Ways to Save Money While Owning an Electric Vehicle
As more people embrace green energy by purchasing electric vehicles (EVs), there’s been a shift in the need for different strategies to balance maintaining the vehicle and keeping costs down. Here are eight tips that can help you save money while owning an electric car.
1. Take Advantage of Free Charging Services
Volta charging stations offer a chance to charge your EV for free by watching ads. Alternatively, free charging services may be available at your workplace, hotels, or even when visiting friends. Several EV models like the 2023 VW ID.4, Porsche Taycan, and Audi e-Tron GT come with free charging plans from the manufacturer. Adopt a Charger also provides EV owners free level two chargers.
2. Use the Tax Discount for Home Chargers
inflation reduction act of 2022 allows you to claim a tax discount of 30% for installing home chargers for your EV. For business premises, you can claim up to 30% of $100,000. Check if your state offers tax incentives for the installation of solar panels and EV home chargers.
3. Improve Your Safety Score to Lower Insurance Premiums
Owners of Teslas have a chance to improve their Safety Score rating by driving safely and potentially getting a cheaper rate on insurance. The score rates things like gradual breaking, safe turning, speed around obstacles, and following distance. However, this insurance only works for Teslas that employ Tesla insurance.
4. Consider EVs That Qualify for the federal tax credit
EVs that qualify for federal tax credit can save you up to $7,500 on purchase. Some manufacturers that offer qualifying EV models are Chevrolet, Ford, Tesla, and BMW. At present, some models like the Chevrolet Bolt and Tesla Model 3 Performance qualify for full $7,500 tax credit.
5. Look for EVs With Longer Battery Warranties
Replacing an EV battery can be expensive, with replacements costing almost as much as you spent to buy the EV. Look for EV models like the Tesla Model S and Model X, which offer the option for a battery warranty of 150,000 miles to minimize your risks.
6. Choose EVs With High Resale Value
If you’re eyeing an EV with plans to sell it eventually, get one with high resale value. Some brands and models like Tesla, Chevrolet, and Audi have high resale value due to driver-friendly features like driver assistance technology.
7. Charge Your EV During Off-Peak Hours
Sunnergy World suggests charging your electric vehicle during off-peak hours, when there’s a lower electricity demand. Depending on the local electricity provider, off-peak times are generally between 11 p.m. and 7 a.m.
8. Consider EVs With Longer Battery Range
EVs with longer battery ranges could be cheaper in the long term. EV manufacturers like Lucid and Tesla offer models with longer battery range, allowing you to cover more miles per charge.
In conclusion, EVs can be cheap to own and maintain. Employing these strategies allows you to save money while making environmentally friendly decisions.
Original Story at www.makeuseof.com – 2023-05-31 14:31:00
