Do EVs Truly Save Drivers Money?

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By Jane Marsh

Electric vehicles (EVs) provide many benefits to their owners and the environment. They produce no tailpipe emissions, promote greener cities and still have excellent driving performance.

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It is often said that EVs save drivers money, but is this true? The answer depends on a few factors, such as the type of EV, the owner’s location, and if they charge at home or public stations. Here is more about electric vehicles and whether they truly save money for their owners.

Maintenance Costs of an Electric Vehicle

Electric vehicles are more expensive than regular cars, but they make up for this with lower maintenance costs. EVs rely on batteries instead of fuel and have fewer moving parts than a combustion car, requiring less upkeep.

A United States Department of Energy report from 2021 concluded battery-electric vehicle maintenance costs are around 6.1 cents per mile and those of a regular car are about 10.1 cents per mile. The reason for this is an EV does not require the same frequent maintenance as gasoline vehicles, such as a new timing belt or an oil change.

Electricity Prices VS Gasoline

One benefit EVs have is electricity prices are usually more stable than gasoline. The cost of petroleum is volatile, which means it changes frequently, whereas energy prices are typically more steady.

In addition, electricity is generally much lower than gas. A Consumer Reports study shows EV drivers spend about 60% less on fueling their vehicles than gasoline car owners.

The price of charging your EV will depend on a few factors, such as location and where you charge. This is because energy rates differ depending on the driver’s location. Also, public charging stations tend to be more expensive compared to doing so at home.

Charging an electric vehicle at home does affect the energy bills, but not by much. An average estimate shows the cost is only an extra $45 monthly. However, there are different practices people can follow to help lessen the effect, such as charging the EV at off-peak times when energy prices are at their lowest.

Fortunately, calculating the increase in energy costs is typically an easy task. Multiply the vehicle’s kilowatt-hour miles rate — kWh/100 — by the energy rate. This will provide you with an estimate of the energy your EV uses per 100 miles.

Government Incentives Are Available

While EV prices have decreased slightly in recent years, they are still considered more expensive than regular cars. One of the main reasons why electric vehicles are typically more expensive is due to the battery. However, with technology improving and some manufacturers considering switching to nickel manganese cobalt oxide batteries, the prices may decrease even more.

For now, one great way to lower the initial price of EVs is through government tax incentives and rebate programs. These programs can include reduced registration fees, tax credits, vehicle rebates and many others, but the type of incentive can differ depending on where the driver is.

Does Your EV Save You Money?

Yes, electric vehicles do save their owners money. However, the amount they save depends on where the driver lives, their EV type, government incentives and if the car charges at home. Only some states will offer the same benefits, so do proper research to determine which incentive programs are available to you.

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