The government of U.S. President Joe Biden approved more than 1 billion dollars in tax incentives for the purchase of electric vehicles so far in 2024.
A report by the EFE news agency notes that the Treasury Department and the Internal Revenue Service (IRS) announced that more than 150,000 electric vehicles purchased since January 1 qualify for the approved tax breaks.
Some 125,000 of these purchases were new vehicles, for which the amount to be tax deducted is up to 7,500 dollars, while some 25,000 were used vehicles, with deductions of up to 4,000 dollars; a saving that is applied at the time of purchase, according to a press release to which EFE refers.
The government institutions pointed out that the mechanism offers consumers a significant initial discount and broadens the scope of the credits by making them available at the point of sale instead of when buyers file their taxes.
Read also: United States Issues Regulations to Make the Vehicle Fleet Electric by 2032
In that regard, Treasury Secretary Janet Yellen noted that the savings on gasoline and maintenance of an electric vehicle is estimated at about $1,750 per year.
Immediate Action
The effect of climate change on a global scale makes it clear that governments and industry must move forward with key measures to decarbonize transportation.
Since 1850, human activity has caused the emission of more than 2,300 gigatons of carbon dioxide (CO2), according to figures from the World Energy Agency.
More than 68% of these emissions came from the use of energy generated by fossil fuels. That is why scientists warn that, at the current rate of emissions, the world has 28 years left to limit the temperature increase to 2 °C compared to the pre-industrial era and only nine years to limit it to 1.5 °C.
