How Electric Vehicles Are Winning on Cost
You’ve probably been hearing a lot lately about electric vehicles and how they’re the future of driving. While EVs used to be expensive novelties that only the wealthiest greenies could afford, times have changed. These days, electric and hybrid vehicles are giving gas-only cars a run for their money when it comes to sticker price and overall cost of ownership. If you’re in the market for a new set of wheels, you’d be smart to consider an EV. They now cost about the same upfront as comparable gas vehicles, but you’ll save thousands per year on fuel and maintenance. Read on to see how the latest EVs stack up to their gas-guzzling competitors on cost. The results may shock you – in a good way. The age of the affordable, eco-friendly EV is finally here.
The Rising Cost of Gasoline and Why Electric Vehicles Are More Affordable Now
The cost of gas has skyrocketed over the years and doesn’t seem to be slowing down anytime soon. That’s why many drivers are finding that electric vehicles (EVs) are now more affordable options, especially if you factor in tax incentives, rebates, and lower maintenance costs.
Electric Vehicle Tax Incentives and Rebates: How to Save Big
Federal tax credits and state rebates can save you thousands on an EV purchase. The federal tax credit offers up to $7,500 for purchasing an EV like the Nissan LEAF, Chevy Bolt or Tesla Model 3. Many states offer additional rebates, like $2,500 in California or $5,000 in Colorado. These credits and rebates are huge money-savers that make EVs very budget-friendly.
How Much Does it Cost to Charge an Electric Vehicle?
It costs less than half as much to charge an EV than fuel up a gas vehicle. The average cost to charge an EV in the U.S. is $0.12 per kilowatt-hour. A full charge for most EVs costs between $5 to $10 and can get you over 200 miles of range. Compare that to $20-$50 to fill up most gas-powered cars. The more you drive, the more you’ll save by going electric.
Maintenance Costs: Electric vs Hybrid vs Gas-Powered Cars
EVs have fewer moving parts so they tend to cost less to maintain. You’ll never need oil changes, tune-ups, fuel filters or new spark plugs. Brake pads also last much longer thanks to regenerative braking. Insurance and registration fees for EVs are often lower too. According to Kelley Blue Book, it costs about half as much to maintain an EV over 5 years compared to a gas vehicle.
With incentives bringing purchase prices down, cheap charging and lower maintenance costs, EVs can save you thousands per year compared to gas-only vehicles. The savings are real. If you’ve been on the fence about going electric, now may be the perfect time to take the plunge!
The Environmental Impact: Are Electric Vehicles Better for the Planet?
Electric vehicles (EVs) are much better for the environment than gas-powered cars.
Lower Carbon Emissions
EVs produce zero direct emissions, so they don’t pollute the air like vehicles with internal combustion engines. The electricity used to charge EVs also produces fewer emissions than burning gasoline. According to several studies, the total carbon emissions of an EV charged from an average US energy grid are less than half that of a comparable gas vehicle, even when you account for manufacturing.
Improving the Grid
As more EVs hit the road and increase the demand for electricity, the energy grid is getting greener. Energy providers are adding more renewable sources like solar and wind to generate power. They’re also building more efficient natural gas plants to replace dirtier coal-fired ones. So, the emissions associated with charging your EV will likely decrease over time.
Reduced Oil Dependence
By switching to EVs, we can reduce our dependence on oil for fuel. The transportation sector accounts for about 70% of U.S. oil consumption, so transitioning to EVs is key to energy security and reducing price volatility.
Quieter, Cleaner Cities
Can you imagine how much quieter and cleaner our cities would be without the roar and fumes of gas vehicles? EVs produce no engine noise or exhaust, so they improve the liveability of our communities. Fewer emissions also mean better air quality and health benefits for people living in urban areas.
While EVs are more environmentally friendly in many ways, some argue that manufacturing the large lithium-ion batteries can be energy and resource intensive. However, battery technology is rapidly improving, costs are declining, and the environmental impacts tend to be far less than the lifetime emissions of comparable gas vehicles. Overall, EVs charged on today’s average US grid still have a smaller carbon footprint, and they’ll only get greener as more renewable energy comes online. So make the switch—it’s better for your wallet and the planet!
So should you make the switch to an electric vehicle? If cost is a concern, the answer is a resounding yes. EVs are becoming more affordable and cost-effective each year. You’ll save thousands per year on fuel and maintenance costs. The technology and range continue to improve while prices drop. Federal and state incentives knock thousands more off the sticker price.
While the upfront cost of an EV may still seem high, you have to consider the total cost of ownership. Over the lifetime of the vehicle, an EV will save the average driver over $10,000 compared to a comparable gas vehicle. The savings are even greater if gas prices rise again.
As more models hit the market, EV prices will become even more competitive. The shift to electric is inevitable. Why not get ahead of the curve and start saving money while driving an innovative vehicle that produces zero direct emissions? The time for electric is now. The savings are real. Make the switch – your wallet will thank you.