The passage of the Inflation Reduction Act will make an impact on the inland freight industry in a variety of ways. One of the bill's main goals is to significantly reduce GHG emissions by at least 59 percent in 2035, which is almost double the amount that would happen if the IR Act wasn't passed by congress.
Here is an overview of how the IR Act will change inland freight.
The Qualified Commerical Clean Vehicle tax credit provides up to $40,000 in tax credits for adopting electric medium and heavy-duty trucks.
This IR Act tax credit is designed to make it cheaper to own an electric truck than a diesel truck. Electrification also results in substantial fuel savings that can further boost the bottom line while causing less environmental strain.
The passage of the IR Act bill will likely result in an even greater demand for electric medium and heavy-duty trucks due to the tax credit. It's possible that over 60 percent of new truck sales will be electric by 2030.
The rising demand for electric vehicles will only encourage further innovation to improve these trucks by making them even more affordable.
The IR Act also offers a $1 billion rebate program for investing in Clean Heavy Duty Vehicles for states, Indian tribes, school associations, and municipalities. Converting these heavy-duty fleets to zero emissions will greatly reduce the amount of greenhouse gas emissions.
Making these investments in electric vehicles can also make a big impact on creating a safer environment by reducing exposure to pollutants in local communities.
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Topics: Our Thoughts