EVs Are the Future: Here's Why You Should Invest in One Now
EVs have been turning heads lately, emphasizing environmental consciousness and money-saving potential. Moreover, with the Biden administration's Build Back Better plan proposing generous tax credits for electric vehicles, the market is in a prime position to expand.
What Is an Electric Vehicle and How Does It Work?
Electric vehicles (EVs) are automobiles that run on electric power, either fully or partially. Alternatively known as hybrids, these cars and trucks typically combine electric batteries and gasoline-powered combustion engines.
The batteries used for most EVs are based around lithium-ion technology, a more stable version of previous EV battery types such as lead-acid and nickel metal hydrides. As a result, lithium-ion battery-powered EVs can retain more energy, charge faster, and have extended ranges—making them an ideal choice for the increasingly popular EV market.
Why Should You Invest in an EV Now?
Many analysts and consumers believe this is the ideal time to switch to an EV. Climate change and sky-high gas prices have made EVs not only more attractive but also necessary for furthering sustainability initiatives around the globe. Moreover, the future of automotive vehicles appears bright for those who invest in electric—so why wait?
The best reasons why now is the optimal time to make the transition to an electric vehicle are:
1. Lower Cost of Ownership
Electric cars come with the added benefit of a lower cost of ownership than that conventional gasoline-powered vehicles. This is due to their decreased maintenance costs and the significantly lower cost per kWh than gasoline. In addition, many states also offer incentives for electric car buyers, including tax credits and rebates, making it even more budget-friendly for those looking to invest in an EV.
2. Reduced Emissions
EMVs have zero tailpipe emissions, meaning they produce no carbon dioxide or other pollutants while they're in use. This helps to reduce air pollution and its effects on human health and the environment.
According to the U.S. Environmental Protection Agency (EPA), 14% of global greenhouse gas emissions originate from transportation sources, with 95% of the energy used in vehicles stemming from fossil fuels. EVs offer an alternative that eliminates these emissions, having the potential to make a significant impact on reducing pollution if adopted on a broader scale.
3. Low Maintenance Costs
EVs typically cost less fuel over their lifetime than traditional automobiles, making them cheaper to operate in the long run. Research has demonstrated that EV operating is more cost-effective than a conventional gas-powered vehicle. A study done in 2018 by the University of Michigan's Transportation Research Institute found that EV owners spent 57% less on yearly operating costs when compared to gas-powered cars.
Though other studies have challenged these results, it is clear that EVs possess fewer parts than those powered by gasoline, leading to breakdowns being a rarer occurrence and subsequently reducing maintenance costs.
4. Long-Range Capability
Many EVs nowadays can offer a range of 250 miles or more on a single charge, making it possible for drivers to go longer distances without worrying about frequent charging. This makes electric cars an increasingly viable option than gasoline, as they no longer require short or infrequent trips.
Electric vehicle manufacturers continue improving their technology and design, pushing the boundaries of what was once considered impossible. This leads to a longer-range capability that can easily accommodate most commuters and some long-distance travelers.
5. Superior Performance
Electric vehicles are known for having superior performance compared to their gasoline counterparts. This is due to the innovative electric motor and battery combination that powers them. Electric motors provide smooth, consistent power, making acceleration linear and predictable.
EVs also offer increased torque and improved efficiency, leading to faster acceleration and better performance. Additionally, the batteries used in electric vehicles are designed to give a long lifespan with minimal degradation over time.
6. Government Incentives
Many governments worldwide offer tax credits and rebates on new electric vehicles purchased within their jurisdiction. This is intended to help offset some of the higher upfront costs associated with EVs compared to similar gas-powered models.
The incentives for purchasing an electric vehicle can vary depending on the location and can be anywhere from a few hundred dollars to several thousand dollars, depending on the type of EV. Additionally, charge points for electric vehicles are becoming more common in major cities and towns, making it easier for owners to recharge their cars when needed.
7. Home Charging Convenience
Electric vehicles offer enhanced convenience when it comes to charging at home. Plugging in an EV and charging overnight can be done from the comfort of your garage or driveway. This eliminates the need for periodic trips to a gas station and helps keep fuel costs low in comparison.
In addition, many new electric models come with built-in charging systems that allow drivers to safely, quickly, and conveniently charge their cars at home. These systems also give drivers insights into their car's charging progress, such as real-time energy usage stats, estimated charge time remaining, and more.
8. Improved Technology & Features
Electric vehicles have seen dramatic improvements in recent years concerning technology and features. Many new models offer longer driving ranges, enhanced acceleration, improved safety features, and the latest entertainment technology. In addition, compared to gas-powered cars, EVs are significantly quieter, providing a smoother and more enjoyable ride for passengers.
Automakers like Tesla are constantly innovating and adding new software updates to their vehicle platforms, enabling drivers to access advanced driver-assistance functions such as Autopilot.
9. Cleaner Energy Sources
By providing a source of clean energy and reducing emissions, EVs are helping to combat climate change and reduce air pollution. Moreover, electric vehicles typically rely on electricity from sustainable sources like solar, wind, and hydroelectric power, reducing reliance on fossil fuels.
Many cities have also implemented public charging infrastructure that allows EV owners to recharge while away from home quickly. This further reduces emissions, making electric vehicles more convenient and accessible for drivers.
10. Infrastructure Expansion
With the increased adoption of electric vehicles, governments and private companies are investing in infrastructure to make it easier for EV owners to charge their cars on the go.
The expansion of electric vehicle infrastructure allows more accessible charging stations in public places such as hotels, parks, malls, and airports. What's more, most cities offer residential programs to help reduce the cost of ownership by providing subsidized or no-cost charger installation. This allows businesses to enter the industry and makes it easier for drivers to access electric vehicles worldwide.
Get Ready for the Future With an Electric Vehicle
With the increasing number of electric vehicle charging stations and the wide range of residential programs, now is a great time to purchase an EV. You can access public charging points easily and benefit from reduced ownership costs through your home charger's subsidized or no-cost installation.
