While a Tesla might seem out of reach for many of us, the electric vehicle (EV) market has evolved quite a bit since Elon Musk launched that iconic brand in 2003. In fact, the company actually helped to revolutionize the EV industry, first and foremost by making the vehicles more accepted by the masses. Musk also showed the public that EVs are not just slow-moving clunky cars, but that they can be sporty, stylish, and fast.
Today, most well-known automakers have developed EV product lines, and some plan on the majority of their cars going that route over the next 10 years. Here are some good things to know about the benefits of EVs.
What is considered an EV?
EVs fall under three main categories: Battery-powered vehicles that run on a rechargeable battery pack; Plug-in hybrids that combine a gas-powered engine with an electric motor with a rechargeable battery; and Fuel cell vehicles that are powered by hydrogen molecules that produce electricity.
Today, EVs are often unrecognizable; many cities use them for public transportation, and many trucks even the big rigs are at least hybrid models.
What are the benefits of owning an EV?
Environmentally-Friendly: According to the U.S. Energy Information Administration, transportation is the largest contributor to air and overall climate pollution, and countless studies have proven that emissions from gas and diesel vehicles, over the long term, can cause anything from asthma and bronchitis to cancer.
Convenience: EVs can be charged while you are at home, in the store, or at work, meaning no out-of-the-way stops to the gas station.
Saving Money: Speaking of gas, you won't be shelling out as much dough to power your vehicle, and be beholden to rising gas prices. According to the U.S. Department of Energy's National Renewable Energy Laboratory EVs can save up to $14,500 on fuel costs within 15 years.
Tax Credit: According to the website NerdWallet, an EV tax credit is offered to taxpayers who buy EVs and hybrids that qualify. Recently updated for 2023, it "allows for a maximum credit of $7,500 for new EVs, and up to $4,000, limited to 30% of the sale price, for used EVs. Taxpayers can only claim one credit per vehicle."
Next time you're in the market for a new car, consider an EV model to save money and help the environment.
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