Testimony by Dr. Quinta Warren, Associate Director of Sustainability Policy at Consumer Reports, on “A Big Climate Deal: Lowering Costs, Creating Jobs, and Reducing Pollution with the Inflation Reduction Act (IRA)” before the United States House of Representatives Select Committee on the Climate Crisis. Dr. Warren’s testimony highlights how the IRA will bring cleaner, cost-saving technologies to consumers and has the potential to give more Americans access to clean vehicles and more energy-efficient homes, particularly in overburdened communities.
A recent nationally-representative CR survey found that 71% of Americans express some level of interest in buying or leasing an electric-only vehicle. The survey also found Americans said one of the top barriers to getting an EV was the costs to buy, own, and maintain an EV. Nonetheless, 53% of Americans said tax rebates or discounts at the time of purchase would encourage them to get an EV.
The Inflation Reduction Act contains incentives that would reduce the cost of some EVs, providing consumers with more options to purchase clean vehicles. A CR analysis shows that when switching from a gas-powered car to an EV, fuel savings alone can be $4,700 or more over the first seven years. In addition, thanks to lower maintenance and repair costs, the typical EV owner saves between $6,000 to $10,000 over the lifetime of the vehicle.
To view the hearing held on September 29, 2022, you can visit the House Select Committee on the Climate Crisis website here.