Next, in conjunction with the policy just implemented, we consider implementing a $1.00 daily parking surcharge on SOV users that increases average daily parking costs from $6.00 to $7.00. To estimate the final impact, it is sufficient to click on the “Financial Incentives” worksheet and enter the parking cost values as displayed in Figure 15.
Figure 15 TRIMMS – Transit Subsidy and Parking Surcharge
By clicking the “Results” button the new impacts are summarized. Figure 16 shows the result indicating that the combined effect of the two policies leads to a reduction of 178 vehicle trips, a net trip removed value of $821.00 and a benefit to cost ratio of 5.5. The user can also chart the final mode share impacts by clicking the appropriate button on the “Results” worksheet, as displayed in Figure 17. The chart provides some insight about the impact of the transit subsidy and parking surcharge on mode shares. While the transit subsidy has the effect of diverting SOV vehicle trips, the parking surcharge both diverts vehicle trips to transit and all other modes, in a particular rideshare (an increase of 0.2%).