F1 is throwing an ’80s party and we’re all invited. Formula 1 teams are close to finalizing all-new regulations for 2013 that will likely see the return of ground effects cars and turbo engines, just like in the early 1980s.

Several think-tanks have been set up to figure out ways to improve the spectacle of F1 racing and ensure it becomes more environmentally friendly. Smaller, turbocharged engines and suction cup bodywork seem to be the top choices right now.

On the engine side, the latest plan seems to be for 1.6-liter four-cylinder turbo engines to become standard. With power boosts from numerous energy recovery systems, these little four-bangers should produce around 650 horsepower. Part of the engine plan may also be a limit of just five engines per driver per season.

To further increase F1’s green credentials – and return the sport to advancing street car technology – teams may also see limits on their fuel flow rates. Getting the most performance out of an engine at any given fuel economy rating strikes us as a very good thing for manufacturers to focus on.

On the chassis front, Williams co-owner Patrick Head and former Ferrari designer Rory Byrne are working with the FIA to develop concepts for these new car rules. Teams would like for the cars to be better able to pass one another than the current generation of machines – and ground effects seem to be an attractive option at the moment. Fans would rejoice at the even the notion of more passing potential.

The new regs still need to be ironed out and voted on, but we think the FIA is headed in the right direction.