Inflation Reduction Act of 2022, that includes significant climate to reduce greenhouse gas emissions nationwide by 40 percent by 2030
has shown that significant federal purchase incentives could turbocharge the market so that electric trucks and buses achieve an 80 percent market share by 2035.In June 2022, 150 GM Brightdrop Zevo 600 electric delivery vans were delivered to FedEx. Image courtesy of FedEx & GM.
The current version of the bill includes a tax credit of up to $7,500 for smaller commercial vehicles like pickup trucks and delivery vans and up to $40,000 for larger vehicles from tractor trucks to refuse trucks. Fully electric vehicles will receive a larger credit than plug-in versions and the incentives will be in effect through 2032.
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