Compared to other transportation fuels, electricity is the cheapest. Since 2011, the national price of gasoline has averaged $3.46, while the price of an eGallon has averaged only $1.19. (Source). Both time and money can be saved when fuel savings are combined with the elimination of gas station visits.
Gas and diesel prices are predicted to continue rising much faster than electricity (Source). Gas and diesel are subject to a global market with a dwindling supply, but electricity is abundant and its sources are domestic, which make it a cheap, reliable and secure fuel source for vehicles.
EVs have fewer moving parts and are much simpler than a conventional vehicle. No oil changes are required, brakes last longer, and maintenance costs are cut in half in most cases ( Source).
Consumers in Colorado qualify for up to $13,500 between federal and state tax credits for EVs. Calculate savings using this calculator (coming soon)..
The total cost of ownership includes lower fuel costs, lower maintenance costs, and tax credits in addition to the higher initial investment. Even if the initial investment of an EV is more than its conventional counterpart, the EV could actually be cheaper to own over its lifecycle. Compare costs using the Alternative Fuel Data Center’s Vehicle Cost Calculator.
With EV technology changing rapidly, leasing is a very popular option. Some EVs offer leases as low as $200/month.
Driving EVs may be cleaner than conventional vehicles, but there are emissions associated with electricity generation and the production of the vehicle itself. A well-to-wheels emissions analysis takes into account the production, distribution, and utilization of the fuel source, and even after all of that is analyzed EVs are still cleaner in many areas throughout the US (Source). As our electricity grid continues transitioning to cleaner energy sources, EVs will become cleaner as well. Use this Vehicle Cost Calculator to compare costs and emissions of an EV vs. a conventional vehicle.
While operating on electricity, EVs produce no tailpipe emissions. In fact, BEVs don’t even have tailpipes.
The sources used to generate electricity vary regionally, but electricity is different than other fuels because the sources used to produce it can change. Older power plants can be replaced with newer, cleaner technology so that the electricity used in EVs will become cleaner over time (Source). Colorado is working hard to transition electricity to cleaner sources with policies like the Clean Air Clean Jobs Act and one of the highest renewable energy standards in the country.
The US imports roughly 40% of its petroleum from foreign countries (Source). Electricity is generated from domestic sources like natural gas, hydropower, solar, wind and coal.
By utilizing a domestic fuel like electricity instead of gasoline or diesel, jobs and new industries can be created in the solar, wind, and natural gas industries that will boost economic growth.
Domestic fuel sources are much more stable, meaning the price fluctuates less because the fuel isn't subject to global issues. Electricity prices have been historically very steady and affordable, which makes fuel bills more predictable and easy to budget.
Electric Vehicles incorporate new, smart technology to make life more convenient. Many EVs come with phone applications that enable the user to check the charging status, pre-warm or pre-cool the car while it’s still plugged in, turn on a heated steering wheel and/or seats, and pre-program the car to charge at a certain time of day.