A green car is unlike any other car, because green cars have many benefits especially for the environment. Apart from the environment, there are benefits in terms of taxes and fuel efficiency as well, so there is more to gain when you buy a green car. Besides, when you buy a green car, you will need to purchase green car insurance, which will contribute towards saving the environment as part of the money from the insurance will go towards research and conservation.
In terms of the environment, green cars release less harmful gases such as carbon dioxide and carbon monoxide. When these gases are reduced, there will be less pollution, and less health problems are seen in the general population. Believe it or not, these gases can cause illness in people who inhale them. These are pollutants that have effects on the respiratory and cardiopulmonary systems. Air pollution causes death, especially among children. If the gases are being inhaled excessively, there is a possibility of lung cancer as well, so by reducing these harmful gases we create a healthier environment.
In terms of road tax, you are required to pay tax according to the type of fuel and the carbon dioxide emissions. The lower the emission, the lower the tax would be. There is no tax involved if the gas emission is below 100g/km. This is perhaps the best part of having green cars. Besides, this is also part of the program to promote green cars to more people. Many people are switching to green cars to pay less tax and to enjoy more benefits apart from saving the environment.
Now, as for the fuel tax, if you own a green car that runs on electricity, you don’t even pay for fuel tax because you don’t use fuel. As for vehicles using natural gas as fuel, the fuel tax is extremely low, at only 13.7p/litre. The highest tax is for petrol and diesel at 50.4p/litre. With the road tax and fuel tax benefits, you can save more money than you ever imagined. It is definitely worth investing in a green car. It is not for short term but long term benefits to the environment and to yourself.
You are also entitled to get the London Congestion Charge for the greenest car. This applies when you drive into congestion charge zone, which usually will cost thousands a year. However, by having a green car, the fee is waived 100 thus helping you save thousands per year. At present, the cars entitled to this incentive include the greenest LPG cars, natural gas cars and electricity cars.
Last but not least, you gain more when you purchase green car insurance. You get to purchase the insurance at a much lower price than any other insurance. This is because lower insurance is used to attract more people to buy green cars. This is also part of the promotion of green cars. Many people buy green cars to save more money, and save the environment as well. You can do the same too.
eGreen Insurance provides http://www.egreeninsurance.co.uk green car insurance to those keen on investing in car insurance and also help in the effort towards conserving our environment.
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Hybrid Car Tax Credit
The Energy Policy Act of 2005 replaced the clean-fuel burning deduction with a tax credit. A tax credit is subtracted directly from the total amount of federal tax owed, thus reducing or even eliminating the taxpayer’s tax obligation. The tax credit for hybrid vehicles applies to vehicles purchased or placed in service on or after January 1, 2006.
The credit is only available to the original purchaser of a new, qualifying vehicle. If a qualifying vehicle is leased to a consumer, the leasing company may claim the credit.
Hybrid vehicles have drive trains powered by both an internal combustion engine and a rechargeable battery. Many currently available hybrid vehicles may qualify for the tax credit.
This reflects a decrease in the credit amount as of Oct. 1, 2006, due to the manufacturers meeting quarterly sales of 60,000 qualified hybrid cars — See Quarterly Sales, below.
This credit amount does not phase out. The full amount of the altenative fuel vehicle credit would be available for vehicles purchased on or before December 31, 2010.
Quarterly Sales
Consumers seeking the credit may want to buy early since the full credit is only available for a limited time. Taxpayers may claim the full amount of the allowable credit up to the end of the first calendar quarter after the quarter in which the manufacturer records its sale of the 60,000th hybrid passenger automobile or light truck or advance lean burn technology motor vehicle. For the second and third calendar quarters after the quarter in which the 60,000th vehicle is sold, taxpayers may claim 50 percent of the credit. For the fourth and fifth calendar quarters, taxpayers may claim 25 percent of the credit. No credit is allowed after the fifth quarter.