New Orleans is the cheapest city in the country for electric vehicle commuters, according to Crescent Electric.
It’s generally accepted that it’s cheaper on an annual basis to drive an electric car than a gasoline- or diesel-powered vehicle.
Electricity is cheaper than both oil-based options, but how big a bang you’re getting for your buck really depends on where you live, according to a study by Crescent Electric. The study examined the 52 largest markets in the U.S. to determine the cheapest to own an electric vehicle.
Right now, the livin’ is cheap in the Big Easy for EV owners. New Orleans is the cheapest place to own an electric vehicle at just more than $54 a year.
(Chinese EV maker Nio eyes $1.8B IPO on NYSE. Click Here for the story.)
The rest of the top five includes:
- Salt Lake City, Utah: $59.47/year
- Louisville, Kentucky: $60.70/year
- Seattle, Washington: $61.50/year
- Cincinnati, Ohio: $64/year
Seattle is the cheapest place overall to drive an electric vehicle.
One of the driving factors in the lower costs is the average daily commute, which according to the U.S. Department of Transportation, is 15 miles each way nationally. That doesn’t account for after-work errands, weekend driving and other non-work commute travel.
(Click Here to see more about Nissan and EVgo’s new 500-mile charging corridor on I-95.)
Adding to the lower costs was the fact that Louisiana, Utah, Kentucky and Washington have some of the cheapest electricity rates in the country, according to Choose Energy.
Conversely, New Yorkers suffer from the lowest cost savings for an electric vehicle commute annually, with a total yearly cost of $157.16. Atlanta comes in a close second with a total yearly cost of $131.76 however unlike New York, Atlanta sees more than a 50% yearly saving using an electric vehicle over a regular gas vehicle, according to the Crescent Electric study.
Broadening the scope to include all usage, Seattle residents enjoy the biggest savings when comparing the savings from commuting with an EV rather than a gas-powered vehicle at $212.87 annually. Chicago was second followed by Phoenix, Atlanta and Los Angeles.
(To see more about the future of electric vehicles, Click Here.)
Residents of Seattle seem to have the cheapest electricity bills paying only $0.08 per kWh so it makes sense that they save the most when it comes to their electric vehicle commute. Oklahoma has the cheapest gas prices with a gallon costing only $2.53.
This is a fun cost comparison, but does not
address the most serious expense for a BEV.
KBB.com shows a “5-year cost to own” of a Chevy Bolt with a depreciation value of about $490 per
month. Volt is $525 depreciation per month.
Leaf? $400. Far higher than the ICE powered
equivalents.
While an important point, with the average age of a vehicle in the U.S. being 11.3 years old, it seems less important as the value of a vehicle at that point is pretty low.
AAA estimates electric vehicles lose $5,704 in value each year they’re owned, compared to $2,114 for small cars like the Honda Civic.
However, most EVs are leased and leasing in general is on the rise so it’s a less consistent factor in determining cost. The upside is that a used EV is a great deal!