City Commuters Turn to e-Bikes as EV Prices Stay Elevated

Electric vehicles are regarded as a crucial strategy to minimize emissions that contribute to global warming. As per the Kelley Blue Book, a brand-new electric car cost more than $65,000 on average last year. However, even if operating costs are lower than those of a gas-powered vehicle, there are still additional expenditures involved with EVs, such as tax and insurance costs, as well as parking fees.

Lelac Almagor, from Washington, DC, a mother of three who owns an electric bike, believes there is another way to stop relying on a fuel vehicle — riding an electric bike. E-bikes slash the effort needed by the rider, or in certain situations, they can even  take full control using a battery together with an electrical motor.

The Bureau of Transportation Statistics found that in 2021, 52% of the trips taken were less than three miles, which is a short distance that the majority of people could actually complete on an electric bike. As a result, the city and county of Denver are offering coupons toward purchasing an electric bike.

The coupons provide typical residents of Denver $400 for an electric bike; those who qualify as low-income earners receive $1,200. This sum is almost equivalent to the cost of a basic electric bike; e-bikes are priced higher than the majority of ordinary bikes. The residents would receive an extra $500 if they chose an electric cargo bike, the type suitable in substituting car rides.

The coupons were extremely well received and helped convince more individuals to purchase electric bikes. The preliminary findings indicate that the Denver voucher program is having the desired impact.

During Earth Day last year, the Denver initiative was introduced, and it will recommence at the close of January this year. The value of this year’s voucher will be less to allow the city to include more new electric bike users in their financing.

Bike enthusiasts, including Noa Banayan of People for Bikes, support  federally funded incentives. Banayan hopes that legislators in Washington will approve e-bike incentives similar to those offered to buyers of electric vehicles.

Skyler McKinley from AAA Colorado thinks that those who live in remote regions will present a challenge to the use of e-bikes. According to him, fossil fuel-dependent vehicles will probably continue to be the popular choice for some time given the high cost of EVs. He further advises that there is absolutely no need for a car excursion if you reside in an urban center and need to travel to a shop that is only two miles’ distance to buy some food. Just purchase a cargo electric bike so you can complete that work as fast, securely and conveniently as you could with a car, he explains.

The growing popularity of e-bikes is unlikely to dent the escalating demand for EVs made by various startups such as Kandi Technologies Group Inc. (NASDAQ: KNDI) because e-bikes have their own limitations and customer preferences differ.

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