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The passage of the massive tax and spending cut bill has significant implications for electric vehicle (EV) owners and potential buyers. One major consequence is the end of federal tax incentives for EVs. This change takes effect September 30, as buyers have until then to qualify for these credits.
While it may seem like a blow to those interested in transitioning to an eco-friendly mode of transportation, experts argue that there are still compelling financial reasons to consider purchasing an electric vehicle. The initial cost of an EV might be higher than its gas-powered equivalent, but long-term savings far outweigh the difference.
According to Senior Policy Director Ingrid Malmgren at Plug In America, even without federal tax credits, the cost-effective nature of EVs remains unchanged. “An electric vehicle owner would still come out ahead,” she emphasized. This is due to significantly reduced fuel and maintenance expenses. Unlike gas-powered cars, EVs require minimal upkeep, with fewer moving parts needing attention and less frequent servicing.
A 2020 study published in Joule found that the average American can save $7,700 over a 15-year period by switching from a gas-guzzler to an electric vehicle. This saving is based solely on fuel costs, without considering the car’s initial purchase price or ongoing maintenance expenses.
Furthermore, the data suggests that environmental benefits of EVs continue to be a major selling point. According to Peter Slowik, U.S. Passenger Vehicles Lead at the International Council on Clean Transportation, driving an electric vehicle for over 15,000 miles (24,000 km) would result in roughly half the pollution caused by a gas-powered car by the end of its lifespan.
Experts emphasize that while manufacturing an EV may generate slightly more pollutants than producing a traditional gasoline-powered vehicle, long-term emissions from both types of vehicles eventually balance out. However, once a significant distance has been driven, the difference in emissions becomes starkly apparent, with EVs emerging as the cleaner choice.
In fact, an analysis by Yale Climate Connections discovered that even when charging their vehicles using coal-dependent electricity, EVs still emit 31% less carbon dioxide pollution than their gas-guzzling counterparts.
Source: www.cbsnews.com
