Electric Vehicles

Cost of Owning an Electric Vehicle

Electric Vehicles Are Affordable

Electric Vehicles (EVs) are a symbol of both eco-friendliness and progressive technological adaptation. They represent a move toward more sustainable and efficient transportation solutions, and the trend is gaining momentum, fueled by numerous benefits including cost savings and reduced environmental impact. That said, some consumers are hesitant to make the move towards electrification and it is understandable. Sometimes, it’s the cost of electric vehicles that may be prohibitive for some. Here, we take a look at how this higher price is often offset by other factors, and try and give you an overview of the costs you can expect when owning an EV.

How You Can Save with an Electric Vehicle

The affordability of EVs is a crucial factor in their adoption. Most EV owners find that their EVs are more affordable than gas vehicles over time, with most EVs breaking even in less than five years. The cost of owning an EV involves not just the purchase price but also the operating cost, both of which are typically lower than those of gas-powered vehicles.

Here are three ways you can save with an electric vehicle in the long run:

Reduced Fuel Costs

The average Canadian spends approximately $3,000 annually on gasoline, whereas fueling an EV costs only a few hundred dollars per year, leading to substantial savings.

Lower Maintenance Expenses

EV owners don’t just save money on gas, they also spend less time at the shop, since EVs require less frequent and less complicated maintenance than conventional gas vehicles. The average BEV owner saves about 40% to 50% in maintenance compared to a gas-powered vehicle.

Insurance Incentives

Certain insurance companies provide incentives and discounts for EV owners, adding to the cost savings.

Lifecycle Impact

EVs, primarily powered by low-emitting hydro and nuclear sources in Canada, can substantially reduce personal vehicle greenhouse gas emissions, contributing to a cleaner environment and offering savings on fuel. Although the manufacturing emissions of EVs are initially high, their on-road emissions are significantly lower, making them an eco-friendlier choice in the long run.

Incentives and Rebates

Along with the reduced ownership costs, there are multiple EV rebates available on the purchase of a new electric vehicle. These rebates are offered across Canada from the Federal government, but there are also provincial rebates aimed at promoting EV adoption.

All of these rebates can be combined with the iZEV program and are applied after taxes at the point of sale.

The Government of Canada’s ZEV Program provides point-of-sale incentives of $2,500 to $5,000 for consumers who buy or lease an electric vehicle or a plug-in hybrid vehicle.

The Go Electric program offers rebates between $500 – $4,000 based on individual income and vehicle type.

Provides incentives for purchasing hybrid vehicles combining an internal combustion engine with an electric motor that can reach $7,000.

Offers EV Assist Program which provides incentives as high as $3,000 for both new and used electric vehicles and plug-in hybrids.

Provides rebates of $2,500 for 100% electric vehicles and $1,500 for plug-in hybrids under the EV Rebate Program.

The EV Initiative provides varied incentives for BEVs and PHEVs, including both new and used models that reach $5,750.

Offers rebates under the New Brunswick EV Rebates program, ranging from $1,000 to $5,000 based on the vehicle type, and $750 for home charging stations, with different amounts for leased vehicles depending on the length of the lease.

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