Electric Vehicles (EV)

 

Electric vehicles, or EVs, are quickly becoming more available and cost efficient for the average consumer. Until recently, the EV market was very limited and extremely pricey. But, entering into todays world of the EV has become a lot easier and cheaper thanks to new leaps in technology and a little helping hand from our government. Yes, that's right, our government.

The Federal government has issued a tax incentive up to $7,500 for those who purchased their EVs in, or after 2010. Obama has offered this credit in an effort to put one million EVs on the road by 2015. The amount credited to each individual depends upon the capacity and type of battery used to power the car.

State governments are also pitching in to motivate the prospective EV buying population. States such as Oklahoma and Oregon are offering of up to $1,500 to EV buyers. New Jersey offers a tax rebate of up to $4,000 for purchasing an EV. Add that to the Federal tax credit and you have yourself a winning situation.

Environmental Impact

Compared to traditional gas-guzzling combustion engine vehicles, like the one sitting in your driveway right now, the EV is a ZERO-emission vehicle. This means that while your Honda Accord is roaring down the road dumping about 19.6 lbs/gallon of CO2, a comparable EV is quietly streaming across town releasing zero (considering your local source of electricity is derived from wind, hydro or nuclear power).

Rising Gas Prices and Lower Vehicle Maintenance

Now, let's consider the rising price of gas. The current (Sept. 22, 2011) average price of gas in the U.S. is $3.56/gallon. That is an astounding increase of almost $0.85/gallon from last year. It's hard to predict what the price of gas will be in the future, but I'm sure we can all agree that it will continue to rise and rise and rise.

While the price of gas continues to rise, the price of maintaining an EV is continually dropping. There are only perhaps 6-10 moving parts on an electric engine. Compare that to the vast amount of moving parts on an internal combustion engine (which numbers in the hundreds), and there is relatively not that much that can wear out on the engine of an EV. This means no changing oil, spark plugs and wires, mufflers, fuel pumps and filters, rods, pistons, etc... This can save you a considerable amount of money.

While Obama's prediction of one million EVs on the road by 2015 may be a bit aggressive, he is on the right track. As technology advances and the price of the EV drops, it is becoming easier for the average consumer to make the leap from gas to electric. More money in our pockets and less CO2 polluting our air sounds like a good idea to us.

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