Switching to an electric car often seems like an incredibly costly endeavor. The average battery electric vehicle (BEV) costs around $10,000 to $15,000 more than a comparable gasoline-powered car, and most EV owners also install home chargers, making the initial price of electric vehicle ownership significantly higher. Fortunately, switching your gas-powered car for an electric alternative can save you a surprising amount of money over time.
A report from Payless Power provides an outline of the average cost savings a driver can expect by transitioning to an electric car.
Washington offers the highest electric vehicle-related savings, with drivers saving up to $18,055 over 10 years thanks to state financial incentives. Nevada is second with an estimated $15,726, followed by Oregon ($14,481) and Alaska ($13,933). Alaska’s inclusion at the top of the list is surprising, as its cold climate impacts EV performance and does not typically support electric vehicle ownership as well as milder states.
Despite featuring the largest electric vehicle market in the U.S., California came in fifth with an estimated savings of $13,549 over a 10-year period. Electric vehicle drivers in Washington, Nevada, Oregon, Alaska, and California can save at least $13,000, making EVs a strong financial choice for drivers aiming to minimize costs over the long term.
These savings can vary depending on several factors, including the state where the driver is located, the gas-powered car they are replacing, local electricity and gas prices, maintenance costs, charging habits, insurance rates, and vehicle depreciation.
According to the company’s findings, the cost of driving one mile in a gasoline-powered car is around 15.23 cents, which is almost four times more than the 4.21 cents it costs to drive one mile in a home-charged EV.
An electric car charged using public infrastructure costs about 8.7 cents per mile, which is still significantly cheaper than fueling a gasoline or diesel-powered car. These differences may seem small per mile but they add up over time, resulting in substantial long-term savings. Estimates from Payless Power indicate that the average American driver can save around $11,053 over time by driving an EV and primarily charging it at home instead of owning a conventional gas-powered car.
Although this estimate focuses primarily on fueling versus charging costs, it highlights the strong financial case for switching to an electric car. For many drivers, these savings, combined with EV-related perks like instant acceleration and quieter driving, have made electric cars an obvious and appealing choice.
As the public becomes more aware about these cost-savings, the market penetration of various EV makers like Mullen Automotive Inc. (NASDAQ: MULN) is bound to tick upwards over the coming years.
NOTE TO INVESTORS: The latest news and updates relating to Mullen Automotive Inc. (NASDAQ: MULN) are available in the company’s newsroom at https://ibn.fm/MULN
About GreenCarStocks
GreenCarStocks (“GCS”) is a specialized communications platform with a focus on electric vehicles (“EVs”) and the green energy sector. It is one of 70+ brands within the Dynamic Brand Portfolio @ IBN that delivers: (1) access to a vast network of wire solutions via InvestorWire to efficiently and effectively reach a myriad of target markets, demographics and diverse industries; (2) article and editorial syndication to 5,000+ outlets; (3) enhanced press release enhancement to ensure maximum impact; (4) social media distribution via IBN to millions of social media followers; and (5) a full array of tailored corporate communications solutions. With broad reach and a seasoned team of contributing journalists and writers, GCS is uniquely positioned to best serve private and public companies that want to reach a wide audience of investors, influencers, consumers, journalists and the general public. By cutting through the overload of information in today’s market, GCS brings its clients unparalleled recognition and brand awareness. GCS is where breaking news, insightful content and actionable information converge.
To receive SMS alerts from GreenCarStocks, text “Green” to 888-902-4192 (U.S. Mobile Phones Only)
For more information, please visit https://www.GreenCarStocks.com
Please see full terms of use and disclaimers on the GreenCarStocks website applicable to all content provided by GCS, wherever published or re-published: https://www.GreenCarStocks.com/Disclaimer
GreenCarStocks
Los Angeles, CA
www.GreenCarStocks.com
310.299.1717 Office
[email protected]
GreenCarStocks is powered by IBN
