NEW ANALYSIS: Continually High, Unpredictable Gas Prices Show How Electric Vehicles Are Affordable Now, With More Savings on the Way With Build Back Better
Data compiled by Zero Emission Transportation Association (ZETA) shows that EVs already save consumers money as the Consumer Price Index shows high, unpredictable gas prices, underscoring the benefits of switching to a clean energy economy and investing in electric vehicle infrastructure and manufacturing.
WASHINGTON, D.C. – Today’s Bureau of Labor and Statistics Consumer Price Index once again shows that gas prices will remain high and unpredictable. The Zero Emission Transportation Association’s (ZETA) recent analysis of electric vehicle costs across sixteen states shows that electric vehicles are saving and will continue to save consumers money on gas and maintenance costs, which are inherent to traditional gas-powered vehicles as prices at the pump stay high and unpredictable for customers into the new year. The three gas-powered vehicles featured in the data set are leading the auto industry and represent the most popular vehicles in the SUV, pickup truck, and sedan categories. For each of these vehicles and in all of the states analyzed, these vehicles’ EV analogues are far cheaper to drive and are saving consumers money.
“Gas prices are still high, and families are losing money at the pump to prices that are consistently unpredictable and unaffordable in an already-expensive pandemic year. Our analysis shows that American consumers don’t have to choose between driving their car or saving money. Electric vehicles are affordable now,” said Joe Britton, the Executive Director of ZETA. “EVs deliver on functionality and create cost savings in a big way, making the choice between clean energy and toxic fuels an easy one. As the Build Back Better Act moves through the Senate with transformative investments to electrify the transportation sector and bolster domestic auto manufacturing, EVs’ sticker prices and total cost of ownership will only continue to plummet, paving the way for electric vehicles to become the new–and affordable–normal in the United States.”
Here are some key facts from the report:
It is cheaper by far to charge an EV battery than it is to fill up a tank of gas. Today, driving an EV is cheaper per mile than driving a gas-powered vehicle.
What’s more, the sticker price for EVs is almost comparable to analogous gas-powered vehicles, and will be the same price in just a year or two.
The lifetime cost of ownership for EVs is thousands of dollars cheaper than gas–powered vehicles, saving EV owners anywhere between $6,000 and $10,000 over the lifespan of the car, according to Consumer Reports.
The Build Back Better Act will make EVs even more affordable, with tax credits that could lower the sticker price by up to $12,500, delivering cost parity between EVs and gas-powered vehicles sooner than expected.
Data from December’s report shows the cost to power an EV is more consistently reliable for consumers than gas-powered cars.
Find the entire analysis here.