Plus, IRA clean energy incentives should continue cutting the cost of wind- and solar-generated electricity, saving consumers more money. Heat pumps are three to five times more efficient than gas furnaces, and they run on more price-stable electricity rather than volatile natural gas. for the first time last year-even before new Inflation Reduction Act (IRA) incentives for heat pumps kicked in. Likewise, electric heat pump sales surpassed gas-powered furnaces in the U.S. BROWN/AFP via Getty Images) AFP via Getty Images US President Joe Biden's administration unveiled new proposed auto emissions rules, aiming to accelerate the electric vehicle transition with a target of two-thirds of the new US car market by 2032. Environmental Protection Agency rules and state policies could mean the vast majority of cars on the road will be electric within a couple decades – OPEC’s latest supply manipulations would hurt your wallet a lot less if you’re plugging in instead of filling up.Įelectric vehicles are charging at a charging station in Monterey Park, California, on April 12. new-car buyers could find an EV at the price and size they want, from their favored brand, by the end of this year.” The 5% threshold has precipitated mass EV adoption in the 18 other countries that have hit that sales level, and a recent JD Powers study found “about half of U.S. may have already surged past a key EV tipping point, passing 5% of new car sales en route to 8% of sales in 2022. Mason, an economist at John Jay College, City University of New York.ĮV sales are accelerating and car manufacturers are regularly debuting new models. “If you remove our reliance on fossil fuels you remove the biggest source of inflation in the economy,” says J.W. But that’s no longer the case- today, we have new technologies that let us get off the fossil fuel rollercoaster.
#Markx electric fuel pump drivers#
Most drivers had no affordable alternative to gas-powered cars and trucks, and despite utility bills fluctuating from one year to the next, consumers were still stuck with gas furnace, oil or propane heating. Until recently, consumers were stuck with fossil fuels – for better or worse. consumers sacrificed on essentials like food or medicine to pay energy bills in 2022. These surges mean hard tradeoffs for families- a third of U.S. Energy Information Administrationįor example, last winter natural gas prices rose an average of 27%, whereas electricity prices increased an average of 4%.
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