In 2017, a report from BloombergNEF wrote that electric vehicles would make up 54% of new car sales worldwide by 2040. In the 2020 version, published after the start of COVID-19, BloombergNEF forecasted that EVs would make up 58% of global car sales by 2040. While we have not yet reached that adoption rate, millions of drivers have already embraced the eco-friendly allure of EV ownership. But it’s not just about protecting the planet. Electric vehicles and EV charging networks are also beneficial for your wallet and time.

Electric vehicles are cheaper to maintain

Not only has the purchase price for electric cars decreased in recent years, but the costs of EV ownership are typically less over time than those associated with owning an internal combustion (ICE), or gas-powered, vehicle. Some car buyers may dismiss the idea of purchasing an electric vehicle when they see the initial purchase price. After all, many of the newest electric cars debuted as luxury vehicles, though more affordable models started to reach consumers in 2019.

However, the purchase price is just a portion of the overall cost of owning an electric car.

With a conventional ICE vehicle, fuel and vehicle maintenance add up to thousands of dollars. Depending on the constantly fluctuating oil prices and your own vehicle usage, you could spend anywhere from $80 to $150 per month on gasoline. And as far as car maintenance is concerned, you might spend around of $2,000 a year on repairs and upkeep, with annual maintenance only increasing as your vehicle ages. Conservatively, you could be spending upwards of an extra $3,000 per year to drive your gas-powered car!

According to AAA’s 2019 report on vehicle ownership costs, electric vehicles have the cheapest fuel costs, with 3.65 cents per mile compared to an ICE vehicle’s average 11.60 cents per mile. For maintenance, repair, and tires, electric cars cost 6.60 cents per mile compared to the ICE vehicle’s average 8.94 cents per mile. After all, while all cars need tires and windshield wiper fluid, EVs have fewer moving parts and do not require an annual oil change. Without replacing belts or oil, EV maintenance is cheaper, less frequent, and less time-consuming.

Electric vehicles are more convenient for fueling

New EV drivers notice that one of the most useful benefits is in recharging their electric car. Many owners install electric vehicle charging stations in their garage or carport for easy overnight charging. But what if you live in an apartment or cannot charge at home? That’s where commercial EV charging networks come in. Many workplaces and multifamily communities are now installing smart EV charging stations for employees or residents that need a place to charge. Most EV drivers prefer to charge while sleeping or working, so commercial charging stations are the best way to start a day with a full charge. Without taking extra time to visit the gas station, EV drivers have even more time in the week.

But home and office are not the only places to charge. Increasingly, shopping centers, universities, hospitals, hotels, and public parking lots are installing smart charging stations. Commercial EV charging networks like SemaConnect allow drivers to use the same member account at both private and public charging stations. It’s easy to top off your battery while running errands or attending a class. If you’re going on a road trip, you can even plan your route so you can charge while you hike at the Grand Canyon!

When you consider going green can also save you some green, it makes sense (and cents!) to support electric cars. Drivers can switch to an EV, fleet managers can convert to electric fleets, and property managers can install EV charging stations. Whether you manage an apartment community, workplace, or store, increasing EV charging accessibility in your community can make a huge difference – both for the planet and for everyone’s bottom line. Contact your SemaConnect sales manager today to get started with EV charging.