Are EVs Really Cheaper to Run Than Gas-Powered Vehicles?
Congratulations on making the green energy decision to research the economics of converting to an electric vehicle (EV) lifestyle. At the foundation of your successful EV life is the confidence you can have in knowing that the EV power source is affordable as well as carbon-free.
Many buyers can start this groundbreaking evolution by taking advantage of EV rebates in the form of federal tax credits on many new EVs for 2023. That cost break could total thousands of dollars. With this purchase incentive in hand, you’re really going to enjoy the cost comparison between EV charging and fossil fuels.
More Than Double the Savings
A cost comparison from 2021 found that EV charging costs in the United States were $485 a year, on average. The annual average for traditional vehicles? Some $1,117 in gasoline charges. In other words, at that particular point in time, the cost of operating a gas mobile was more than double the cost of using EV battery charging as a power source.
That’s a pretty impressive apples-to-apples comparison. And while the cost of EV charging can go up or down depending on where and when you charge, the costs will always be much more of a pinch when pumping fossil fuel. That’s because gasoline is a non-renewable resource, so the price for a gallon will almost invariably escalate over time as supplies start to run out.
EV battery charging, on the other hand, relies on electricity, which can be generated from a wide range of renewable resources, including wind, solar, hydropower, geothermal, and other means. The supply of that energy source is limitless, so the cost factor should be much more stable and affordable over time.
Other Developments Will Keep EV Costs Down and Acceptance Levels High
As EV battery technology improves, so does the range of the average EV battery between charges. Between the years 2011 and 2015, the EV battery range was flat. Drivers could expect to get around 75 miles on a full charge. For many big-city commuters, that wouldn’t even power a round trip between home and work.
Then in about 2016, the technology took off. By 2020, the median EV battery range on a single charge was 259 miles for most vehicles and just over 400 miles for some high-end options.
As those range advancements continue, more EV motorists will be able to charge their batteries at their own homes or apartments more often, where electrical rates are the most cost-efficient, especially with overnight charging, when rates are typically the lowest.
New Funding for “Alternative Fuel Corridors”
For those EV motorists who must charge on the road a significant part of the time, that will get progressively easier as more charging stations appear on the American horizon.
The current real and perceived shortage of charging stations has been an impediment to greater EV acceptance, but that will change.
In February 2022, the Biden Administration announced it would invest $5 billion over the next five years to help all 50 states fund an impressive network along “Alternative Fuel Corridors” across America.
The administration added that there would be a later announcement regarding a similar investment to help fund charging stations along rural roads and in underserved communities.
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Are you doing preliminary research or actually to the point of considering which EV to buy? Whatever point in the sales cycle you’re at, from vague window shopping to a serious buyer, you’re not alone.
While there were fewer than one million EVs on U.S. roads just four years ago, an estimated 27 million such vehicles, new and used, will be out there by 2030. That number will only continue to grow. As sustainable products that contribute to a carbon-free lifestyle, mobility technology can’t be beat.
More to the point, the new EVs for 2023 are simply fun to drive!
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By evee Life Contributor
Published October 19, 2022 1:41AM
Eveelife is an eco-oriented lifestyle platform that helps consumers make more purposeful choices about how they live and what they consume. We do it by curating content and products that help them make more conscious, carbon-free choices while amplifying their EV ownership experience.