It's no secret that the EV market is rapidly growing with each new year. According to a CarGurus study, 52% of United States car owners expect to own at least one electric vehicle within the next decade– a noteworthy increase from just 34% of those surveyed back in 2018. One of their greatest motivators? Saving money.
Image via CarGurus.
When directly compared to a gas-powered car, the annual charging costs of an electric vehicle according to the United States Department of Energy sits around $500 per year (with an average of 15,000 miles traveled in mind). However, the annual fuel cost of a comparable vehicle powered by standard gasoline is nearly three times higher than that, averaging just shy of $1,500 per year.
Decreased fueling costs isn't the only area for expected savings. By switching to an electric car, you also save a lot on maintenance. According to Consumer Reports, people who drive electric cars on average pay half as much to repair and maintain their vehicles when compared to drivers operating gas-powered ones. Over the lifetime of their car, it is estimated that EV drivers pay an average of $4,600 less in repair fees and costs when compared to non-EV drivers.
Please note that these numbers are estimates, and can vary depending on your charging habits, such as using a TurnOnGreen EV700 Home Charger versus a public Level 3 fast charger. These rates can also change due to less obvious things; for example, whether or not you crank up the air conditioner to the max on a daily basis or have other driving habits that drain your battery in the long-run can decrease your expected savings.
With all of this in mind, the numbers don't lie. If you switch from a gasoline-powered car to an electric vehicle, you can expect to save some serious cash over the lifetime of your car. So what are you waiting for?
Are you interested in adding a premium EV charging solution to your home? Contact us to learn about special rates for our EV700 Plug-and-Play level 2 residential charger.