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EV Considerations Have you calculated the savings you will receive from having an EV?
- The purchase price of EVs does not tell the entire story. When purchasing any vehicle, operating and maintenance costs should be incorporated into the car’s total cost of ownership, and these costs are generally lower for EVs than gas-powered cars. Start with what your current vehicle costs in operation and maintenance; then compare it to alternatives.
- Energy costs to operate BEVs typically run $590 a year, while PHEVs cost about $720 a year.
- Maintenance costs will be far less in BEVs thanks to fewer moving parts and a simpler design. PHEVs have both electric and combustion components, but they may still have lower maintenance costs than conventional vehicles because some components, such as brakes, experience less wear.
- Also, don’t forget the federal tax credit of up to $7,500 may be available. The exact amount depends on the vehicle, manufacturer and your tax liability. In addition, you may qualify for other rebates and perks from your state, city or cooperative, such as lower electric rates for charging overnight, free parking or access to special commuter lanes.
- Your electric bill will increase, but how much will depend on factors like how much you drive and how frequently you change at home.
