The Zero Emission Transportation Association’s (ZETA) recent analysis of electric vehicle costs across sixteen states shows that electric vehicles are saving and will continue to save consumers money on gas and maintenance costs, which are inherent to traditional gas-powered vehicles as prices at the pump stay high and unpredictable for customers into the new year.
“Gas prices are still high, and families are losing money at the pump to prices that are consistently unpredictable and unaffordable in an already-expensive pandemic year. Our analysis shows that American consumers don’t have to choose between driving their car or saving money. Electric vehicles are affordable now,” says Joe Britton, the executive director of ZETA.
Here are some takeaways from the ZETA report:
- It is cheaper to charge an EV battery than it is to fill up a tank of gas. Today, driving an EV is cheaper per mile than driving a gas-powered vehicle.
- What’s more, the sticker price for EVs is almost comparable to analogous gas-powered vehicles, and will be the same price in just a year or two.
- The lifetime cost of ownership for EVs is thousands of dollars cheaper than gas–powered vehicles, saving EV owners anywhere between $6,000 and $10,000 over the lifespan of the car, according to Consumer Reports.
- The Build Back Better Act will make EVs even more affordable, with tax credits that could lower the sticker price by up to $12,500, delivering cost parity between EVs and gas-powered vehicles sooner than expected.
- Data from December’s report shows the cost to power an EV is more consistently reliable for consumers than gas-powered cars.
Find the entire analysis here.
