More and more drivers realize that electric vehicles are not only environmentally responsible but also invigorating to drive. And in the process, they are starting to discover the economic upsides of driving electric. When comparing the total cost of ownership of an electric vehicle to a similar model with a gasoline engine, you’ll be surprised to realize that your investment can pay off with real dollar savings, more quickly than you think.
Use our interactive EV Advisor to learn more about how a new EV purchase will help benefit your pocketbook, and the environment.
Click on image to visit the EV Advisor
EV Advisor makes it easy to compare the total cost of ownership
It’s smart to start your EV search with the Xcel Energy EV Advisor. This simple online tool is designed to help you determine which EV will best match your needs— just answer a few questions. Now the EV Advisor includes a cost of ownership comparison function. With new EV models joining the marketplace, the EV Advisor can help you navigate to a model that’s just right for you.
Charging at home saves you money at the pump
Depending on when you will be charging your EV at home, you can see pricing options to determine what you can expect to pay compared to a gallon of gas. For instance, with overnight pricing, you may be able to charge for about $1 per gallon equivalent or even less.
The often-overlooked maintenance savings
The low cost of maintaining an EV over time often gets forgotten as a financial benefit. Because EVs use simple electric motor engineering, maintenance costs can be up to 30% less than traditional cars with internal combustion engines. Part of what contributes to this is the fact that EVs use no engine oil, have no conventional transmission, and do not need sparkplugs. Plus, many of the EV braking systems use recharging functions that are shown to last up to 150,000 miles. In fact, EV maintenance efficiencies are so compelling, they have caught the attention of fleet managers at large companies to help reduce the operating costs of their vehicle pools.
Remember, financing, and purchase incentives play into the total cost also.
Currently, there are attractive EV rebates and incentives available. Your local dealer will have details on state or local rebates; amounts vary depending on location and EV model types. Also, you may be able to add in federal tax credits.
Manufacturers may offer financing incentives like low-interest rates or special lease terms on certain electric vehicles.
In the first year it will cost a little more to drive electric.
By Year 2, you've bascially broken even.
By year 5, you've saved about $5,000.
Start your research today
Visit our EV Advisor to learn more about your EV options and how you can save money and make a positive impact on the environment by driving electric.