President Biden has made a commitment to combat climate change and reduce the United States' Reliance on fossil fuels. The Biden administration has been making significant strides in promoting the adoption of electric vehicles (EVs) in the United States. The goal regarding electric vehicle’s is getting 50% of New US Vehicles be Electric by 2030. And to do so, he has been building confidence and expanding the viability of using electric vehicles for more Americans.
Electric Vehicles are not powered by gas, but instead run on a battery which needs to be charged. The Bipartisan Infrastructure Law makes the largest investment in electric vehicle charging. It aims to establish a network of 500,000 chargers and make electric vehicles accessible to all Americans for both local and long-distance trips to remedy the fact that the largest barriers to entry for most people is the lack of EV chargers in certain parts of the country. In December 2021, the Biden-Harris administration released the Electric Vehicle Charging Action Plan. This plan outlines steps federal agencies are taking to support the development and deployment of EV chargers across the country. The goal is to build a convenient, reliable public charging network that can build public confidence, with a focus on filling gaps in rural, disadvantaged, and hard-to-reach locations.
In addition to expanding charging infrastructure, the Biden administration has also been working on other fronts to promote the adoption of electric vehicles. This includes providing incentives for consumers to buy electric vehicles, allocating a substantial $300 billion towards research and development in electric vehicle technology, and working with automakers (like Toyota, Ford, General Motors and Honda) to increase the production of electric vehicles.
In the Inflation Reduction Act, the Biden Administration expanded tax credits, which allow taxpayers to subtract the amount of credit they have from the total they owe in taxes, for purchases of new and used electric vehicles. The law also provides incentives to make electric heavy-duty vehicles like school buses, and includes support for the installation of residential, commercial, and municipal electric vehicle charging infrastructure. These incentives are designed to lower the cost of electric vehicles and EV charging infrastructure, which will lead to an increase in consumer demand, competition and accelerate the growth of the electric vehicle market.
The Biden administration's commitment to electric vehicles signifies a major shift towards cleaner and more sustainable transportation. While there's still much to be done to solve climate change, the progress so far done under the Biden Administration is promising. The administration's dedication to electric vehicles underscores their seriousness about tackling climate change. As technology advances and electric vehicles gain wider usage, we can hopefully see a future where transportation is both sustainable and eco-friendly.
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