The federal Qualified Plug-In Electric-Drive Motor Vehicle Tax Credit is available for EV purchases from manufacturers that have not yet met certain thresholds of vehicle sales. Also, initial costs can be offset by fuel cost savings, a federal tax credit, and state and utility incentives. Prices are likely to equalize with conventional vehicles, as production volumes increase and battery technologies continue to mature. CostsĪlthough energy costs for electric vehicles are generally lower than for similar conventional vehicles, purchase prices can be significantly higher. Plug-in hybrid electric vehicles (PHEVs) and all-electric vehicles, also referred to as battery electric vehicles (BEVs), are both capable of being powered solely by electricity, which is produced in the United States from natural gas, coal, nuclear energy, wind energy, hydropower, and solar energy. Hybrid electric vehicles (HEVs) typically use less fuel than similar conventional vehicles because they employ electric-drive technologies to boost vehicle efficiency through regenerative braking-recapturing energy otherwise lost during braking. All of this adds to our nation’s energy security. The multiple fuel sources used to generate electricity results in a more secure energy source for the electrified portion of the transportation sector. Using more energy efficient vehicles like hybrid and electric vehicles supports the U.S.
Overall, the transportation sector accounts for approximately 30% of total U.S. The United States became a net exporter of petroleum in 2020 with exports surpassing imports, although imports of 7.86 million barrels per day remained an important part of balancing supply and demand for domestic and international markets.
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