April 23, 2024 2:05 am
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Report details electric vehicle savings for GA drivers

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Shanteya Hudson, Public News Service

Despite the common belief that electric vehicles are more expensive than gas-powered cars, the latest findings say EVs can actually save their drivers money over time.

The “Driving Change” report, from groups including the Environmental Defense Fund, analyzed the vehicle’s initial cost plus fuel, insurance and maintenance over 10 years, using Georgia-specific data. According to Alex Wall, senior advisor for clean-energy campaigns for the advocacy group Climate Power, the savings could exceed $20,000 after a decade, along with creating environmental benefits.

“Over 10 years, electric vehicles are significantly cheaper,” he said. “They’re saving consumers money; they’re much healthier for the environment and for families. And the electric-vehicle jobs boom, so far, has created 140,000 jobs in both the EV and battery industries.”

The Inflation Reduction Act has led to a significant investment in EVs, totaling about $165 billion. Wall said buyers can now take advantage of benefits such as EV tax credits at the car dealership instead of waiting until they file their taxes.

The report also found costs are coming down for prospective buyers. It says 37 electric vehicle models are priced below $48,000, the average cost of a new car last year.

Ellen Robo, transportation and clean-air policy manager for the Environmental Defense Fund, said EVs now represent a wide range of prices and models, and 10 models were priced even lower than the average cost of a car last year.

“EVs are a great option,” she said. “They can save you money. They have a lot of other benefits, like reduced noise and better performance. They have great climate and health, public health, benefits as well.”

Not everyone is a fan of electric vehicles. Some worry that they are too quiet for pedestrians and cyclists to hear, and that there aren’t enough charging stations in some areas. However, Georgia has seen more than $33 billion invested in EV infrastructure, and 34,000 new jobs as a result of the Inflation Reduction Act.

This article originally appeared on Public News Service and is republished here under a Creative Commons license.

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