Electric vehicles are less expensive to fuel than their gasoline-powered equivalents nationwide, regardless of where you plug them in. In the 50 largest US cities, every power supplier offers a pricing plan that makes using electricity less expensive than using gasoline, resulting in a median annual savings of almost $770.
You may save money on maintenance by driving an electric car. Battery electric vehicles (battery EVs) do not have gasoline engines, require no normal maintenance, and do not require replacement of timing belts, spark plugs, or oil. When compared to a gasoline-powered equivalent of their vehicle, these lower maintenance costs can save an EV owner over $1,500 over the course of the vehicle’s lifetime. Below is specific information about average savings in some major cities in California.
Depending on the electricity provider, the electricity rate plan selected, and the local gas prices, the annual savings can range from $440 to over $1,070.
Many electricity providers provide cost-effective off-peak, time-of-use options for EV users. Most EV owners charge their cars overnight while they are parked at home, which frequently coincides with periods of decreased total electricity demand. During these periods, several utilities provide discounted rates. Off-peak, time-of-use rates range from $.03 per kWh to $0.21 per kWh, translating to expenditures that are between $0.25 and $1.78 per gallon of fuel.
Because it may be produced from a variety of sources and US power markets are regulated, the price of electricity is more stable than the price of oil. Over the past 15 years, the national average price of electricity as a car fuel has stayed close to $1 per gallon ($0.88 to $1.17 per gallon) whether stated in constant currency and corresponding gasoline prices. Between 2002 and 2017, the average US gas price fluctuated from less than $2.00 to more than $4.50 per gallon.
EVs are becoming less expensive to buy. The price to manufacture an EV’s battery pack determines its manufacturing costs, which have historically been greater than those of gasoline-powered vehicles. However, it is anticipated that declining battery costs and increased EV production will drive down EV purchase costs to levels comparable to those of gasoline-powered cars.
Compared to equivalent fuel vehicles, EVs may be less expensive to maintain. Oil changes and other engine maintenance are not necessary for battery electric vehicles like the Chevrolet Bolt EV, and little to no routine maintenance is needed for the electric motor and battery components.
Recommendations for motorists thinking about EVs
- Analyze the availability of electricity where you plan to park an EV.
- Learn more about the charging choices available, especially if your energy provider offers time-of-use charges.
- Find out whether there are any state, local, or electrical provider incentives available before purchasing an EV or EV charging equipment.
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