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Plug-in electric vehicles (also known as electric cars or EVs) can save you money, with much lower fuel costs on average than conventional gasoline vehicles.
Because the average U.S. household spends nearly one-fifth of its total family expenditures on transportation, saving on fuel can make a big difference in terms of the average family's budget. Electricity is less expensive than gasoline and EVs are more efficient than gasoline vehicles. Electricity prices are also generally much more stable than gasoline prices. On a national average, it costs less than half as much to travel the same distance in an EV than a conventional vehicle. In addition, some utilities offer even cheaper rates at night, which can further reduce your electricity costs. Find out if your utility offers special incentives for EV drivers.
While the operating costs of EVs are substantially lower, EVs can be more expensive to purchase than their conventional counterparts. However, the federal government and a number of state governments offer tax credits and other incentives to EV buyers that can lower the up-front cost.
All of these costs vary depend on your geographic region and driving habits. In general, drivers who drive a high number of miles on a daily basis will save more money. To calculate the overall cost of EV ownership, customize it to your personal circumstances, and compare it to conventional vehicles, visit the U.S. Department of Energy’s Alternative Fuels Data Center’s Vehicle Cost Calculator.
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