Electric vehicle buyers have saved roughly $1.5 billion thanks to the federal tax credit in Democrats’ climate law since the beginning of the year, the Treasury Department announced Wednesday.
More than 250,000 EV buyers since January have claimed the incentive, which can take up to $7,500 off the price of an EV, according to new data from Treasury shared exclusively with POLITICO.
Nearly all of them — 93 percent of new EV buyers and 83 percent of used EV buyers — claimed the incentive at the point of sale, taking advantage of new rules allowing for an instant rebate that took effect in January. Prior to Jan. 1, EV buyers had to wait to claim the credit until they filed their taxes the following year.
The new data shows the popularity of the Inflation Reduction Act incentive, which Republicans have pledged to repeal if they take control of both chambers of Congress next year.
