Happy National Drive Electric Week! This week, we celebrate all the advancements in electric vehicles and the ways they’re making the world better.
In just the first quarter of 2022, electric car sales reached a new high of over 200,000 vehicles sold in the Unites States. As the popularity of electric vehicles (EVs) surges, do you find yourself wanting to learn more about the hype? In this blog, we’ll break down the facts and share what many are considering in this transportation revolution.
Your driving habits and location
Your daily commute and typical driving habits play a big role in the switch to an electric vehicle. The driving range of battery electric vehicles (BEVs) varies by make and model, but the average range is around 300 miles. Most people drive 40 or less miles a day, meaning they can go several days without stopping at a charging station. If your commute is less than 40 miles per day, an EV could be the perfect fit! If you take frequent road trips or have a far commute, finding a plug-in hybrid EV or an EV with a range over 300 miles should be prioritized.
The proximity of charging stations is another important factor to consider while you research. Some drivers worry about the availability of charging stations in their area — but public charging infrastructure has grown rapidly in the past few years. PlugShare.com is a useful site that can help you identify the nearest public charging stations.
To eliminate the worry, consider plugging in at home or at work. It’s a great option and offers the highest convenience for EV owners. Check with your utility company to see if they offer rebates. For example, at Alliant Energy, we offer residents a rebate of up to $750 when they install a level 2 charging station and rebates for employers who want to install charging for their employees. Some drivers may be surprised at the cost of an at-home charging station, which can be as little as $300.
Your new car budget
Many car manufacturers are coming out with new options for EVs and there are almost a dozen options that are under $30,000 before tax incentives. This tool from the U.S. Department of Energy compares the cost of a hybrid vehicle to a gas-powered vehicle of the same or similar model.
In addition to becoming more affordable, EVs also eliminate many of the ongoing maintenance and fuel costs associated with a vehicle that uses gas, which makes them worth it for many motorists. On average, EV drivers save well over $4,000 over the life of the vehicle in saved maintenance costs alone.
The used EV market is also growing and making the vehicles more accessible. This makes new EVs more affordable as more used EVs hit the market. Check out this buyer’s guide from Plug in America to learn more about the used EV market.
Inflated fuel costs over the past year have been a major push towards electric vehicles for some drivers. According to a recent study conducted by U.S. Department of Energy’s National Renewable Energy Laboratory and the Idaho National Laboratory, EV drivers can save up to $14,500 in fuel costs over the span of 15 years. That saves nearly $1,000 per year on gas alone!
Incentives and tax credits
Federal tax credits of up to $7,500 are available for many new electric and hybrid vehicles. The passage of the Inflation Reduction Act may even add a tax credit of up to $4,000 for those purchasing used electric vehicles.
Doing proper research is critical to helping you to save money on EVs. Check out this U.S. Department of Energy list of EVs that are currently eligible for tax credits.
Plus, you can get up to a $750 rebate for the purchase and installation of a Level 2 charging station at your home.
Our electrification efforts
Electric vehicles produce 54% less carbon pollution than gasoline powered vehicles, which makes EVs the greener choice. We recognize this chance to make our world better, and we’re proud to be leaders in electrification efforts across the country. That’s why we’ve pledged to electrify all of our light-duty fleet vehicles by the end of 2030.
Our electrification efforts don’t stop at adopting EVs for our business, however. We also encourage customers to embrace electrification efforts by fostering sustainability in their communities. In just the last two years, we have assisted customers in securing over $5.7 million in external funding to advance electrification opportunities and pilot programs within our service area.
Still unsure about electric vehicles? Visit our new electric vehicle resources page to help you decide if an EV is right for you.
It’s National Drive Electric Week!
External Communications Intern
Kaitlyn is an intern with the External Communications Team. She is a student at The University of Iowa, studying Journalism & Mass Communication and Event Management. Kaitlyn is passionate about sustainability and is eager to help tell Alliant Energy’s story in their journey to create a better future.