Image Credit: Pxhere
It’s quite common for one to hear that Electric vehicles often have a price tag higher than their gasoline-fueled counterparts. However, the investment might be worthwhile.
Fuel savings
Studies showed that a standard EV user who uses most fuel at home may expect to save from a similar gasoline vehicle an average of $800 to $1,000* per year in fuel costs. These savings are economical gains that can be used later in the future for the maintenance of the car, Although, Electric cars are known to have significant lower maintenance costs as compared to ICE cars.
Reduced Maintenance Cost
Fuel is not the only thing you should consider when saving electric vehicles compared to gas. With these modern automobiles, maintenance is totally different. Electric cars have fewer moving parts than gas powered ones, thus you will save on car-care in the end. For items like oil changes, sparks plugs and more, you are going to skip paying.
All-electric cars do not own much internal combustion equipment such as spark plugs, transmissions, heaters, oil and fuel filters, fuel exhausts, etc. As a result, electric car maintenance costs are less than gasoline automobiles. Most electric cars also feature a renewable braking system, which uses the electric engine to brake much. It also helps to save electric car frequency pads and rotors and further lowers maintenance expenses.
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Savings with Tax Credits:
So how might electric automobiles otherwise save money? Before disclosing the final account of how much money you can save on your electric car, you can save large on buying a new, Electric vehicle because of tax credits. The government offers certain tax credits which differ from region to region.
The government makes the move as a sign of thanks for reducing pollution. The vehicle must meet certain criteria, however most electric vehicles produced nowadays recent years are eligible for credits once you receive the tax credit, try adding it to a savings account in order to save you like a replacement battery pack, for maintenance expenditures on the road.
Utilities that reduce the electricity rates for charging
It's cheaper and more efficient to use electricity instead of gas for your car. Some utilities offer significantly lower costs for off-peak charging of vehicles. Programs vary by state and supplier of electricity, but can include:
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Reduced time-of-use (TOU) rate options for vehicle charging
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Per kilowatt-hour discounts used to charge electric cars
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Reduced rates for electric car charging during off-peak hours
All these solutions lead to reduced cost of electricity for your electric vehicle. These rates and reductions can further cut the daily charging costs for an electric vehicle.
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Use of Solar Panels
The use of solar panels on the roof can help to further lower the expenses of charging an electric vehicle while also reducing the consumption of fossil fuels. In fact, investment in solar panels for car charging can pay faster than the solar panels alone for residential electricity, because solar power, in addition to power supply, replaces more expensive fuel.
Solar panel installations for electric car charging can provide quick and strong return on investment. These systems can generate annual returns of 10 to 30%. Upon payment of the initial cost, the rest of the lifecycle of the solar panel system comes with free electricity.
Furthermore, for solar panel systems the average lifespan is 25 to 30 years. That way, the installation of a solar panel system symbolises 25+ years of free electrical production, in addition to providing substantial return on investment. The solar panel system will probably survive a vehicle's life and continue fueling other electric vehicles for future years.
Finally, the extra advantage of installing solar is to increase the value of the property. Studies showed that properties with solar panel systems are not only sold more quickly but also evaluated and sold at values higher than similar homes in the neighbourhood. This increase in the value of the property is approximately 3 to 4 percent.
In general, the combination of buying an electric vehicle with the installation of a solar panel system ensures even greater life time savings for the vehicle as well as the system of the solar panel. A solar panel system can balance power expenses and generate free energy in 25+ years as well as reducing reliance on fossil fuels for charging. The combination of solar panel systems with electric cars has several advantages which may be maintained for years to come to minimise the environmental impact, save cash and boost value.
Depreciation
Analysts have shown that modern long-range EVs have their value and better than their traditional fuel-driven components, since the majority of new models can now rely on to travel for a single full charge of more than 200 milles.
Not all EVs will lose value at the same rate with age as regular gasoline-driven cars. Class, characteristics and the reputation of the maker of the car all influence depreciation. This helps in fetching a better Resale value in future which again acts as an economic gain!
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Some more ways of Saving!
If you are a driver with an average mileage, your savings in fuel can be between a few hundreds to a thousand dollars a year. You're going to save more if you're a high mile driver. It's nice and you can smile while you're driving past the petrol station. This may not, however, save you money on your car's total cost.
If you’re not interested in doing the calculations, here are the circumstances that favor the EV:
• Less or no additional EV costs
• High incentives both local and federal
• Low local electricity price - High local fuel cost
• Medium temperatures
• Flat plot
Or, You may just enjoy the various advantages of EVs and not worry about the difference in costs!