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Benefits of Electric Vehicles

Benefits of electric vehicles.

The reasons why you should consider an EV.

Why should I consider an
electric car?

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: We’re creating various programs in our jurisdictions to make it easier to own and charge your electric vehicle. Learn more about our EV charging programs.

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/

Electric Vehicle Savings Calculator

Use this EV Fuel Savings Estimator to calculate your potential fuel savings from driving an EV.

How many miles do you drive daily?

Daily miles driven

Miles per gallon

Gas price

$

$187.69

Monthly Gas Cost

$35.94

Monthly Utility Cost

$151.75

Monthly Savings

$151.75

Monthly Savings

*Significant additional savings can come from a reduction in maintenance costs as EVs do not require oil changes and have far fewer moving parts.

  • Charging your EV

    There are many options for charging your car at home, in public and on the road.

  • Choosing an EV

    Check out our EV selector tool and see which model works best for your lifestyle.

  • EV Initiatives

    We’re helping promote electric vehicles (EVs) and expand charging infrastructure.

Duke Energy is not affiliated with the manufacturers or vendors, does not expressly or implicitly warrant the performance of the products and is not liable for any damage caused by these products or for any damage caused by the malfunction of these products. Any non-Duke Energy logo or trademark is owned by its respective manufacturer or its assignee. Duke Energy, 525 South Tryon Street, Charlotte, NC 28202.