The price of gas has been on the minds of many. It feels like inflation has been striking hard no matter where you live. You know what could help erase that worry from your mind? Going electric.
Both hybrid vehicles and fully electric vehicles have been on the market for a long time now. Yet it seems like in the past couple of years they have finally started to go from unattainable for the average consumer to a more affordable range. If you haven’t already, now is the time to consider getting your own electric car.
Fuel Costs
Research done by AAA has shown that while electric vehicles may still have a higher purchase price on average than equivalent gas-powered vehicles, you can save more money overall by going electric. Owners of electric cars spend around $546 in a year on power, while those who own gas cars spend around $1,255, if both have driven 15,000 miles in that year. These numbers will vary based on the costs of gas and electricity where you’re living.
The amount of electric vehicle charging stations is steadily growing, helping to dispel the fears of being stuck out in the middle of nowhere with no power. While the number of charging stations isn’t even near half the number of gas stations in the country, infrastructure bills could help decrease that difference. Investing in your own home charging station is another way to keep your car at full battery, although those can get expensive very quickly. It also helps that the average electric car nowadays will last for about 200 to 300 miles with just one full charge, so you’ll have plenty of time when you’re out and about to find another station.
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Maintenance Costs
Even the best electric cars require maintenance, but it isn’t nearly as much as gas-powered cars need. The difference is mainly due to all the work and parts the engine requires. There are no air filters or oil to change – while components like tires and windshield wipers will need to be taken care of with any car, not having to deal with that engine makes for cheaper upkeep.
Auto insurance can cost more for electric vehicles than it does for gas-powered vehicles, but if you’re intrigued then that shouldn’t stop you. Depending on what make and model you get, it could be the same amount for an equivalent gas car, or a couple hundred dollars above or below the the gas car’s insurance. As with any car shopping, you should compare the potential insurance for any type of car you’re looking at. The difference in price might not end up being a big deal for you anyway.
Incentives
To decrease the price of going green even more, there are tax credits and rebates available. At the federal level, the main incentive is the Qualified Plug-in Electric Drive Motor Vehicle Tax Credit. This is for cars bought in 2010 or later, and the amount of the tax credit (anywhere from $2,500 to $7,500) is based on the capacity of your vehicle’s battery. Make sure to read all the requirements so that you can determine what conditions you have to abide by.
At the state level, there are more credits and rebates, such as Arizona offering up to $75 when you install Residential Electric Vehicle Supply Equipment. Some states, like Connecticut, include hybrid vehicles in their incentives. These make purchasing a non-gas-powered vehicle a much more attainable goal.
Affordable electric cars are becoming more common every day. While they might still appear to be out of reach, they’re actually not as pricey as one might believe. Thanks to lower maintenance costs, rebates and electric vehicle tax credits, and increasingly better battery mileage, electric and hybrid cars can be pretty affordable. The perception of them only being for wealthy people needs to end so that more people will embrace the future.
Why not save money on gas? You can even install a solar system so you can charge your vehicle whenever you want, without leaving the comfort of your home to find a charging station. You don’t have to worry about the inflation of gas prices if you’re running on renewables. Save yourself money in the long run by investing in two environmentally-friendly ways of living now.
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