Electric vehicles cannot drive as far as gasoline cars before needing to be charged again. One solution, if you have a garage, is to install your own home charger. Given how relatively new EVs are, there is a lot of room for innovation, and most recently, Detroit has created a demo they plan to roll out to major streets that will equip the streets with technology that can charge EVs as they drive.
Not only do electric vehicles need to be charged, but their chargers and charging stations tend to be less accessible than say, a gas station (unless you plug it in at home, saving both time and money). However, companies like Tesla are working to expand charger stations across America. Additionally, EV chargers have had reliability issues in the past, but two current federal programs are working to solve this issue with funding, new rules, and new standards. Also, developers have continued to create a variety of charging station designs.
There is a general notion that electric vehicles tend to be more expensive than gas cars. However, this may only be accurate in terms of upfront costs. Although it is hard to tell how each car compares overall given changes in gas prices and other fluctuating factors, typically electric vehicles, overall, cost owners less. Also, it is believed that, generally, EVs have lower operating costs.
Though there are claims that EV batteries’ environmental costs outweigh those of gas cars, this is not true. While EVs still have environmental impacts, they are cleaner than the gas alternatives. Not only are the costs low compared to gas cars but given how new EVs are, there is room to address and mitigate these costs in the future.
Not only do EVs save money overall, but, depending on your state, buying EVs often comes with tax incentives and rebates. In New York, all state residents are offered a point-of-sale rebate when they purchase or lease a new electric car, per the Drive Clean Rebate. EV buyers may also qualify for federal credits through programs like the Federal Electric Car Tax Credit.
In addition to tax incentives, some evidence suggests that EVs have slower depreciation rates, compared to gas vehicles. Car depreciation is the decrease in a vehicle's value between when it is purchased and sold. Factors such as vehicle condition, mileage, battery health, and the number of owners play a role in depreciation. The slower rate of depreciation for EVs has been attributed to consumer habits and the focus on eco-conscious purchasing decisions. While there is still more research to be done, some studies show that EVs lose 50% of their value after 3 years compared to gas vehicles that lose 60% of their value in that same time.
While discussion around EVs spikes, it is important to remember that EVs are new. With innovation comes pushback, and problems, but also opportunities for growth and novel solutions. EV owners can earn more money by not charging their cars during Meltek’s energy-saving events.
