How much you are paying the dealer for your new electric car will not be the only cost. Several other factors will contribute to the overall expense of the car, however a lot of hidden savings are about to come your way.
Tax Credits and Other Incentives
When purchasing an electric car you could receive a federal tax credit of up to $7,500. Also, all dealerships will offer other discounts off the price of an EV, the different amounts will vary upon the state and are subject to change at any time.
Home Charging Equipment
It’s the rare calculation that figures in anywhere from $500 to $1,200 of upfront cost for buying and installing your first EVSE, the 240-volt wall-mounted box that funnels electricity into your car. You will also receive a 30% Federal Credit for installing EVSE charging
EVs benefit from not requiring oil changes or other maintenance costs for exhaust systems. Studies have shown that this represents a 35 percent decrease in cost over time.
Price of Fuel
The common assumption is $0.12 a kilowatt-hour for electricity and about $3-4 a gallon gas. There’s little doubt that lower fuel costs put EVs at a distinct advantage over time. That edge can grow wider when gas prices spike. But the actual cost for a kWh varies widely across the U.S., and can swing wildly even within a location based on utility rate plans, season, tiers, time-of-use programs and home solar.
Based on some studies, EV owners clock fewer miles per year in their electric cars than in internal combustion automobiles.
A number of insurance companies offer discounts for EV owners.