Investigating How Much Money Electric Cars Could Save America

The US electric vehicle market is expected to grow exponentially in the coming years. From the government’s perspective, this is a golden opportunity to reduce our dependency on oil and save Americans billions of dollars in the process. To that end, let’s investigate how much money electric cars could actually save us.

Summary:

What Does the US Spend on Oil?

The US spends more than $42 billion per year just to import oil. That amount does not even include the cost of refining, shipping, and distributing, which drives the total cost higher. In 2015, the total cost of oil imports was estimated to be $191 billion—the highest mark in five years.

What Are the Benefits of Owning an Electric Car?

The primary benefit of owning an electric car is that it’s a lot cheaper to operate and maintain. Whereas the average fuel costs for a conventional car is estimated to be around $1,200 a year, electric car owners can expect to pay as little as $540.

• No Gas or Fuel Costs: Electric cars don’t need to be refueled, so owners don’t have to worry about filling up at the pump.
• Reduced Maintenance: Because electric cars don’t require oil changes or regular engine maintenance, owners don’t have to pay for those services.
• Longer Battery Life: The average electric car battery packs up to 1,000 charge cycles, which equates to up to 200,000 miles of driving.

How Much Money Could America Save?

As more and more electric cars enter the marketplace, the US could save billions of dollars. According to a recent report from the US Department of Energy, electric cars could save Americans up to $540 million annually just in fuel costs alone. That’s not even accounting for the amount of money we’d save in reduced maintenance costs.

Conclusion

Adopting electric cars isn’t just good for the environment, it’s also great for your wallet. Americans could save up to $540 million each year in fuel costs, and that figure only rises when you factor in reduced maintenance costs. If the electric vehicle market continues to expand, the US could see tremendous savings in the upcoming years.