[Flickr Creative Commons Photo By Christian Hammer Nielsen]

How an electric car can save you money

Two affordable electric cars: The Chevy Bolt and the Nissan LEAF. [Photo by Christof Demont-Heinrich]
With more and more households averaging close to one car per family member, the transportation costs for most families are pretty high. Personal transportation has become a necessity these days with each and every family member having different priorities and schedules. With that being said, with the help of electric vehicles, now you can bring down your monthly transportation costs by a significant amount.

There is a lot of confusion of around electric vehicles as to whether they actually help you in saving money or not. The truth is that, if you are able to use them judiciously, you can indeed save a significant amount of money over the longer period of time. We will today share with you four different ways in which electric vehicles can help you save money.

How choosing an electric car could save you money?

  • Stable electricity prices

While the current gasoline prices remain subdued but the general range over the last decade has been $1.50 per gallon to $4 per gallon. On the other hand, when you look at the electricity prices, they are more or less stable with a downward bias due to more reliance on renewable sources of energy.

The distance covered by a gallon of gasoline in a conventional car costs only $ 1.22 to cover in electric vehicles. The stable electricity prices will remain the same or even head lower when the gasoline prices start climbing. Thus, not only you will be able to save money in the shorter term but also over a longer period of time when youā€™re switching over to electric cars.

  • Low maintenance costs

Generally speaking, the cost of maintenance of the electric cars is also on the lower side as compared to the conventional ones. This is because the use of fluids in electric vehicles is on the lower side. The moving parts in the electric vehicles are also on the lower side. Moreover, with the help of regenerative braking, the braking system also lasts for a longer period of time in electric vehicles. This further reduces the maintenance cost. This is another way in which you can save money when youā€™re using electric cars.

  • Federal and state incentives

Governments and authorities all over the world are offering grants as well as incentives for consumers who switch over to electric cars. A prime example is a grant which is provided by the UK. The grant offers up to ā‚¬ 3500 for the consumers to switch over to electric vehicles.

In the United States, the IRS provides a tax credit of up to $ 7500 for a new electric car purchased by a consumer. Many states like California are providing further rebates for low-income groups to switch over to electric cars. California is providing a rebate of $ 2500.



Similarly, Maryland is offering the $ 3000 tax credit for the purchase of electric vehicles below $ 60,000. On the other hand, New York is offering a $ 500 rebate on electric cars costing above $ 60,000. For electric cars costing below $ 60,000, it is offering a $ 2000 rebate. Thus, when you look at the total number of federal and state incentives, you will realize that by switching over to electric cars, you will be able to save a significant amount of money.

  • Costs savings with the help of renewable energy

With the reliance on renewable sources of energy increasing day by day, consumers have the option to use solar panels in order to charge their electric cars. Thus, you will not have to rely on commercial electricity in order to charge your vehicles. This further reduces the cost of running your electric vehicles. In gasoline-powered vehicles, you do not have the option to generate the fuel at your home. That is why, if you have solar panels at your home, you can save a significant amount of money by using electric vehicles.

Now that you are aware of the answers to the question how choosing an electric car could save you money, it is time to not only switch over to the more affordable electric cars but also the eco-friendly one. With the help of electric cars, you will not only be able to save money but also do your bit for the environment.