Katherine Stainken is the vice president of policy at the Electrification Coalition (EC), which is focused on transitioning our transportation sector to electric.
By Katherine Stainken
This post was originally published on The Hill. An excerpt is below.
The Inflation Reduction Act of 2022 is the most significant piece of legislation to advance electric vehicles (EVs) in the nation’s history. Its passage is crucial to reducing the stranglehold that oil has on our nation’s transportation systems and, in turn, protecting our national security. Russia’s war against Ukraine, which is enabled by oil revenues, highlights the urgency to accelerate transportation electrification. EVs powered by our nation’s domestic electric grid will diversify the way we power transportation, reducing the U.S. and global oil demand.
The new law brings a variety of incentives that support transportation electrification. Many of these policies are long sought-after goals of groups like mine, the Electrification Coalition. The future of a transportation system that is fueled by domestic electricity has never looked brighter.
These measures include an extension of the federal light-duty EV tax credit, which provides up to $7,500 with the purchase of an EV, through 2032. This long-term extension will benefit the millions of consumers that will be switching from fossil fuel-powered cars to electric vehicles over the next decade. Over the past decade, the credit has been a critical driver in the transition to EVs as we hit manufacturing scale and, in turn, has spurred American innovation, significant private sector investments and increased manufacturing.