Are Electric Cars Worth It? How Much Money Do They Really Save?

are electric cars worth it

The number of people switching to electric vehicles is growing by 25 percent year-on-year. Since transportation is the second highest expense for the average American household after housing costs, we’re always looking for ways to cut the costs of transport. But are electric cars worth it?

We already know about how electric vehicles reduce our carbon footprint. However, people want to know if it’s actually possible to save money by switching to your electric car. Keep reading to find out the answers to your questions about electric vehicles.

1. Savings on Your Fuel Expenses

One of the biggest savings you can make by switching to electric vehicles is to your fuel expenses. Researchers from the University of Michigan discovered that you can save over half on your fuel bills by moving to an electric vehicle.

But the other advantage of electric vehicles is that the price of electricity is more stable compared with gasoline which fluctuates hugely. This not only allows you to save money but you can also budget effectively because you know how much your fuel bills are going to be month by month.

Furthermore, the cost per mile in your electric vehicle is significantly less than a gasoline-fueled vehicle. In fact, you can nearly double the mileage you receive for your dollar.

2. Benefit from Incentive Schemes

If that’s not enough for a reason to switch to electric vehicles to save money, you can also benefit from the incentives schemes to encourage the switch.

Many energy utilities provide special low price deals for consumers with electric vehicles. This allows you to charge your car at home during off-peak periods.

Although the costs of charging your electric vehicle are the biggest expense of an electric vehicle, you can reduce the costs by signing up to one of the many utility programs.

3. Lower Maintenance Costs

The repair and maintenance costs on a gasoline-fueled vehicle can be enormous. However, with an electric vehicle, you don’t have to worry about any of the large costs of replacing or maintaining your vehicle.

This is because many of the parts of vehicles that get damaged or break are related to the internal combustion engine, which electric vehicles don’t have.

Even if you don’t go all out and choose a hybrid electric vehicle, the maintenance costs are going to be lower than a standard gas-powered car.

4. Generate Your Own Electricity at Home

Solar energy has grown year-on-year by over 50 percent as an increasing number of households install their own panels.

This not only reduces your fossil fuel consumption but also provides another source of power to charge your Bolt 2018. Thus, further reducing the costs of your vehicle.

You’ll probably have plenty of spare solar energy left over to power the rest of your household when the sun is shining.

Are Electric Cars Worth It?

If you’re still asking yourself – are electric cars worth it? – you haven’t been listening. Yes, by switching to electric vehicles you can save yourself hundreds of dollars every year.

Do you want to find out about how you can make the switch from gasoline to electric vehicles? Check out our blog for help and advice.