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Do EVs Save Everyone Money?

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Tony Paradiso's picture
Principal, E3

I provide consulting services primarily assisting renewable energy-related companies in areas such as strategic planning, marketing, and operations. I have helped bring to market numerous leading...

  • Member since 2023
  • 165 items added with 32,518 views
  • May 30, 2023

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EVs certainly offer an environmental benefit but whether they offer a financial one depends on where you live. Because of the high cost of electricity those living in Alaska and Hawaii benefit the least. But sadly, the benefit of EV ownership also depends on income level.

The study found that over 50% of the lowest-income U.S. households would still experience high transportation costs. That’s an estimated 8.3 million household. The study defines high transportation costs as having to spend more than 4% of household income on gas or charging an EV.

The study also cited that the environmental benefits for many lower income households would be lower because they tend to be located in areas that are still heavily reliance on coal and natural gas. And those in colder climates benefit less because cold weather impacts battery performance.

Check out the University of Michigan Map to see who benefits the most and least from EV ownership.



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