Benefits of EVs

Benefits of Electric Vehicles

Electric vehicles (EVs) have come a long way since the first models hit the road. The newer EVs are sportier and more cost-efficient and they run farther on a single charge. And the wide variety of models gives customers more choice when selecting a car that works for their lifestyle.


 


  • PERFORMANCE EVs are quick to accelerate and don’t require gear shifts. They can give 100 percent of torque immediately.  Numerous EVs can go from zero to 60 mph in 6 seconds or less with the Tesla Model S P100D hitting 60 mph in 2.5 seconds, making it one of the fastest production cars in the world. EVs also handle extremely well with batteries stored evenly below the floorboard providing a low center of gravity and ideal balance. These attributes as well as the ability to recharge using the energy from braking, a technology called regenerative braking, make EVs sporty and efficient cars, especially in the city.

    COMFORT EV batteries make a quieter and more comfortable ride than most combustion engine vehicles. And the combination of the electric motor, which has little to no vibration, and the lack of gear shift makes for a smooth ride. 

    WATCH VIDEO 

  • FUEL The average U.S. household spends around one-fifth of its income on transportation.1 And an EV driver 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 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 to find out.  Watch Video 

    MAINTENANCE The cost to maintain an EV, especially a solely battery-powered EV, 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 percent degradation in power capacity.3  Watch Video 

    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 gasolineEV efficiency and Duke Energy residential rates 

    3 https://electrek.co/2016/11/01/tesla-battery-degradation/


  • CONVENIENCE EVs can drive farther than ever before without a charge. Several EV options can go up to 335 miles without recharging. The average American drives around 37 miles per day3 so drivers could easily only charge in the evening. There are also plug-in hybrid EVs such as the Chevrolet Volt, which goes 53 miles on battery power and has a combustion engine that provides range like a normal gas car. Watch Video 

    PRACTICALITY EVs can be charged at home, work or on the road. Public charging is increasingly abundant, allowing EV owners the flexibility to charge where and when they want. 

    STORAGE Ample storage space is another benefit of fully electric vehicles. Electric motors are much smaller than combustion engines allowing for more storage volume. Some EVs even have a trunk in the front and the back.

    SAFETY EVs are some of the safest cars on the road. The Tesla Model S, Model X, Chevrolet Bolt, and Volt all received 5 Star safety ratings from the National Highway Traffic Safety Administration. A key safety benefit of fully electric vehicles are their small electric motors allowing for car designs with larger crumple zones4.

    3https://www.fhwa.dot.gov/ohim/onh00/bar8.htm
    4https://cleantechnica.com/2018/04/01/do-electric-vehicles-have-better-overall-safety-part-2/

  • Most of the electricity used in the U.S. is produced locally, which creates and sustains jobs. Local manufacturing can benefit from EV purchases as numerous electric vehicles and EV parts are produced throughout Duke Energy’s territory. EV drivers also spend less on fuel so they have more funds to spend on other local goods.
  • EVs have no direct emissions and they are more than twice as clean as combustion engine vehicles. They average 75 miles per gallon equivalent including emissions from electricity production in NC and SC while traditional combustion engine cars average less than 25 miles per gallon. These metrics have steadily improved over the years and will continue to improve as the power sector continues to reduce the emissions intensity of generation resources.5  Watch Video 

    5UCS: Electric Cars' Emissions


  • 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 then halved for the next two quarters and then is 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.

    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®. Used EVs, including the Nissan LEAF and Chevrolet Volt, are also available for under $15,000. Watch Video 


    This information is current as of February 2019.


Frequently Asked Questions

  • An EV uses electricity stored in a battery to move the wheels. All the EVs referenced on our website are plug-in.
  • We don't currently offer an EV-specific electric rate. However, depending on which state you live in, we do offer a “whole house” time-of-use rate, which can help lower your electric bill. Please email us at Plugin@duke-energy.com to learn more. 
  • Yes. There is a federal tax credit of up to $7,500 available for all new EVs for up to 200,000 EVs produced by a single manufacturer. The tax credit steps down to half ($3,750) after the second quarter after the limit has been met and then steps down in half again for the next two quarters. Then the tax credit goes away for that manufacturer. Check with the EV manufacturer for the current tax credit amount.
  • Email us your information and we will let you know as we develop programs for our business customers. If you have other questions, email us at Plugin@duke-energy.com or call 800.979.9145. We will work to answer your questions promptly.

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, 400 South Tryon Street, Charlotte, NC 28202.


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