Switching out your gas-powered car for an electric vehicle feels good, but does the amount you save on fuel offset the cost of the increased electricity? In short, yes! On average, an electric car will save a driver $630 per year over its gas-powered counterpart. Read on to learn why electric cars are good for the environment and your wallet.
How much will I really save on fuel?
Studies have consistently shown that charging an electric car is cheaper than filling up the tank. Generally, it costs $1,117 per year to run a new gas-powered vehicle, and only $485 per year to run a new electric one, meaning you can save about $800 a year on fuel—even after factoring in the increased electricity cost.
How you can save even more on maintenance
Electric vehicles usually have a higher up-front cost than gas-powered cars, but they are also very low on maintenance. Since electric vehicles have fewer moving parts than those powered by gas, you don’t have to pay for things like oil changes, spark plugs, and more. You’ll skip out on paying for things like oil changes, spark plugs and more. Plus, electric motors are able to slow themselves down, which puts less strain on your brakes.
The priciest maintenance component associated with an electric vehicle is replacing the battery pack, which can cost thousands of dollars, and can be necessary more than once over the life of a car. But you can extend the life of your battery by avoiding high temperatures and overcharging. In addition, some manufacturers’ warranties will cover the cost of a replacement.
With all that in mind, on average, you’ll save about $1,500 on the first 150,000 miles worth of maintenance with an electric vehicle, as well as the time it takes to roll your car into the shop.
Tax credits and incentives
Electric cars also save you money in a third way: tax credits. As a token of thanks for cutting down on pollution, the government offers a $2,500–$7,500 tax credit just for making the switch to electric. Electric cars manufactured within the last few years meet the criteria to qualify, though you should be sure to double check.
Drawbacks of electric cars
All this sounds too good to be true—so are there any drawbacks? Well, yes. Like most things that cost less money, electric cars are less convenient, time-wise. You’ll need to carefully plan for when you charge up your car. While filling up at the gas station only takes a few minutes, a full charge at a home EV charging station can take up to 8 hours. And even at fast, commercial charging stations, it will take 30 minutes to charge the battery pack to 80%
Get EV charging station installation in Cary NC!
A home charging station is a must for an electric car. While you may have a few charging stations around town, they are few and far between. If you would like to install a residential EV charging station in Cary NC, call our friendly electricians at Alternate Current Solutions! Click here to learn more about our EV charging installation services, or click here to schedule a free estimate.