Here’s How Much Money the EPA Thinks Americans Could Save Under Its New EV Plan

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From fuel to maintenance, the EPA estimates big savings.

Americans could save over 1 trillion dollars on gas alone under tough new car pollution rules that would require a massive shift to electric vehicles. That’s according to the US Environmental Protection Agency, which on Wednesday proposed new emissions standards for cars, trucks and other light-duty vehicles. 

“By proposing the most ambitious pollution standards ever for cars and trucks, we are delivering on the Biden-Harris administration’s promise to protect people and the planet, securing critical reductions in dangerous air and climate pollution and ensuring significant economic benefits like lower fuel and maintenance costs for families,” said EPA Administrator Michael Regan in a statement. 

The proposal would achieve “significant emissions reductions” that could produce long-lasting impacts on the environment, public health and welfare, the EPA said.

If the new rules are adopted, the EPA estimates, electric vehicles could account for 67% of new car sales by 2032. As of January 2022, EVs represented just 7% of new car sales. 

So, just how much lower does the EPA expect fuel and maintenance costs to be for Americans? Here’s a breakdown:

The EPA’s estimates might be appealing, but the agency’s ambitious plan faces hurdles. The average price tag for an EV currently remains high ($65,291 compared to $48,094 for a gas-powered car), and upcoming changes to the EV tax credit could mean fewer vehicles qualify for the $7,500 tax break. The US would also need to build a robust network of EV charging stations to support an influx of new electric vehicles. 

The EPA didn’t give a timeline for the adoption of the new standards, which have to undergo a lengthy public comment period. It’s possible the final rules will be substantially revised, which would change the EPA estimates on cost savings. 

For more on EVs, find out about new rules for the EV tax credit and learn how to charge a non-Tesla car at a Supercharger station.

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