Reuters is reporting that an agreement has been reached on a "cash-for-guzzlers" bill which would reward owners of old, inefficient vehicles who trade them for newer, more fuel efficient models.

The bill would be part of the Obama administration's ongoing efforts to address the issue of climate change. The agreement was announced after a number of lawmakers from auto making states met with President Obama at the White House today.

The plan offers drivers up to $4,500 in vouchers that would be used to replace their old cars with new fuel efficient models.

A $3,500 voucher would be given for trading in a car with less than 18 mpg for a new one with at least 22 mpg. $4,500 would be provided if the new car gets at least 10 mpg more than the old one.

This bill should give drivers another reason to consider hybrid and electric vehicles, and stimulate car sales in the process. The goal is to sell 1 million cars.

It is widely expected that the Democratic majority in Congress will pass the legislation as soon as possible.

Your electric car may have just gotten cheaper.