One of the biggest benefits of choosing an electric vehicle is the savings it provides. Because an EV has a lower fueling cost and significantly lower maintenance cost, the savings add up over time and mileage. When we compare the Total Cost of Ownership (TCO) over five years of an electric vehicle to a similar gasoline only vehicle, the cost will almost always come out lower for the EV. And on average, an EV will also save you time that would have otherwise been spent visiting the gas pump or taking your car to the service center. But why is this the case? What is it about electric vehicles that make them so good at saving you money and time?
1. Maintenance
Electric vehicles have fewer moving parts than their ICE vehicle counterparts. In simple terms, their propulsion system consists of an electric motor, power electronics and a battery. Fewer moving parts means less wear and tear that would happen over time. On top of that, many models of EV’s built to not only meet, by far exceed the average driver’s needs. Every EV’s propulsion system comes with an 8 year/100,000-mile warranty. This means in most cases that even the parts that might break down are still unlikely to because they are engineered to last the car’s lifetime.
Another benefit of an EV design? Regenerative braking, a system which not only extends the life of the conventional brakes (simply by not using them as much), and also increases the vehicle’s efficiency. Some of the energy previous lost in friction and brake pad wear is instead returned to the battery as electrical energy, allowing for a greater driving range. In fact, after going down a long hill, an EV’s battery level and range indicator may actually go up!
2. Lower Fuel Costs
Despite gasoline prices averaging lower than they have in years, fueling a traditional gasoline only vehicle can still be very expensive over time. In comparison, fueling a car with electricity has consistently proven to be far cheaper, especially for those whose electricity comes from a municipally owned light plant with typically lower residential rates. In the case of charging your EV at home in territory, the cost will usually come out to under $1.50 a gallon. And if enrolled in an off-peak charging incentive program, that can be just $1 a gallon or even less!
3. Time
One benefit of EV’s not talked about as much is potential time saved. Compared to taking a gasoline vehicle to the gas station around once a week, an electric vehicle is most typically charged at home, nightly while you sleep. While the actual total charge time required may be measured in hours, the driver’s time required is only a few seconds. Upon arrival at home, the driver simply plugs in and the car starts charging or is ready start automatically, if charging is scheduled. Drivers who participate in an off-peak charging incentive program typically program their car or charging unit to automatically start charging later in the evening per the terms of the incentive program. The process for plugging in however is the same, as the car will automatically sit idle until the scheduled charging commences.
Even charging in public or at the workplace can save a driver time, as these are places where someone would already be parking anyhow. It’s important to note though that for most drivers, around 90% percent of charging still happens at home. The rest can be done while you’re out, whether going out to eat, shop, at work, or at a rest stop fast charging station while on that occasional long trip. For plug-in hybrid (PHEV) drivers, any charging away from home is strictly optional based on convenience vs cost.
Finally, the lower maintenance needs of an EV also saves its driver a lot of time. Over 5 years, a typical gasoline car may require over 20 oil changes alone! An all-electric car never needs an oil change. Less time spent scheduling visits to the service center and waiting for your car to be ready means more time to do things that you much rather be doing – like taking a drive in your EV!
Interested in learning more about the many benefits being an EV driver offers you? Have any questions or comments? Write them below in the comments section or contact us at ev@ene.org
