Ev electric vehicles are powered exclusively by electricity, so they have lower operating costs than their gas-powered counterparts. The up-front cost of an EV can be reduced by federal and state tax rebates, as well as local and regional electricity rates. You can also save by plugging in at home, work or one of the many public charging stations now available.
Compared to a comparable gasoline-powered vehicle, owning an electric car or truck can be up to 40% cheaper per year. But how much you save depends on your model, how far you drive and where you charge. To help you estimate your savings, the US Department of Energy offers a helpful calculator.
EV Cars: The Future of Transportation
A common concern is “range anxiety,” the fear of an EV running out of power on a long trip. But newer models with longer ranges should alleviate this issue, and drivers can always refuel at home or at one of the growing number of public charging stations.
The global EV market is experiencing rapid growth. McKinsey projects that worldwide demand for EVs will increase sixfold from 2021 through 2030.
EVs are reshaping the transportation industry and creating exciting opportunities for jobs in many fields, from construction and electrical engineering to automotive service technicians and mechanics. In addition to job growth, the EV revolution has implications for climate change and the economy.