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Switching to an EV Saves on Energy and Greenhouse Gas
According to a study at the University of Michigan, more than 90% of U.S. households that own a vehicle would see a reduce percentage of income on transporation Energy and a reduction on greenhouse gas emissions if they switched to driving EVs, like the Tesla Model 3 or Tesla Model Y - which, by the way, just had drastic EV price cuts!
Households in some locations could reduce their annual transporation Energy costs by about $600 or more if they had an EV - like the Tesla Model S long range, which as 405 miles of EPA range. Lower income households would still have Energy burdens as they cannot yet afford an EV - about 8.3 million households.
Factors that contribute to low EV savings for some include some cold winter temperatures impacting the battery performance, and electrical grids relying mostly on fossil fuelds and electricity prices.
About $10,961 was spent on average from U.S. households on transportation in 2021. Houses with the lowest income spent the least on transportation, but faced larger transportation cost burden, which equaled about 27% of after tax income on transporation compared to about 10.4% for the highest income bracket.
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Which EV Should You Get?
EVs are typically more expensive than their gas powered equivalents, though this is changing and rapidly. For example, Tesla just lowered prices on most of their vehicle models by up to 23% and an EV costs less to maintain and costs less for fuel. Soon, it won't make any sense to buy a gas car.
When you add on the $7,500 IRA tax credit, things get even crazier for buying a gas car compared to an EV equivalent. Yes, to make an EV, there is the upfront cost of mining the materials, like Lithium, but over the life of the EV, the lack of gas use more than makes up for it.
Tesla has the most affordable, efficient, and safe vehicles on the market today. A Model 3 RWD with the IRA tax credit now costs $43,990 - $7,500, which is $36,490 - the bargain of the century if you ask me. That's the EV I would get if I was in the market for one - oh wait, I already own one and I love it!
What do you think of this study of EVs form the University of Michigan? Does it make sense to buy an EV today?
In Related News: Tesla Reaches Important 1 Million Milestone
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Jeremy Johnson is a Tesla investor and supporter. He first invested in Tesla in 2017 after years of following Elon Musk and admiring his work ethic and intelligence. Since then, he's become a Tesla bull, covering anything about Tesla he can find, while also dabbling in other electric vehicle companies. Jeremy covers Tesla developments at Torque News. You can follow him on Twitter or LinkedIn to stay in touch and follow his Tesla news coverage on Torque News.
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