EV myth: “EVs are too expensive”
June 11, 2024
In this episode of Your EV Power Source, hosts Scott Barrios and Amy Flower are joined by Buzz Smith, interim executive director at the Texas Electric Transportation Resources Alliance (TxETRA). They debunk misconceptions about the cost of owning an EV. Discover how EVs can be affordable, the availability of grants and tax credits, and the growing charging infrastructure.
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In this episode of Your EV Power Source, hosts Scott Barrios and Amy Flower are joined by Buzz Smith, interim executive director at the Texas Electric Transportation Resources Alliance (TxETRA). They debunk misconceptions about the cost of owning an EV. Discover how EVs can be affordable, the availability of grants and tax credits, and the growing charging infrastructure.
Mentioned in this episode:
Texas Electric Transportation Resources Alliance (TxETRA)
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Episode Highlights:
- [05:26] - Shopping for an EV at traditional dealerships can be challenging, mainly because salespeople are less incentivized to sell EVs due to lower commissions and the extensive knowledge required to address buyers' questions. To overcome this, consider joining various groups or online communities related to the specific EV model you're interested in to engage with current owners, ask questions, and gather insights about their experiences, issues, and what they love about their EVs.
- [08:25] - If you're considering an EV, start by checking if it comes with a charger. For daily commutes of 40 miles or less, a standard 110-volt charger, similar to a household outlet, will fully recharge your EV overnight. For longer commutes, consider a Level 2 charger, requiring a setup similar to an electric dryer's outlet. For those unable to install a home charger, public DC fast chargers provide a quick alternative, capable of charging some models in just 18 minutes.
- [12:46] - Buying an EV has become an increasingly appealing option thanks to the federal government's policy allowing buyers and dealerships to apply up to a $7,500 federal income tax credit directly as a discount on the purchase, making EVs more competitively priced. Beyond that, the total cost of ownership for an EV significantly decreases due to savings on fuel and maintenance. Additionally, the cost of powering an EV is less than fueling a traditional vehicle, with some drivers experiencing a reduction in their monthly energy expenses.
- [18:40] - Discovering the transformative potential of EVs is like experiencing the Internet revolution all over again. As skepticism about EVs diminishes from 40% to 4% through direct exposure, such as seeing them in your neighborhood, having a friend who owns one, or taking one for a ride, the benefits become undeniable. Similarly, the Internet has reshaped every aspect of our lives, from shopping to healthcare, and now, EVs are doing the same.
- [21:25] - From federal income tax credits with no caps on the number of vehicles eligible per manufacturer to state refunds and special utility rate plans, there's a wealth of resources available to make EVs more affordable. Websites like Plug In America offer complete guides to navigating these opportunities, detailing everything from specific vehicle credits to utility company programs. Moreover, the expansion of charging infrastructure, with investments like those in Texas, promises easier and more convenient charging options, mirroring the ease of charging a smartphone.
- [28:18] - For the second-hand EV market, federal incentives now include up to $4,000 as an income tax credit or point-of-sale discount for pre-owned electric vehicles. However, the car must be bought from a dealer and be at least three model years old. Some states even offer additional benefits. Besides, remember that most EVs come with a battery warranty that can be transferred to you, adding value to your purcha