Thanks to advancements in technology, EVs are now an affordable alternative for the average consumer. With increasingly affordable vehicles, longer-lasting batteries, efficient charging options and a rapid increase in charging stations across the country, experts say that 2020 will be the year the electric car finally permeates the mass market.
Here are five facts to know about EVs:
Long-term savings: Electric vehicles cost significantly less to maintain than their gas-powered counterparts.
According to the U.S. Department of Energy, on average it costs about half as much to drive an electric vehicle. In Oklahoma, it’s even more affordable—as of this writing, a gallon of regular unleaded gasoline in Oklahoma costs about $2.26, while an electric eGallon (the cost of fueling with electricity) is roughly $.89 a gallon. Put another way, it costs you $36 to fill up a 16-gallon gas vehicle, but only $14 for the electric equivalent. That’s over 60 percent cheaper! If you fill up on average about once a week, that’s over $1,000 in savings over a single year. Calculate fuel savings based on where you live.
Up-front costs: Electric vehicles are cheaper than ever
Not so long ago, those shopping for electric cars were faced with a difficult choice—pay considerably more for a high-end EV with long battery range, or settle for a tiny car with a short battery range, but a lower MSRP. Now, with improved technology and more car manufacturers getting in the EV game, you can get a new electric car for roughly the same price as a lot of gas-powered counterparts.
Oklahoma offers significant tax credits for electric vehicle purchases
While the federal government recently chose to end its electric vehicle tax credit incentive, there’s no need to fret: Oklahoma legislature voted to extend its own alternative fuel tax credit program with some alterations—namely, shifting from a flat percentage credit to credit by weight of the vehicle.
What does this mean? Most mass-market consumer EVs can qualify for a tax credit of around $5,500. You can search for rebates by state at AFDC.
Oklahoma ranks as the best place to own an electric vehicle in the U.S.
For several years, Oklahoma has ranked as the best state to own an electric vehicle based on its low cost of electricity, the number of charging stations per capita, and year-over-year EV sales increases. That #1 ranking is about to be further cemented as Francis Renewables prepares to add 250 fast chargers at 110 locations across the state. See a list of public charging stations.
PSO offers rebates on Level 2 EV Chargers
Level 1 home chargers are easy and affordable, but they require longer charging times — a full electric battery could take over 20 hours to fully recharge. On the other hand, Level 2 chargers “fill up” your EV battery five times faster than Level 1s. And the cost to own one just got more affordable thanks to rebates from PSO. Now, when you purchase an Energy Star-certified Level 2 EV Charger, PSO will give you up to $250 in rebates. View more EV tools and resources and get on the road to savings with rebates from PSO.