The simple act of driving with an ICE (internal combustion engine) is getting more expensive. Gas prices are at nearly their highest point in history, and some owners of larger vehicles are ready to trade them in for vehicles with better gas mileage. Plenty of drivers, however, are looking at a more permanent option – electric vehicles.
Electric Vehicles by the Numbers
According to NBC News, nearly 1 in 5 consumers who visited Edmunds.com during the first week of March searched specifically for hybrids and EVs; an 18% increase over the previous month, and a month-over-month increase of 40%!
How does the price of fuel and the price of recharging compare? A 2020 Department of Energy study put the topic to rest for good. It found the average price to recharge an EV is $0.15 per kWh, representing a $14,500 savings on fuel over 5 years compared to the similar ICE model. Add on the lack of maintenance for an EV, and savings go up another $8,000.
A Level One charger that can charge your car overnight comes with the car, but many drivers want to install their own faster Level Two chargers. Equipment like our HQ 200 Home Charger allows for an intuitive charging process. Over 80% of EV owners prefer to charge at home during non-peak hours, making charging an even more impressive deal. Also, expect to pay twice as much at a public charger because businesses don’t benefit from low residential electricity rates. There are some that offer charging for free, however, and usually aren’t hard to find with a little research. For example, some car dealerships commonly offer a free charge. But will your car payments more than make up for the savings?
Electric Vehicle Rebates, Grants, Incentives
Concerned about the difference in sticker price? “The sale price for an EV, on average, was $60,054 in February. That compared to $45,596 on average for all new vehicles, including electric ones, according to data from Edmonds”, states Carla Bailo, CEO of the Center for Automotive Research. She expects price parity by mid-decade. Credits and rebates are likely to cover any difference in the initial price.
Tax credits and rebates are usually available on the purchase of an EV. Those credits often go as high as $7,500. The Build Back Better Plan included tax credits a win/win for drivers, the environment, and auto workers, but the plan is stuck in Congress. States and cities, especially in California, often offer their own additional rebates.
How Expensive is Electric Vehicle Maintenance?
Maintenance costs for EVs are often higher than for ICEV for the first couple of months of ownership. That’s because if there is a problem with a particular EV, it usually shows up immediately. The longer you drive your EV, the less likely you are to find a problem with it. Gas-fueled vehicles are the opposite – the longer you drive the car, the more likely it is to break down. Aging parts is a constant battle with combustion engine vehicles that does not exist with electric vehicles. With no need for maintenance such as regular oil changes, the price of maintaining EVs often falls to zero quickly.
Electric Vehicles Vs Competition
While savings are not clearly visible in the sticker price, they’re built into the charging, lack of maintenance, and tax credits for electric vehicles. Experts say if you drive around 12,000 miles or more a year, benefit from tax credits, and own a home charger; the EV will prove less expensive than its gas-powered equivalent within 2-3 years.
Is purchasing an EV a good way to handle soaring gas prices? Absolutely! Purchasing an EV enables drivers to take back control. EVs come in all shapes and sizes, plan for what you need, and you’ll be another devoted EV driver/enthusiast!