National Drive Electric Week is Sept. 15 through Sept. 21, a nationwide event with the purpose “to heighten awareness of today’s widespread availability of plug-in vehicles and highlight the benefits of all-electric and plug-in hybrid-electric cars, trucks, motorcycles, and more,” according to DriveElectricWeek.org.
The weeklong recognition of electric cars has a brief history, starting in 2011 as National Plug In Day. Due to popularity, the day was lengthened to a week of national events and the name was changed to National Drive Electric Week.
National Drive Electric Week 2014 will see numerous events in cities across the country, such as electric vehicle (EV) parades, ride-and-drive events, electric tailgate parties, informational booths and more.
7 Ways Electric Cars Cut Costs and Save Money
Electric vehicles offer two key benefits: they are better for the environment and reduce dependency on oil. For drivers on the fence about EVs, however, perhaps the most convincing benefit is the financial savings. Electric vehicles are getting cheaper than ever and the savings continue to add up throughout the car’s lifetime.
Here are seven ways that an electric car will save money over comparable gas-powered vehicles.
1. Electric Cars Save Big on Commute Costs
The limited mile range of an electric car isn’t right for everyone, but for drivers looking for a low-cost vehicle for their daily commutes, EVs can offer a lot of savings.
According to an estimate by Plug In America, the average U.S. driver would save around $1,600 per year on fuel, when comparing the costs based on an average gas price of $3.53 per gallon. That savings would cover more than three months of auto loan payments, which average $467, as reported by Experian.
2. Tax Credits or Rebates for Electric Cars Worth Up to $10,000
All-electric cars are eligible for some hefty tax credits and rebates that will definitely help offset the initial costs of switching to an electric vehicle. A minimum federal tax credit of $2,500, and upwards of $7,500, might apply on purchases of new all-electric vehicles, according to the U.S. Department of Energy.
Certain states also have their own tax credit or rebate offers, such as California’s Clean Vehicle Rebate Project that can help drives shave $2,500 off plug-in EVs, and Pennsylvania’s Alternative Fuel Vehicle Rebate Program that offers $2,000 savings on new plug-in vehicles. Drivers can visit PlugInAmerica.org/incentives to view an interactive map that lists incentives available for electric vehicles in each state.
3. Maintenance Costs 35 Percent Less With EVs
EVs cost much less to maintain. According to Edmunds, electric vehicles don’t require oil changes and many other regular services required with a combustion engine. They also need less brake jobs due to regenerative braking.
One study by the Insititute for Automobile Economics conducted in Germany found that maintenance costs for electric cars were as much as 35 percent, or around a third, lower than for comparable conventional vehicles, as reported by Plug In America. Researchers found that total savings would be around $1,700.
4. Electric Cars Are Getting Cheaper
While the higher prices of electric vehicles may have been prohibitive for many drivers, EVs are becoming more widely adopted with more manufacturers offering their own all-electric models, many on the mid-range or economy vehicle markets.
There are four plug-in models for 2014-2015 with an MSRP at or below $30,000, according to Green Car Reports, including big names like the Nissan Leaf ($29,830) and Chevrolet Spark ($27,495).
Add in the tax credits and rebates for electric vehicles and shoppers could get a brand new electric vehicle for as little as $17,500 out of pocket.
5. Pay Less in Sales Tax
Drivers who are interested in paying less in taxes will love electric vehicles, as skipping the gas station means skipping gas taxes, which across the nation average just under $0.50 per gallon according to Green Fleet magazine. Many states, like Washington, don’t charge sales tax, or charge less sales tax, on the purchase of EVs.
6. Skipping the Gas Station Can Lower Incidental Spending
Having to fill up on gas is not only more costly in terms of fuel, it can also lead to incidental spending. Each time you stop to gas up, it’s easy to pick up an energy drink or add on a car wash, costs that can add an extra $5 or $10 to each fill up.
7. Rising Gas Prices Are No Sweat
While gas prices rose by 143.4 percent since 2000, the cost of electricity as an alternative fuel rose by only 46.9 percent, according to data from the Department of Energy. Gas price volatility won’t affect the monthly budgets of electric vehicle drivers.
Source: http://www.gobankingrates.com/personal-finance/national-drive-electric-week7-reasons-electric-car-saves-money/
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