Plug-in electric vehicles (EVs) offer a lot of benefits from saving money to reducing greenhouse gas emissions and other air pollution. EVs are either fully or partially charged by electricity. A battery electric vehicle (BEV) is fully
charged by electricity and can also be referred to as an all-electric vehicle (AEV). Plug-in hybrid electric vehicles (PHEV) are powered by an electric battery and when the battery range is exhausted, a combustion engine, powered by gasoline kicks in. Here are four ways that both BEVs and PHEVS provide benefits to you and your community.
1. Save Money
Monetary Incentives: The federal government provides tax credits of up to $7,500 when purchasing or leasing most EVs. Additionally, states and utilities often provide incentives for vehicles or chargers to further lower costs. If you are curious about incentives near you, check out this tool
to find incentives for EVs throughout Wisconsin.
Lower Maintenance Costs: Unlike internal combustion engine (ICE) vehicles, EVs tend to have lower maintenance costs. A BEV does not require oil changes whereas a PHEV, still has a combustion engine and requires similar maintenance to an ICE vehicle. BEVs have longer maintenance intervals due to the lack of engine oil and both BEVs and PHEVs have reduced brake wear as a result of regenerative braking. According to Drive Electric Wisconsin, you can save an average of $4,600
in repair and maintenance over the life of the vehicle.
Lower Fuel Costs: Electricity used as fuel has greater price stability and makes it easier to predict future spending. The image below shows how volatile fuel prices compare to electricity. It only costs $9.50 to fully charge an EV at average U.S. electricity rates saving you over $1,000 annually.
2. Save Time:
They say time is money. Since BEVs do not require oil changes, you will have fewer trips to the mechanic and more free time for yourself. Also, think about all the time you spend driving to the gas station. Charging your vehicle at home means no more leaving early for a trip to fill up the tank and reduces time spent pumping gas outside (especially great when it is freezing cold outside).
3.
Reduce Greenhouse Gas Emissions: EVs have low or no tailpipe emissions, reducing greenhouse gas emissions and improving air quality. According to the American Lung Association, adoption of EVs could add up to $72 billion in avoided health costs and $133 billion in avoided climate change impacts in 2050 nationwide.
4. Support Local Economic Development: EVs reduce the need to import fossil fuels for the transportation sector. An analysis by the Southern Alliance for Clean Energy (SACE) found that around a 1/3 of spending on petroleum stays within local economies whereas 70% of spending on electricity is retained. Additionally, in October 2021 Wisconsin was awarded $1 million for electric vehicle planning. Renew Wisconsin predicts that this funding has a prospective return of $7.6 million to the state in the form of new jobs and local economic growth.
Check out our blog on BEVs and PHEVs to learn more about how they work.
