A transition to all-electric cars and trucks by 2035 would save US households trillions of dollars by 2050, concludes a report from researchers at the University of California, Berkeley, Energy Innovation and GridLab.

Combining 100% all-electric car and truck sales by 2035 with a 90% carbon-free power grid would save US consumers $2.7trn between now and 2050, or $1,000 a household a year, say the researchers. The transition would also create two million jobs in 2035 and reduce economy-wide greenhouse gas emissions by 45% by 2030.

The charging plug of a BMW at the 2020 Brussels Motor Show. (Photo by Kenzo Tribouillard/AFP via Getty Images)

However, making that transition will require new policies to boost electric vehicle (EV) adoption. Among the measures recommended in the report are strong national vehicle fuel economy and emissions standards, targeted consumer incentives, and investments in an expanded nationwide EV charging network.

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By GlobalData