The accelerated adoption of electric vehicles (EVs) has changed the automotive industry forever. Tax credits and subsidies have lowered the initial cost barrier for many. According to the Edison Electric Institute, the number of EVs on U.S. roads is projected to reach 26 million in 2030, up from 19 million in 2018. All eyes now turn to whether or not domestic infrastructure to charge all those EVs can keep pace. This rise in EV popularity can be attributed to several factors, including a greater awareness of the environmental impact of traditional gasoline-powered vehicles and advances in EV technology. The decreasing cost of EV batteries and the availability of government incentives and tax credits also have contributed to this increased adoption.

Unprecedented climate legislation is opening a vast array of opportunities for those in the cleantech space. The $369 billion dollars in federal funding is proving to be a gamechanger by delivering critical investments to climate tech developers and manufacturers. Companies are taking advantage of tax incentives and grants for solar, wind, and other renewable energy projects. Developments are moving even faster in e-mobility, where Americans now can now tap into a $7,500 credit to buy EVs. The law also requires that some manufacturing and assembly of EVs happens right here at home in the U.S. And as an important first, this law will dedicate between around $60 billion to environmental and climate justice efforts.