.1. The Department of Energy shall submit annual reports to Congress on the progress and outcomes of the EVeR GREENeD program, including metrics on EV adoption, renewable energy deployment, job creation, and environmental impacts.

Section 9: Business Purchases and Section 179 Depreciation

9.1. Beginning in the tax year 2025, the Section 179 depreciation limit for internal combustion engine vehicles or equipment shall decrease annually by $244,000. The limits for each year will be as follows:

– 2025: $976,000

– 2026: $732,000

– 2027: $488,000

– 2028: $244,000

– 2029: $0 (Phase-out complete)

9.2. Conversely, the Section 179 depreciation limit for electric vehicles or electric-powered equipment shall increase annually by $244,000. The limits for each year will be as follows:

– 2025: $1,464,000

– 2026: $1,708,000

– 2027: $1,952,000

– 2028: $2,196,000

– 2029: $2,440,000

Section 10: Definitions

10.1. Definitions of key terms used in this legislation shall be provided in accordance with relevant statutes and regulations.

Section 11: Severability

11.1. If any provision of this Act is found to be invalid, the remaining provisions shall remain in full force and effect.

Section 12: Effective Date

12.1. This Act shall take effect upon enactment.

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