How EVs are becoming more affordable

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A new report is highlighting the continuing affordability of electric vehicles in addition to the fact that running costs remain stable when compared to internal combustion engine vehicles.

The Zero Emission Transportation Association (ZETA) released a report showing that EVs continue to be more affordable for drivers. It also highlighted that EVs are more price stable when looking at the cost to operate as gasoline prices have fluctuated greatly for more than a year while the cost per kilowatt-hour of electricity has remained stable.

In other words, electricity is more insulated from price fluctuations compared to gas-powered vehicles, noted Albert Gore, executive director of ZETA. “Ensuring that [families] can travel affordably requires better protection from fluctuating oil prices. Electric vehicles provide that protection.”

EVs, the group highlighted, operate independently of global oil and gas markets, making their operating costs not subject to fossil fuel price shocks, disruptions and supply shortages.

It also noted that driving an EV can be 4.5 times cheaper than a gas-powered vehicle. “EVs are markedly cheaper to drive per mile — and experience far greater price stability — than gas-powered vehicles,” ZETA’s report synopsis said.