WASHINGTON, D.C. – Today, the Zero Emission Transportation Association (ZETA) released a new report showing that electric vehicles (EVs) are delivering vast cost savings to drivers. This report includes data that illustrates the cost-per-mile trends for both EVs and gas-powered vehicles since the beginning of the year. This report’s publication comes just after President Biden signed the Inflation Reduction into law, unlocking billions of dollars in funding for the production and sale of electric vehicles.
“Our analysis shows that American EV drivers are saving thousands of dollars on vehicle operating costs because, compared to gasoline, electricity is cheaper, more stable, and produced locally,” said Joe Britton, the Executive Director of ZETA. “EVs aren’t just better for the environment and public health—they are also better for Americans’ wallets.”
A poll commissioned by ZETA earlier this year found that 71% of American drivers are considering an electric vehicle for their next car. The United States’ domestic EV industry is growing, but American-made EVs sales still make up just a fraction of all auto sales.
Here are some key facts from the report:
- Gas prices are inherently volatile—and they always will be. EVs, on the other hand, operate independently of global oil markets, so their operating costs are not subject to the same fossil fuel price shocks, disruptions, and supply shortages. Instead, EVs run on electricity, which is cheaper than gasoline, is price-stable, and is domestically produced from increasingly renewable and local resources.
- EVs are far cheaper to drive than gas-powered vehicles. Nationally, gas-powered vehicles are 3-5 times more expensive to drive per mile than EVs. In several states (including Arizona, Florida, Nevada, North Carolina, Ohio, Tennessee, and Virginia), EVs can be driven at just 15-20% of the cost of gas-powered cars per mile. In addition to examining this month’s data, this ZETA report also looks back at the past seven months, and the data confirms that over time, EVs are markedly cheaper to drive per mile—and experience far greater price stability—than gas-powered vehicles.
- The total cost of EVs is lower than that of gas-powered vehicles. In many cases, EVs are already comparable in price to similar new gas-powered models. And in addition to their fuel cost savings, EVs require less maintenance than gas-powered vehicles, too. EVs can save drivers between $1,800 and $2,600 on operating and maintenance costs per year, according to Consumer Reports.
- EVs will cost even less to buy if Congress passes strong EV tax credits. The proposed EV tax credit expansion in the clean energy tax plan will further reduce EV sticker prices, making it cost less to both buy and drive an EV. Furthermore, EV tax credits will help ensure that Americans can buy American-made EVs (rather than imports produced by our foreign competitors), which will create millions of good-paying American jobs and help the United States win the global clean transportation race. If we don’t invest now, the U.S. will concede this race to our foreign competitors, hurting all Americans.
Find the entire analysis here.
The Zero Emission Transportation Association (ZETA) is a federal coalition focused on advocating for 100% EV sales by 2030. ZETA is committed to enacting policies that drive EV adoption, create hundreds of thousands of jobs, secure American global EV manufacturing leadership, drastically improve public health, and significantly reduce carbon pollution.