U.S. Department of the Treasury Announces More Than $2 Billion in Upfront Savings for Consumers on Electric and Plug-In Hybrid Vehicle Sales Under Biden-Harris Administration’s Inflation Reduction Act

Total Consumer Savings on Fuel and Maintenance of Up To $6.3 billion; Estimated Fuel and Maintenance Savings of $18,000 to $24,000 Over Life of Vehicle WASHINGTON – Today, the U.S. Department of the Treasury and IRS announced consumers have saved more than $2 billion in upfront costs on their purchase of more than 300,000 clean vehicles since January 1, 2024, marking a major milestone in the Biden-Harris Administration’s work to lower transportation costs for Americans. Consumers could save $1,750 annually on average on fuel and maintenance costs, according to a 2022 analysis by Energy Innovation, which would total $21,000 of discounted savings over the typical 15-year lifespan of a vehicle compared to a comparable gasoline vehicle.[1] For the more than 300,000 vehicle sales that have used the upfront discount to date, this equates to around $525 million annually on fuel