Dania Beach, Fla. (February 21, 2024)

FirstService Energy featured in GoBanking Rates most recent article

As electric vehicles (EVs) grow more popular, they’re also getting less expensive to own.

In 2023, 1.2 million EVs were sold in the United States, with their share of the overall U.S. vehicle market growing from 5.9% to 7.6%, according to Kelley Blue Book. Meanwhile, the average transaction price has fallen to $50,798, which is close to the overall average price for new vehicles of $48,759, Kelley Blue Book reported.

However, affordability still remains a concern for many. Even though the average price for EVs and gas-powered cars is getting close, there’s a wide range of price points in the gas-powered car market. For EVs, only two models sell for under $40,000 in the U.S., according to the latest Kelley Blue Book data.

Indeed, cost is the top concern preventing consumers from purchasing EVs, according to an S&P Global Mobility survey.

But if you own a house, particularly a single-family home, you can potentially make the operating cost of your EV cheaper and easier...

...Keep in mind, however, that not all homeowners can easily add chargers.

“The parking arrangement has a much higher impact than the homeownership arrangement,” said Rob Detta Colli, regional director at FirstService Energy. “There are many single-family homeowners that only have street parking, which makes EV ownership and charging difficult — but not impossible.”

But if you’re a single-family homeowner with a driveway, you can install chargers at lower costs than multi-unit homeowners can, he explained.

“First, the distance from the electrical panel to where the charger will be located tends to be much shorter in a single-family home, so the installation costs are much lower,” Detta Colli said. “Second, the operation cost is lower in a single-family home because the charger’s electricity usage does not need to be separately accounted for. For multi-unit homeowners, a service provider needs to read each charger’s usage and bill individual owners.”

To be fair, rental buildings often have parking arrangements where EV chargers can be located close to electrical rooms, making the cost per charger very affordable, Detta Colli said.

Still, not all landlords will agree to add chargers.

To read the full article, click here: https://www.gobankingrates.com/saving-money/car/how-owning-a-house-can-make-your-ev-cheaper/?utm_term=incontent_link_8&utm_campaign=1260216&utm_source=yahoo.com&utm_content=11&utm_medium=rss
Feb 20, 2024