Energy Dep't Spending Millions So You Can Buy a $50K Hydrogen-Powered Car

The Energy Department has $9 million more taxpayer dollars to spend on projects that may make a very expensive car less expensive and more acceptable to consumers. The latest round of funding is intended to accelerate the development of hydrogen fuel cell vehicles, backup power systems, and hydrogen refueling stations. "These investments will strengthen U.S. leadership in cost-effective hydrogen and fuel cell technologies and help industry bring these technologies into the marketplace at lower cost," the news release said. The cost of making a hydrogen fuel cell-powered car has plummeted, USA Today reported last month. Vehicles that cost around $1 million in past years now cost about $140,000 to produce, and Toyota said it expects the cost to be around $50,000 three years from now, when it plans to begin selling its models in the U.S. Ironically, the Energy Department credits cheaper fossil fuel with reducing the cost of producing hydrogen fuel cells: "Recent development of the United States’ tremendous shale gas resources has not only helped directly cut electricity and transportation costs for consumers and businesses, but is also helping to reduce the costs of producing hydrogen and operating hydrogen fuel cells," the Energy Department said...more