Financial benefits of owning an EV
Posted by Jeph Novak on March 16, 2021
The financial benefits of owning an EV are what drive many to switch, from saving at the pump to cutting down on emissions to receiving tax credits. Many companies are making their own version of an EV, and with a nationwide effort to increase EV sales in the next few years (we’re coming for you, Norway!), now may be the time to take advantage of some of the available incentives.
Lower cost to fuel
One of the most notable areas of saving for EV owners is fueling – or rather, charging – the car. According to the EV savings calculator, the average cost to charge an EV is around $0.04/mile. The average cost to fill a car with of gas is around $0.12/mile. By owning a fully electric EV, you can save around $0.08/mile, or almost $800 per year in fuel costs alone!
Fully electric EVs don’t require certain maintenance, such as changing the oil, spark plugs, fuel filters or drive belts, among other things. Thanks to this, some estimate that EV owners may spend only a third of what gas-powered car drivers spend on maintenance. PHEVs still require typical maintenance like oil changes, but the electric battery supports the combustion engine which in turn produces less wear and tear on the engine. Over time, this may reduce maintenance on the car and extend the life of the engine and vehicle. Every car is different, and you should ask your local dealership for details about what your EV may require.
Tax credits
Tax season is upon us, and this time of year, many EV owners enjoy various tax credits. EV owners may receive federal tax credits up to $7,500 depending on the type of car. The credit is based on the capacity of the battery used to power the vehicle. The state of Minnesota also offers incentives for owning EVs, such as a toll credit program, which offers an account credit to eligible EV drivers to use in MnPass toll lanes.
WH rebates
Finally, Wright-Hennepin (WH) offers rebates and Energy-Saving Programs to members who drive electric. When you purchase a ZEFNET charging station, which is compatible with any type of BEV, you can earn up to $1,000 in rebates. Whether you purchase a ZEFNET charging station or own a charging station already, you can sign up for one of WH’s charging programs for discounted rates to charge your EV.
While EVs generally have a higher sticker price, over the course of their lifetimes, they can save you hundreds in fuel, maintenance costs and more. When you take advantage of incentives such as tax credits and rebates offered by WH, you can save even more. As the nation begins to produce more EVs, now is a great time to strap in and start saving!
