A study from the American Automobile Association has shown that the cost of owning an EV is starting to drop compared to owning a gas-powered vehicle.
According to Forbes, the annual cost of owning an EV remains higher than owning a hybrid or gas-powered car, but those numbers don't tell the full story of the money involved.
While an EV's annual cost in 2024 was between $11,191 and $16,758, those numbers are skewed heavily by upfront costs in terms of sale price and higher insurance premiums.
The report noted that EVs cost an average of $7,000 more than gas-powered cars up front, and for smaller gas-guzzling vehicles, that discrepancy can be even higher.
However, Forbes noted the actual, practical operating costs for EVs are lower than those of combustion-engine counterparts, thanks to better efficiency, cheaper fuel, and less maintenance.
In fact, a report from Atlas Policy found that over the lifespan of the car, the lack of maintenance and cheaper fuel mean that EVs are a better investment that will save you money compared to gas cars, despite the higher upfront cost.
There are ways to extend those savings even further. For example, charging your EV at home, rather than relying on public chargers, can keep more money in your pocket.
Qmerit can help you get a Level 2 charger installed at your property. The company can provide you with free installation estimates after you answer a few questions about your electrical panel and garage.
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Meanwhile, solar panels can significantly reduce the cost of the electricity needed to power up an EV's battery.
TCD's Solar Explorer makes it easy to begin your solar journey. The portal can help you find the plan that's right for you and save you up to $10,000 on installation by curating competitive bids from vetted local installers.
In short, while an EV may have a higher upfront cost than a gas-powered vehicle, over the car's lifespan, it's well worth the extra money for the savings you'll reap.
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