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How the Inflation Reduction Act Boosts the EV Market

In this CBS News video, the reporter talks about the Inflation Reduction Act. $369 billion was invested in the Act to address climate change. It is the most significant federal investment so far in the sector. The world has seen several extreme weather changes in recent years. Furthermore, $9 billion is stacked up for home energy rebate programs. Additionally, a $4,000 tax credit for low-to-middle income U.S. citizens that buy used electric cars. Do you want to buy a new EV model? Not to worry. You will get a generous tax credit of $7,500! The nation is trying to push the EV market sales to reduce the usage of fossil fuels. This will also limit the impact of global warming. A July report from the Union of Concerned Scientists indicated that electric vehicles halve the pollution created by gas or diesel-based vehicles. However, the 2021 U.S. Energy Information Administration report revealed that 61 percent of the electricity was made from fossil fuels. Only 20 percent is from clean energy. But the cleaner the nation’s power grid’s energy, the more profitable the EV market sector will be. Let’s hope for cleaner transportation in the near future.

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