Is Now the Time to Invest in an Electric Vehicle?

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With increasingly affordable vehicles, longer-lasting batteries, efficient charging options, and a rapid increase in the number of charging stations across the country, electric vehicles are a greater option than ever before.

PSO offers up to $250 in rebates on a ENERGY STAR® Certified Level 2 EV Charger, meaning you can charge fast and efficiently without breaking the bank.

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, it costs about half as much on average to drive an electric vehicle. As of this writing, a gallon of regular unleaded gasoline in Oklahoma costs a little less than $3. While that’s low, an electric eGallon (the cost of fueling with electricity) is even lessabout $1.41! Put another way, it costs you around $45 to fill up a 16-gallon gas vehicle, but less than $23 for the electric equivalent. If you fill up on average about once a week, you’ll save more than $1,000 in 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 lower MSRP, but a shorter battery range. Thanks to improved technology and more options, you can now get a new electric car for roughly the same price as a lot of gas-powered counterparts — with models from many of your favorite manufacturers.

Oklahoma plans to continue EV infrastructure

Oklahoma has more than 1,000 EV charging stations throughout the state for drivers needing to “power up”. Major highways have charging stations placed at least every 50 miles for those traveling the state with their EV. The Department of Energy has a map of public charging stations in Oklahoma and the entire U.S. Don’t worry — you don’t have to memorize charging station locations. Several mobile apps will show where to find charging stations as you travel within the state and beyond. Find out more about Oklahoma’s EV Infrastructure Program.

Significant tax credits for electric vehicle purchases

Since the federal Inflation & Reduction Act (IRA) passed in 2022, you can get up to $7,500 in tax credits when you purchase an EV. New EV drivers can take advantage of additional tax incentives for EV charger installation in their home. The IRA also includes 30% of the cost of installation, or up to $1,000. So, as you decide if an EV is a good fit for you, make sure to take advantage of these tax benefits!

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 a Level 1. Plus, 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 a rebate from PSO.