3 ways to save money with EVs

EV owners spend less on fuel and maintenance while incentives and tax credits are available to help consumers

Whenever someone starts learning about electric vehicles, they often come to a big realization – EVs can save them money.

You can use Duke Energy’s Electric Vehicle Savings Calculator to compare fuel costs between EV and combustible engine vehicles using your driving habits –daily mileage, your vehicle’s miles per gallon, and the cost of gas.

Using the calculator, one man who drove about 100 miles per day for his job discovered he could save $500 to $700 in fuel costs every month, a Duke Energy spokesperson said. “He was so shocked and said he couldn’t wait to start saving that kind of money by going electric.”

Reduced operating costs are just one way EV owners can save money. Here are three ways to save along with Duke Energy programs for EV owners.

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Fuel. An EV can save on average $1,000 in fuel each year. The cost to charge a 60-kilowatt-hour (kWh) EV with more than 230 miles of range at home is less than $8, and electric prices are generally stable, which aids in budgeting.

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Reduced maintenance costs. Maintaining electric cars costs less than gas-powered vehicles. It’s simple: there are fewer moving parts in EVs, they don’t require oil changes, and with regenerative braking, there is reduced wear on brakes. In the U.S., automakers are required to warranty EV batteries for eight years or 100,000 miles, whichever comes first. Many EV batteries have logged more than 200,000 miles with less than 10% degradation in power capacity. Typically, the only regular maintenance costs EV owners need are new windshield wipers and tires.

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Tax Incentives. The Inflation Reduction Act updated federal tax credits to help consumers buy EVs. “Recent legislation extended and expanded EV tax credits,” said Sarah Adair, Duke Energy’s director of public policy. “The new credits will include up to $7,500 per vehicle for new vehicles, up to $4,000 for previously owned EVs, and up to 30% for commercial vehicles and buses.”

EVs manufactured in North America that meet cost requirements are eligible. More information is in these FAQs.