Electric vehicles (EVs) have a long and complicated history. The first electric car debuted in the U.S. around 1890. It was a six-passenger vehicle with a top speed of about 14 miles per hour. By the early 20th century, many taxis in New York City were electric. But the high cost of production compared to gasoline-powered cars combined with a lack of electricity outside the cities was too much to overcome. By the mid- 1930s, electric vehicles had mostly vanished.
Today, electric vehicles are seeing an increase in demand as they become more cost-effective to both produce and drive and battery technology improves. The Department of Energy estimates that there are 234,000 plug-in electric vehicles and 3.3 million hybrids on the road in the U.S. today.
There’s a lot to like about electric vehicles today. They generally require less maintenance than gasoline-powered internal combustion engines. Also, most models can be charged at home with a standard 120V outlet. Or, a 240V level 2 charger can be installed for faster, more efficient charging. However, a level 2 charger may require electrical upgrades to your home or the electrical service that feeds your home. Please give us a call if you’re considering this option.
While their momentum is gaining, there are still some concerns about electric vehicles, including driving range, charging convenience and value retention. This month, we launched a new EV section on our website that helps you research these concerns:
- An EV model guide featuring estimated price, range, kWh consumption and charge time.
- An interactive map of chargers that includes over 28,000 charging stations across the U.S.
- Available tax credits that today can save you up to $7,500 on the purchase of a new EV.
- A cost savings calculator that lets you input the number of estimated miles you drive each day and what vehicle you currently drive to calculate your estimated savings versus buying gasoline.
Ultimately, you’ll need to decide whether an electric vehicle is right for your situation. I hope our guide helps you make an informed decision if you’re considering an EV now or in the near future. Please visit our new electric vehicle section at tipmont.org/ev.