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Expiring EV Credits Propel Record $75 Billion Quarter for U.S. Clean Energy

A rush to claim expiring EV tax credits drove the surge.

Overview

  • U.S. clean‑energy investment hit $75 billion in Q3, according to the Rhodium GroupMIT Clean Investment Monitor.
  • Consumers spent about $31 billion on zero‑emission vehicles, a 32% jump from Q2 as buyers moved to secure incentives.
  • Federal electric‑vehicle tax credits expired at the end of September, concentrating sales before the deadline.
  • EV manufacturing investment fell roughly 30% year over year, an estimated $8 billion decline that points to industrial softness.
  • Companies announced about $6 billion in new clean‑energy manufacturing projects while canceling roughly $2 billion, and credits for heat pumps and distributed power and storage are set to expire at year’s end.