From gas savings to tax credits: 7 things to know about Biden’s new electric vehicle and mileage rules

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The Biden administration will raise gas mileage standards and cut tailpipe pollution between now and model year 2026. Biden also secured a voluntary pledge from the auto industry that EVs will comprise roughly half of U.S. sales by 2030.

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The Biden administration will raise gas mileage standards and cut tailpipe pollution between now and model year 2026, officials announced Thursday. Biden also secured a voluntary pledge from the auto industry that electric vehicles will comprise roughly half of U.S. sales, pushing out competing gas-powered engines, by 2030.

For now, consumers still have a wide array of choices between fossil fuel-powered or internal-combustion-engine vehicles, hybrid vehicles that use electric power to supplement gasoline power, and fully electric vehicles, most of which require at-home overnight charging while the network of EV hookups around the nation slowly expands and evolves to offer quicker charges, similar to the speedy roadside fill-ups consumers are used to.

How much will drivers save at the gas pump? Stricter CAFE standards are expected to save consumers $900 annually in gasoline, on average, said environmental policy group Climate Power. Can consumers still receive an EV tax credit? Biden’s proposal to include $100 billion in new electric-car subsidies has been dropped from the pending infrastructure bill, but an existing federal-tax incentive remains. The savings do not come off the initial price of the car, no matter how car sellers may market this incentive that way. Buyers can claim up to $7,500 in credit against the federal income taxes owed in the year in which the car is purchased, lowering their federal tax liability.

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Throw all that out in the next presidency.

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