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Electric Vehicle Buyers Reap Over $1 Billion in Tax Credits Under IRA

Payam Javan: Americans buying electric vehicles (EVs) have saved more than $1 billion in upfront costs since January, thanks to tax credits from the Inflation Reduction Act (IRA), according to the Biden administration. The U.S. Department of the Treasury and IRS reported that over 150,000 emissions-free vehicles were sold this year, leading to significant savings for consumers. These savings translate to an average of $1,750 annually on fuel and maintenance costs, or $21,000 over a typical 15-year vehicle lifespan compared to gasoline vehicles.

Treasury Secretary Janet L. Yellen called this a “major milestone” in the administration’s efforts to reduce transportation costs. The IRA, signed into law by President Biden in 2022, offers $7,500 in tax credits for new EVs and $4,000 for used EVs, applied at the point of sale. Despite these incentives, the average price of EVs remains high at $55,242 compared to $44,989 for traditional gasoline cars. Only specific EV models qualify for the tax credits, and income thresholds apply.

Demand for EVs has declined recently, with high prices and limited charging infrastructure being major concerns. This has led some manufacturers, including General Motors, to cut production. However, clean vehicle sales saw a 50% increase last year, reaching a record 1.5 million units. The Treasury’s Office of Economic Policy estimates that EV owners could save $18,000 to $24,000 over the vehicle’s lifespan compared to gasoline vehicles, with fuel being the largest contributor to these savings.

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