Most people know that electric vehicles can help you reduce carbon emissions. After all, by definition, electric vehicles are zero-emission vehicles (ZEVs). While driving an EV isn’t the only thing you can do to reduce energy waste and promote a greener world, it’s certainly a change that millions of drivers have already embraced.
However, environmental responsibility is not the only reason why people buy electric vehicles. Finances and cost savings are significant motivators, and EVs have the potential to save thousands. Even the installation of commercial EV stations have the potential to save (or even make) money for businesses! Let’s take a closer look at three reasons why electric cars can help you save money.
Electric Vehicles Are Cheaper to Fuel
EVs require electric vehicle charging stations, rather than gas stations, to fuel up on a regular basis. But if you drive an electric car, you’ll probably get more mileage for your money. While statistics show that charging an EV with electricity costs roughly the same as fueling a gas car at $1 per gallon, the cost of fueling up your EV over time will usually be significantly less. One 2018 study conducted by researchers at the University of Michigan revealed that electric cars actually cost “less than half as much to operate as their gasoline-powered counterparts,” or $485 versus $1,117 per year!
It’s also important to remember that the price of electricity fluctuates less than the price of oil. After all, your electric vehicle runs on the energy from your local utility. This helps you better predict and manage your refuel costs. Since most EV drivers either charge overnight at home or while parked at work, your vehicle’s cost to charge will be relatively consistent each week.
Electric Vehicles Require Less Maintenance
In addition to what you’ll save on fuel, you’ll also eliminate a huge amount of maintenance requirements when you switch to an EV. Because electric cars don’t contain many of the moving components found in ICE vehicles (like radiators, exhausts, transmissions, spark plugs, oil filters, and more), you won’t have to spend money on maintenance or repairs. Even brake pad and rotor maintenance is often drastically reduced in EVs, as these cars often feature regenerative braking. The less time and money required in the shop, the better. While some upkeep will still be necessary to keep your EV running smoothly, you’ll have far less to worry about and your costs will undoubtedly be lower.
Electric Cars May Come With Tax Incentives
Both EV owners and those who install commercial charging stations may be able to reduce their costs by taking advantage of various tax breaks and incentives. An EV owner could potentially claim a $7500 tax credit when purchasing their eco-friendly car. In addition, some states offer rebates or HOV passes for buying or leasing an electric vehicle. These kinds of opportunities simply aren’t available for those who purchase gas-powered cars.
For business owners, many utility companies and state governments offer funding for the installation of commercial EV charging stations. Not only do these programs provide drivers with the ability to easily charge at their apartment, but it offers business owners an opportunity to attract customers and implement green initiatives. There’s even a $30,000 federal tax credit for installing commercial charging stations! Ultimately, this can make owning an EV or installing an EV charging solution far more affordable for many drivers and business owners in North America.
Simply put, electric vehicles make a lot of sense (pun intended). On the market for a new EV? Don’t miss last week’s post on electric pickups that we look forward to charging. Want to learn more about installing EV charging stations at your business? Let’s get started.