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Over 250,000 EV buyers save $1.5 billion from federal tax credit amid potential repeal by Republicans.

The Treasury Department announced that over 250,000 electric vehicle buyers have saved roughly $1.5 billion in savings from the federal tax credit in Democrats’ climate law since January, according to data from the Department of Energy. The incentive can take up to $7,500 off the price of an EV, and nearly all of these buyers claimed the incentive at the point of sale. The data shows the popularity of the Inflation Reduction Act incentive, which Republicans have pledged to repeal if they take control of Congress next year.

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