Within just a few years, electric vehicles have gone from a rarity on the road to a common sighting. Tesla has made electric vehicles, or EVs, into stylish dream cars, and major auto manufacturers have added electric vehicles to their traditionally gas-powered lineups. With EVs becoming accessible to consumers, there are plenty of reasons to make the switch from gas to electric when shopping for a new car.
Electric vehicles are growing their maximum ranges, meaning that they can drive longer on a single charge. There are also increasingly more options for charging them, such as residential solar panels at home or charging stations in store parking lots. Something that may come as a surprise, though, is the amount of money that an electric vehicle can save a driver.
Saving Money with Electric Vehicles
Because their technology seems almost futuristic, many believe that EVs are expensive, and while some certainly have higher up-front costs than gas-powered cars, electric vehicles can save money in the long run. Consumer Reports concluded that EV drivers save between $6,000 and $10,000 throughout a car’s life. This number may seem high, but there are several reasons that electric vehicles save money.
Charging is Cheaper Than Refueling
Possibly the most obvious place that electric vehicles save money is at the pump. This is because, with an EV, a driver never has to go to a pump. With a traditional gas-powered car, each time a driver needs fuel, it is going to cost them. Gas prices vary across the United States, but on average, a gallon of gas costs about $3. To refuel an electric vehicle, all a driver has to do is plug their car in, no credit card required.
This does not mean that charging EVs is completely free. Charging an electric vehicle does require electricity and can be reflected on a utility bill. However, these costs are minuscule compared to the cost of gas. Plus, if charged with solar panels, they could save even more money.
Tax Credits for EVs
Electric vehicles are better for the environment than gas-powered vehicles. Because of this, the U.S. government wants to encourage more drivers to make the switch to electric, and one of the biggest ways they have done this is through tax credits for electric vehicles. Purchasing an EV could give a driver a tax credit of up to $7,500, which equates to immediate savings from their EV purchase. Those interested in electric vehicles may have other tax incentives based on the state in which they live.
Less Cost From Maintenance
Maintenance costs for gas-powered cars can add up. Spark plugs, radiators, and every other part in a car can break down, which often leads to costly repairs. With an electric vehicle, though, this is less of an issue. Electric vehicles have fewer parts like this, which means that less can go wrong and require maintenance.
Save Money And The Planet!
With more EV options available and impressive reliability, electric vehicles offer an exciting alternative to gas-powered cars. They become even more appealing when their cost-saving measures are continued. When switching to an electric vehicle, it may also be time to consider switching to residential solar panels to power your home. To learn more about how solar panels can lower your energy costs and protect your home from energy outages, contact us. Check out our blog for information about the costs of solar energy.
