U.S. Department of the Treasury Announces More Than $1 Billion in Upfront Savings for Consumers on Electric Vehicle Sales

Total Consumer Savings on Fuel and Maintenance of Up To $3.2 Billion; Estimated Savings of $18,000 to $24,000 Over Life of VehicleWASHINGTON – Today, the U.S. Department of the Treasury and IRS announced consumers have saved more than $1 billion in upfront costs on their purchase of more than 150,000 clean vehicles since January 1, 2024, marking a major milestone in the Biden-Harris Administration’s work to lower transportation costs for Americans.This milestone translates to consumers saving $1,750 annually on average on fuel and maintenance costs, or $21,000 of discounted savings over the typical 15-year lifespan of a vehicle, compared to a comparable gasoline vehicle.