EDEN PRAIRIE, Minn.--(BUSINESS WIRE)--GE Capital Solutions Fleet Services has processed more than $5.7 million in rebates for its customers that lease hybrid or alternative fuel motor vehicles since implementing a rebate program. The rebate program is designed for customers that make significant investments in new technology to improve their environmental performance.
Since the Energy Tax Incentives Act of 2005 became law, there has been confusion about how it relates to commercial vehicle fleets. Nearly $875 million of the Act's $14.5 billion is reserved for advanced vehicular technology projects such as hybrid or alternative fuel tax credits. GE Capital Solutions Fleet Services was the first in the fleet industry to put together a program that recognizes those customers who are taking the initiative now to green their company vehicles.
The program processes a rebate back to hybrid or alternative fuel lease customers in a simple, straightforward manner. The IRS sets the vehicle specific credit amounts and OEM specific phase-out requirements. Based on IRS regulations, GE Capital Solutions Fleet Services tracks eligible vehicles for its customers by utilizing PricewaterhouseCooper's Like Kind Exchange Services group to calculate the hybrid or alternative fuel credit based on eligible vehicles as reported by Polk's VIN validation service. Based on this program, GE Capital Solutions Fleet Services approved more than $5.7 million in rebates for its customers since instituting the program.
"Our customers who made the decision to lease hybrid or alternative fuel vehicles are now realizing the value of these vehicles," said Karin Overstreet, environmental performance solutions product manager at GE Capital Solutions Fleet Services. "The higher upfront cost is far outweighed by lower fuel costs, lower CO2 emissions and now the opportunity to take advantage of these tax credits. GE is working hard to develop additional programs that will continue to help our customers meet their environmental and business goals."
About GE Capital Solutions Fleet Services
GE Capital Solutions Fleet Services (www.gefleet.com) based in Eden Prairie, Minn., is a global fleet management company with operations in the United States, Canada, Europe, Japan, Australia and New Zealand. GE Capital Solutions (www.ge.com/capitalsolutions) provides leasing, lending and capital investment products and services to help business customers grow. General Electric (NYSE: GE) is Imagination at Work - a diversified technology, media and financial services company focused on solving some of the world's toughest problems.