June 13, 2022
From The Jersey Sierran, July - September 2022
Electric Vehicle (EV) sales are growing faster than ever. Tesla maintains a majority EV market share currently, but many new options are becoming available. It’s important to check out the best-selling EVs today and what will be available soon.
- Consider range, price, technology, warranty, reputation, and features available to decide if a new EV is right for you. The manufacturer’s suggested retail price is what you’ll usually pay, before any rebates or incentives. Prices may vary by model or location.
- Federal tax incentive: Most EVs are eligible for a federal tax credit of $7,500. However, some brands such as Tesla and General Motors have already reached the maximum eligible vehicles for the credit and no longer qualify. Even if you can’t get the federal tax credit, you may still qualify for state-level EV incentives, depending on where you live.
- An EV may pay off more quickly based on where you live, so factor in your state’s EV incentives, electricity rates in your area, EV charger locations near you, and local gas prices.
- Key selling points: What are the standout features of each EV you are considering buying?
Other Details You May Want to Know Before You Buy
How much electricity does an electric car use?
- The efficiency of the EV is a factor in this calculation. Based on a cost per kilowatt hour (kWh) of 19.6 cents (Bureau of Labor Statistics average for the North Jersey area in February 2022),* if the EV consumes 0.35 kWh over 1 mile, the cost per mile is roughly 6.86 cents.
- Based on 19.6 cents per kWh, it’ll cost $13.72 to fully charge an EV with a 200-mile range. Most electric car chargers connect to a 240-volt outlet in your home’s breaker box.
- Using the example above, the EV driven an average of 14,000 miles per year, or 38.4 miles per day, would cost $960.40 in annual charging, or $18.47 per week.
- Different model cars use different amounts of electricity and have different kWh-per-mile ratings. Assuming an average number of miles driven, and again using 19.6 cents per kWh, here’s how much electricity you would use (Table 1):
- At face value, an EV can look like a seriously expensive investment. However, it’s vital to remember that you won’t have to pay for gas anymore and maintenance costs will also drop significantly. The average fuel economy of a light duty vehicle in 2020 was 25.7 miles per gallon. Based on that, average gas prices of $4.31 per gallon, and 14,000 miles driven per year, the annual gasoline cost would be $2347.86, or 16.77 cents per mile—considerably more than the cost of driving an EV. Table 2 clearly signifies this point:
- EVs will almost always save you money on charging vs fuel and obviously will lower the carbon footprint.
- Visit EnergySage.com, an online marketplace for solar panel installation, to compare quotes from prescreened, local solar installers. The service is free for consumers; installers pay to participate. Keep in mind your current and future electricity usage and talk about how that could change with your installer for the most accurate quotes.