This video is part of our Kite & Key Shorts series — easy to understand ... but hard to forget.
Uncle Sam wants you to go green.
So much so, he’ll pay you to drive an electric car.
For every electric vehicle purchased, the federal government offers up to $7,500 in tax credits.i
Why? To help make electric vehicles more affordable and to protect the environment.
(That’s the idea, anyway.)
But who gets these subsidies?
In reality, nearly 80% go to people making more than $100,000 per year.ii
But maybe it’s worth it if it helps the environment?
The International Energy Agency says that even if all countries meet their electric car goals, putting 140 million electric vehicles on the road by 2030 will only reduce carbon emissions by 0.4%.iii
Even the head of the IEA said, “If you think you can save the climate with electric cars, then you are completely wrong.”iv
Electric vehicles are innovative, but they’re nearly irrelevant to dealing with climate change.
WHAT YOU NEED TO KNOW:
- Nearly 80% of electric vehicle subsidies go to people making more than $100,000 per year.
- The global goals for electric vehicle adoption would only reduce carbon emissions by 0.4%.
- The head of the International Energy Agency says electric vehicles won’t save the climate.
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