Americans buying electric vehicles (EVs) have saved more than $1 billion in upfront costs since January due to tax credits rolled out under the Inflation Reduction Act (IRA), the Biden administration said on Wednesday.
The $1 billion figure includes customers who bought new or used clean vehicles since the Clean Vehicle advance payment program took effect at the start of the year, the U.S. Department of the Treasury and Internal Revenue Service (IRS) said in a press release.
More than 150,000 emissions-free vehicles have been sold so far this year, according to the Treasury Department and IRS.
This translates to consumers saving an average of $1,750 annually on fuel and maintenance costs, or $21,000 of discounted savings over the typical 15-year lifespan of a vehicle, compared to a comparable gasoline vehicle, the Biden administration said….
