Environmental Defense Fund and WSP have created fact sheets for a number of states across the country to provide state-specific analysis on how EVs are improving lives by reducing vehicle costs, providing more choices to consumers, and spurring a domestic manufacturing renaissance.
Saving vehicle owners money
The analysis compares the lifetime costs, over 10 years, of owning and operating a number of popular EVs compared to equivalent gasoline-powered vehicles in states across the country. The costs include the purchase and financing of the vehicle and home charger (for EVs), annual vehicle registration, maintenance, insurance and fuel costs. These analyses also accounts for federal and state EV and charger tax credits, highlighting how the studied EVs are estimated to be less expensive to own and operate than the comparable gasoline vehicles. In addition to cost savings, EVs provide other consumer benefits, including better performance and reduced noise.
The analysis also looks at the ownership costs associated with purchasing a five-year-old, used EV and keeping that vehicle for five years. EDF finds that popular used EV models provide savings to owners, as well, allowing a wider array of vehicle owners to benefit from owning an EV.
Providing Americans with more choices
In the states included in the analysis, those looking to buy a new car have up to 18 EV models available for less than $35,000 and up to 49 models available for less than the average price of a new vehicle last year — $48,000. This includes both battery electric and plug-in hybrid models, providing Americans across the country with more vehicle options to best fit their needs.
Creating paying jobs and economic development across the nation
The historic investments in the Inflation Reduction Act (IRA) and Bipartisan Infrastructure Law (BIL) have rapidly accelerated a U.S. EV manufacturing renaissance, helping to grow jobs and contributing significantly to the rapidly declining battery and vehicle costs that are making these models even more affordable.