When President Joe Biden announced his plan for addressing gas costs Thursday, he placed heavy emphasis on the cost-saving benefits of electric vehicles, which he said will save drivers, on average, about $80 per month on gas.
"The bottom line is this: Between ramping up production in the short term and driving down demand in the long term, we can free ourselves from our dependence on imported oil from across the world,” Biden said.But while EVs save money in the long term due to lower costs of maintenance, insurance, and taxes, they also have significantly higher upfront costs — meaning that many drivers may not be able to afford them.
To help save time, many drivers opt to spring for a Level 2 charger, which can fully recharge their vehicles in eight hours. But they require exclusive charging equipment, which means professional installation and a dedicated electrical circuit — a cost that runs consumers an additional $2,000. Still, many states — including California, Colorado, Delaware, Georgia, Maine, Maryland, Massachusetts, Minnesota, Nevada, New Hampshire, New Jersey, New York, Oregon, Pennsylvania, and Vermont — also offer various tax credit and rebate programs for EV drivers to help further drive down costs and incentivize consumers to make the switch.
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