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11mo ago

U.S. Consumers Save Over $1 Billion on Electric Vehicles Through New Tax Credits

The Inflation Reduction Act's revamped incentives have facilitated the purchase of 150,000 electric vehicles in 2024, offering significant upfront savings.

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Overview

  • The Treasury Department and IRS report $1 billion in savings for EV buyers since January 2024.
  • Federal tax credits now available at the point of sale provide up to $7,500 for new EVs and $4,000 for used ones.
  • The Inflation Reduction Act aims to make EVs more affordable and reduce reliance on fossil fuels.
  • Income and manufacturing requirements ensure the tax credits benefit a wide range of consumers.
  • The initiative supports the Biden administration's goal for half of U.S. vehicle sales to be electric by 2030.