Benefits of Electric Vehicles

PRICE: EV and hybrid EV models are competitively priced at $37,000 and less, including the Chevrolet Bolt®, Ford Fusion Energi®, Honda Clarity® and Mitsubishi Outlander®. Models at $30,000 or less include the Nissan LEAF® and Toyota Prius Prime®. More used electric cars are now in market and typically cost less than a new model.

FUEL: The average U.S. household spends around one-fifth of its income on transportation.¹ An electric car can save on average $1,000 in fuel each year^.2 The cost to fully charge a 60-kilowatt-hour (kWh) EV with more than 230 miles of range at home is less than $8. Plus, energy prices are not as volatile as oil, which makes budgeting for an EV more consistent each year. How much can you save on fuel? Use our Savings Calculator below to find out.

MAINTENANCE: The cost to maintain an electric car, especially a battery-powered model, is generally much lower than fossil fuel-powered vehicles due to fewer moving parts. EVs have single-speed transmissions and regenerative braking (reduces wear on brakes), and they don’t require oil changes. U.S. automakers are required to warranty EV batteries for a minimum of eight years or 100,000 miles, whichever comes first. In practice, many EV battery packs have lasted more than 200,000 miles with less than 10% degradation in power capacity.³ Typically, the only regular maintenance costs you’ll see are buying new windshield wipers and tires!

INCENTIVES: There is a federal tax credit of up to $7,500 for buying a new EV. Once the car manufacturer reaches 200,000 EVs sold, the tax credit is halved for the next two quarters, then halved again for the two following quarters before expiring. Plug-in hybrids can receive a smaller credit depending on their battery size, while fully electric EVs receive the full credit. For a full list of credits available per manufacturer, consult the IRS’s Qualified Plug-In Electric Drive Motor Vehicle Credit information online and consult a tax professional prior to making your purchase. Learn more about availability and eligibility on our EV Tax Credit page.

1 https://www.bls.gov/opub/btn/volume-6/how-do-united-states-consumer-expenditures-compare-with-the-united-kingdom-and-japan.htm
2 Average fuel savings of $1,000 is based on the averages of annual consumer mileage in the U.S., vehicle miles per gallon, cost of gasoline, EV efficiency and Duke Energy residential rates
3 https://electrek.co/2016/11/01/tesla-battery-degradation/