Do Electric Cars Save Money?

Do you save money with electric cars? In developed countries like America, France, England transportation is considered the second-largest expense after Housing. People have to spend their hard-earned money on transportation as this is also equally necessary for them in their daily lives. Now if I tell you that you can actually save money using Electric Vehicles. Some of you may disagree with the fact.

But that’s the reality which I will be discussing in this article. Just by swapping your traditional gasoline-powered vehicle with an electric car can surely help you reduce the cost of your transportation. Speaking about Electric Vehicles, it can be either an All-Electric Vehicle (AEV) or a Plug-in Hybrid Electric Vehicle (PHEV). It depends on which one you are going to use.

Does Electric Cars Save Money

Here in the article “Do Electric Vehicle save money”, we will be providing you with the ways how you can make a difference in the money spent on transportation. These ways can save money on your day-to-day expenses. Read and find yourself, how can electric cars save your money.

How Much Money do Electric Cars Save?

If you are Electric Vehicle User, then you must have noticed that there is a drastic change in the amount of money you had spent on fuels last time when you were using gas-powered vehicles and now when you are using Electric Vehicle.

But yes if you are not an electric vehicle user then also you can see for yourself about the case study which I will be explaining now. Based on a review done at the University of Michigan, it was found that electric vehicles cost less than half as much to operate as gas-powered vehicles. Speaking about the numbers, the EV costs around $500 per year whereas for the same the gasoline-powered vehicle costs around $1150.

Apart from that if we look at the prices of gasoline, it is far less stable as compared to electricity. It is looking at the prices of gasoline of the last 10 years, the fuel costs around $1.45 to $4.12 per gallon. But the cost of electricity has remained quite the same at $1.18 for covering the same distance. Having a consistent rate of electricity actually makes it more budget-friendly and again more predictable.

The good thing about the electric vehicle is the better the battery technology becomes cheaper will be the fuels cost also. So there is a massive probability of growth in the field of Battery Technology. And that is the reason why Electric Vehicles are called the future of transportation.

How are Plug-in Hybrid EVs more Efficient than Standard Gas-powered Vehicles?

One of the significant types of Electric Vehicle is Plug-in Hybrid EVs. Its quite different from the all-electric vehicles, which generally uses no gasoline at all. Since its hybrid, its is a mixture of technology of both the all-electric EV and conventional gas-powered vehicle.

I mean to say that in plug-in hybrid vehicles, there is a facility for both the battery and fuel (gasoline). In case the battery’s charge runs out, there is a backup present to power the vehicle’s engine. So there is the facility of powering using gasoline also.

But some may think that using both the alternative will gradually increase the cost of fuel consumption. But I must inform you that these PHEVs are fuel-efficient and it uses the fuel more efficiently than the conventional gasoline-powered vehicles. It switches the power mode from electric to gasoline when the cars cover long distances, and for short distance, it makes use of the Electric Charges.

Another advantage of it is its internal combustion engine is used to recharge the car’s battery, which ultimately saves the electricity costs and thereby reducing the long hours of charging.

Utilities offering lower-cost electricity for electric vehicle owners
Till now one thing is fully clear to us, i.e. the use of electricity in place of gas to power our vehicles is really cheaper and also more efficient.

And again some utilities are also there, which still offers lower prices for electric vehicle charging that too during off-peak hours. But please note that these programs vary by state and by an electricity provider, but let’s know what they offer in these utilities :

  • There is a Reduced time-of-use (TOU) rate options for vehicle charging
  • Again some provide Per kilowatt-hour discounts which can be used to charge electric cars
  • There happen to be Reduced rates for electric vehicle charging all during off-peak hours

The options which are mentioned above result in lower-cost electricity that is used for charging your electric vehicle. Apart from that these rates and discounts can easily help you to reduce the day-to-day costs of charging of an electric vehicle even further.

Lower Maintenance Costs for Electric Vehicles

Electric cars are better for the environment and they can save money on gas. If you look at the design of All-electric cars, they actually don’t have many types of equipment which are specific to internal combustion engines like those of spark plugs, transmissions, radiators, oil and fuel filters, exhausts, and other gasoline-specific components. The absence of so much of parts actually reduces the cost of maintaining an electric vehicle compared to the gasoline-powered vehicles.

Again in the electric vehicles, the braking technology used is called regenerative braking, in that electric motor are used for the braking. Further, it helps in reducing the cost of brake pads and rotors used in electric vehicles. Overall the maintenance cost of electric cars is much less compared to others.

Using Solar Energy for Electricity to Maximise Your Electric Car Savings

For charging the batteries of electric vehicles, you must be using the power grids of your home electrical connection. And it must have cost you some additional money at the end of the month as electric bills. But there is another method using which you can reduce the electrical charges ultimately once and for all.

Its unbelievable right. But its true if you use the free solar energy as the power source for your electric vehicles. Just by placing the solar panels on the rooftop you can generate electricity which you can use for charging your electric car.

These Solar panel systems may cost you little expensive in the beginning, but when you use it for a long time, then you can easily see that using them was one of the best decision regarding saving money in the long run. Again you will get pure green electricity using these solar panels.

You will see for yourself later that the combination of solar panel systems and electric cars has numerous benefits that can only be seen if you look at it for the long run.

Do Electric Cars Really Save Your Money?

Till now you must have read the article “Do Electric Vehicles save money? Here in this article, we have tried our best to explain how the use of electric vehicles can save your precious money for real. If you have any kind of doubts regarding the things which are described in this article, then feel free to comment about it below. We will be more than happy to answer later.

Again we are always open for suggestions or new ideas. We aim to provide you with the best available knowledge in a simplified manner. If you genuinely like the article and want us to write more similar things, then don’t hesitate to share it on social media. Be assured that we’ll update this article as we get more intel on it.

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