How An Electric Car Can Save You Money While You Save The Environment

Can you save money and the planet by owning a Tesla or another electric car?

As of 2019, electric and hybrid vehicles only accounted for approximately 5% of all cars on the road. As more manufacturers get on board with eco-friendly designs and the prices for these efficient vehicles come down, however, those numbers are expected to grow. By 2030, it is estimated that there will be close to 56 million electric cars on the road.

Electrically powered cars are more than four times more efficient than gas-powered cars. As more countries begin the move away from the widespread use of fossil fuels, the purchase of electric vehicles has become encouraged and rewarded through tax rebates. 

You already know that the use of electric or hybrid vehicles has many benefits for the environment but, did you know that you can also save a lot of money? From cutting your maintenance costs to getting better rates on your car insurance by Allstate, there are a few ways that purchasing an electric car can keep money in your pocket.

Gas Costs

Fewer trips to the gas pumps with your hybrid or fully electric car can mean up to $4,000 savings per year. Electric car owners have the option of simply plugging their car in at their home, at the office, or at one of many service stations equipped with an electric filling port. 

By using an average of electricity premiums from around the country, we can estimate that it will cost homeowners approximately $5 to recharge their car batteries. That’s a significant savings, regardless of where the current oil prices are sitting. 

Maintenance

Gas-powered cars operate by harnessing multiple ignitions and explosions to power the motor. This process results in a high level of vibrations and heat that can cause wear and tear on all the moving parts of an engine. 

Electric powered cars have few moving parts and do not use a combustion style system to operate; reducing wear on the engine. Repairs to a gas-powered engine are most often due to wear on the engine.

Electric cars do not need a lot of regular maintenance. For example, there is no need to complete scheduled oil changes as an electric engine does not require oil to operate. 

Tax Credits

In the U.S., you can receive up to $7,500 in tax rebates when you purchase an electric car. This refund that is accessible through your yearly federal tax return acts as an incentive for buyers to choose more eco-friendly vehicles and adopt an eco-friendly lifestyle.

In some states like California and New York, you can receive an additional rebate on the purchase price of your car of up to $5,000. Local utility companies are also starting to offer incentives and rebates that can help you to afford the installation of a power charger in your home as well as a discount on your monthly rates.

As more people begin to adopt environmentally responsible lifestyles, a shift toward the use of renewable energy sources is growing. If you are interested in reducing your carbon footprint, buying an electric car is a great way to save money while you help to save the environment.