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Electric vehicles have advanced significantly since the first Hybrid hit the market in 1997 and will soon become the standard car for consumers.
According to S&P Global Mobility, EV incentives helped sales rise by 36% globally in 2022 and now account for more than 5.6% of the total automotive market.
Unfortunately, the number one thing holding many people back from upgrading to an EV may just be cognitive dissonance.
Despite their sophistication and the electric vehicle tax credits available, many people have grave doubts about EVs. Some of the most common concerns we hear from people about EVs include:
As you’ll see in this article, many of these fears–while justified–are more fiction than they are fact.
Between a fleet of new and affordable EVs and advancements in EV technology, the future may just be closer than you think.
Find out why you should upgrade to an EV and why they are one of the best often tax-friendly investments you can make to travel more sustainably.
Most people understand what an electric vehicle is–a vehicle that runs entirely on an electric charge from a battery.
However, the most significant barrier to adoption remains public perception.
As you will see below, the benefits of purchasing an EV far outweigh its costs, especially as the upfront costs continue to decline.
In addition to the tax credits, according to some estimates, the average EV can pay for itself in as much as ten years on fuel savings alone.
However, when you compare the mile-to-mile cost of an average internal combustion engine (ICE) with an “egallon” from an EV, fuel costs are nearly 50% cheaper.
According to 2020 estimates from the U.S. Department of Energy’s National Renewable Energy Laboratory and the Idaho National Laboratory, consumers could save $14,500 in fuel costs over fifteen years compared to an ICE vehicle. However, we should also note that gas prices have risen significantly since then.
As gas prices continue to rise–especially as demand falls–switching to an all-electric vehicle will become much more cost-effective.
For many consumers, determining whether an EV is practical comes down to pricing.
As of 2023, the average price of a used EV has fallen 17% from its peak, and there are several models, such as the Chevy Bolt, Nissan LEAF, and Mini Cooper, all available under $30,000 new.
To put that in perspective, a brand new 2023 Toyota Corolla is around $23,000-$25,000. So for only four or five thousand extra dollars, you can enjoy better fuel savings and all of the other benefits that come with an EV.
Furthermore, the Biden administration’s $7500 electric vehicle tax credit for new EVs can significantly lower that price. States like New Jersey have even exempted the sales tax on new EVs, potentially lowering the cost of a new EV beneath a new gas-powered sedan.
EVs and hybrid cars and SUVs help you save money by using your energy more efficiently. According to data from 2018, total energy used by EV cars was the equivalent of driving a gas-powered vehicle with 80 miles to the gallon.
However, subsequent Tesla models and EVs have only increased that number. So if you’re worried about emissions or fuel efficiency, EVs far outpace gas-powered vehicles.
Emissions from EVs make up for their carbon-intensive manufacturing process, which is required to produce their lithium-ion batteries at a better rate than gas-powered vehicles. According to studies out of MiT, EVs produced fewer carbon emissions in states that relied on solar, hydropower, and coal to power their grids than gas-powered vehicles.
Only in coal-powered West Virginia did EVs perform worse than a hybrid but better than a gasoline-powered engine.
In sum, EVs are a great step toward reducing your carbon footprint and helping your travel more sustainably.
Another massive obstacle to EV adoption is the lack of knowledge and specialization. However, these old concerns are largely untrue anymore.
First, more technicians and dealerships are becoming savvy in EV manufacturing. Secondly, EVs have far fewer moving parts and internal components that require expensive repairs.
This is another area where you will save significant money over a gas-powered vehicle in the long run.
As EV adoption accelerates, purchasing a gas-powered car will become less and less valuable of an investment. This may mean that older cars will suffer from more expensive repairs, gas prices, and less resale value as demand shifts to the EV market.
Of course, there is no such thing as a free lunch. However, there are plenty of ways to leverage your utility grid to help you offset some of the costs of charging your EV.
Utility companies offer lower Time of Use electricity rates (TOU), considered off-peak and less expensive. Therefore, programming your EV to charge during these times will lower your overall utility bill.
Anyone who has ever driven a Tesla can attest that they are fancy cars. One thing we like to stress at The Clean Energy Life is that adopting clean energy is not just about reducing your carbon footprint–which is incredibly important–but also about upgrading your lifestyle.
EVs offer a significant lifestyle upgrade over traditional gasoline-powered cars, from fuel efficiency to features.
Finally, EVs offer creature comforts you can’t get from traditional cars. For example, charging your car at home while you relax is much more convenient than filling up at a gas station that you’ll never want to return to one.
Furthermore, if you aren’t completely sold on the EV model, hybrids offer the best of both worlds, though they are not as efficient.
If you’re interested in purchasing an EV, be sure to read some of our recommendations below so you can make the best decision for yourself and your family.
Not all EVs are created equal. As a result, there are a few considerations that are important to conceptualize before you pull the trigger on a new EV.
As previously discussed, range anxiety is a massive concern for many people skeptical of converting to a fully electric car.
One way to mitigate this fear is to purchase an EV or hybrid with a larger battery–the largest battery you can afford. Purchasing a larger battery will ensure that you car always has the range required to get you where you want to go, whether you’re traveling or completing everyday commuting.
A Tesla Model S comes with one of the highest-range batteries at over 400 miles on a single charge.
However, there are more affordable models, like the Model 3, with a respectable range of 315 miles on a single charge.
Keep in mind that a large part of what you’re paying for is the battery. Certainly, cars like the Nissan LEAF may offer a cheaper way to access the EV market, but may only come with a range of 149 miles–plus a lack of charging stations to boot.
As a result, a large part of deciding which EV to get depends heavily on battery size, range, and intended use. If you want a small electric car to get around town, the LEAF is perfect. But if you want something for long-distance trips, then the Tesla will be a better option.
Another important consideration is the availability of charging stations of adapters for your car. Luckily, as the EV market evolves, adapters like the Tesla-to-J1772 plug will allow you to charge non-Tesla cars using a Tesla mobile connector.
As the market currently stands, Teslas benefit the most from the supercharger network. However, supercharger stations for all types of EVs will soon be available at supercharger stations, making any EV you purchase capable of traversing long distances.
Drivers can access private charger stations–which are fairly ubiquitous–but should be aware of what is available in their area before making a purchase.
When we speak about pricing, we should acknowledge that price benefits are merely a function of your intended use. For example, if you want a simple car that can get the kids to school, cost very little fill-up, and use for everyday tasks, then choosing a cheaper EV like the Nissan LEAF is a great option.
On the other hand, if your primary vehicle is going to be an EV, then opting for more expensive Tesla or Ford model might be a better option.
Compare your budget and goals with the price value of an EV to determine whether you are better off purchasing a more reliable, but expensive car, or something more affordable.
Another massive consideration before buying an EV is the tax incentives available under the Inflation Reduction Act. As it currently stands, several energy tax credits are available for new and used EVs, worth up to $7500 and $4000, respectively.
However, a used EV must be worth less than $25,000 to qualify and comes with additional stipulations.
Be sure to see which EVs qualify for a tax credit and research additional rebates/credits available in your state. For example, New Jersey allows people to purchase new EVs without paying a dime of sales tax, cutting the final bill down by thousands of dollars.
Finally, consider what amenities and user experience a new EV can offer you. Manufacturers like Tesla are pioneers when it comes to luxury features, such as autopilot, sentry mode, touchscreen interfaces, and even dog mode, which make your pets feel cool and collected while you run inside quickly.
The fully-electric Ford-150 comes with zone lighting, 4G WiFi hotspots, copilot 360, and software updates that constantly improve the truck’s interface.
So if you want to really experience true luxury, there’s no shame in spending a little more for a fully-optimized EV like a Tedsla or Ford.
Between lower prices and tax incentives, there has never been a better time to upgrade to an electric vehicle. Not only are EVs more environmentally friendly, but they are also more financially beneficial and serve as a wonderful luxury item that you soon won’t be able to live without.
For more information about EVs, read our guide on How to Purchase an Electric Vehicle and ways to Afford an EV.
One cause for concern is the exorbitant price of EV batteries and worries about their longevity. However, the government mandates that EV batteries remain under warranty for 100,000 miles, and most batteries are rated to last 200,000 miles.
An electric vehicle is a car that runs ONLY on an electric battery. Hybrids use a combination of gas combustion with electric power, serving as a middle ground between traditional internal combustion engine (ICE) vehicles and EVs.
Not only do home charging stations offer greater convenience, but they also cost less than public charging stations. The upfront cost of installing an EV charging station starts at around $500, but offers far greater convenience and savings than publicly available charging stations.
Additionally, charging from home allows you to save pennies on the dollar; these savings can snowball with each energy-efficient upgrade you add to your home, such as solar panels. In sum, charging from home is more convenient, cleaner, and cheaper than a gas or public charging station.
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