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The Environmental Protection Agency (EPA) has announced new regulations to reduce emissions from cars and trucks in the United States. The EPA's new standards will require car manufacturers to increase fuel efficiency, reduce emissions, and make the transition to electric and hybrid vehicles. By implementing new regulations, the EPA hopes to improve the quality of life for Americans by decreasing the current amount of air pollution that Americans breathe every day.
This shift towards implementing electric vehicles will not only benefit the environment, but it will also help create new jobs in the electric vehicle sector. As demand for electric vehicles increases, there will be a need for more charging stations, batteries, and other related products. This surge in demand will lead to the creation of new jobs in the manufacturing, installation, and maintenance of electric vehicle infrastructure. Moreover, the shift to electric vehicles will reduce reliance on foreign oil, leading to domestic job growth and a more stable and secure energy future by mitigating the need for outsourcing jobs.
Fighting Against Inflation
Even as inflation has slowed for the ninth straight month, Americans have still felt the pinch in their wallets from the rise in gas prices due to COVID-19 and the war in Ukraine. The new EPA regulations and the shift towards electric vehicles can help Americans protect themselves against future inflation and price hikes, reducing our reliance on gasoline overall.
The Inflation Reduction Act of 2022 offers tax credits to individuals who purchase new, qualified plug-in electric vehicles or fuel cell electric vehicles. Individuals who buy new or used electric vehicles are eligible for a tax credit of up to $7,500, in addition to those who purchased an electric vehicle as far back as 2010. This credit is available to individuals and their businesses and can be used to offset the cost of purchasing an electric vehicle.
Check to See if You Qualify Here
As the cost gap between electric and gas-fueled vehicles is predicted to decrease in the coming decade, factors like tax credits and increasing demand continue to reduce the higher upfront cost typically associated with electric vehicles. Starting at $26,000, the 2023 Chevrolet Bolt EV ballparks at similar prices to cars like a 2023 Toyota Camry and Honda Accord. After filing Form 8936 through the IRS, the IRA EV tax credit can bring your electric vehicle cost down from $26,000 to $18,500.
According to a 2020 Consumer Reports analysis, electric vehicle drivers spend 60% less on fuel than those who use internal combustion engine vehicles. Electric cars have fewer components than gas-fueled vehicles, resulting in lower maintenance expenses as no oil or spark plugs can replace. In a recent report by We Predict, it was revealed that after 36 months, service costs were 31% lower for electric cars than their gasoline-based counterparts.
Not only do the IRA tax credits increase the accessibility and affordability of electric vehicles, but they contribute to environmental betterment for future generations. As electric vehicles become more cost-effective than gas-fueled vehicles, Americans have the opportunity to safeguard themselves against future inflation and reduce their car expenses. By reducing our reliance on fossil fuels and mitigating the need for outsourcing jobs, these efforts will contribute to a more stable and secure energy future for all.