With rising gas prices at all-time highs, the consideration of electric vehicles is increasing rapidly. The number of electric vehicles in the U.S. doubled last year with the expectation of similar increases in 2022 and beyond. Partly motivated by fuel economy and partly by the promise of cleaner, cutting-edge technology, EV sales are now noteworthy.
The biggest reason why Americans are researching EVs right now is the rapid gas inflation of the last year.
You should not buy an EV just to save money on fuel. Even though home charging is considerably cheaper than gas fill-ups, public charging rates vary and can be more expensive. Currently, auto insurance is higher for electric vehicles. On average, new EVs cost $19 k more than I.C.E. vehicles before rebates.
The Math
Electric Vehicle A 1000 miles per month x home charging at $.13 /kw = $133
Gas Vehicle A averaging 28 m.p.g. x 1000 miles per month x gas at $4.25 / gal = $152
Gas Vehicle B averaging 18 m.p.g. x 1000 miles per month x gas at $4.25 / gal = $236
Final Analysis
With automakers making the transition all but inevitable, an initial investment into home charging (reach out for details) and an upfront premium may be worth it for a multitude of reasons we explored recently.
Ten Reasons Electric Vehicles are Here to Stay!
Marketwatch did a detailed analysis using the average $ .12 / kw. Electric rates have risen but are more stable than gasoline. We used an updated $.13 /kw
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