According to the U.S. Department of the Treasury, more than $2 billion in tax credits were issued in 2024 to support the purchase of electric vehicles across the country.

These tax incentives are part of the federal government's ongoing efforts to promote clean energy and accelerate the transition to electric vehicles. Under the tax credit program, consumers can receive up to $7,500 in tax credits for new EV purchases and up to $4,000 for used models.

The increase in tax credits reflects the growing consumer interest in electric vehicles as more models become available at lower prices.

This program has been crucial in reducing the initial cost of electric vehicles, encouraging more Americans to choose greener transportation options. Beyond the environmental benefits, the transition to electric vehicles is also driving economic growth and fostering technological innovation in the automotive industry.