Editor's note: There's a lot of news about electric vehicles these days, and we're featuring it on the CoServ Blog every week. If you are a CoServ Member or Customer with questions about EVs, please contact us at EV@coserv.com.
By NICHOLAS SAKELARIS | CoServ
President Joe Biden has promised a paradigm shift to electric vehicles over the next four years as the federal government encourages businesses to buy fleets of EVs while he also plans to restore the full federal tax credit.
The tax credit news is great for Tesla and General Motors, which already surpassed the 200,000-vehicle threshold for the old tax credit. The current situation puts them at a $7,500 disadvantage compared to the latecomers.
Shares of GM and Ford rose Thursday in large part because of Biden and his administration’s EV goals, including adding 500,000 charging stations.
So, after several years of predictions, could the age of electric vehicles finally be upon us?
As an electric utility, CoServ wants to be your trusted energy advisor as you consider buying an EV. Chances are good that we’ll be providing the power for your drive – whether you’re at home or charging in public at the Tanger Outlet Mall in Fort Worth or, coming soon, The Cove at The Lakefront indoor waterpark in Little Elm.
The upfront cost to buy an EV is definitely a factor in your buying decision. But the daily operating costs will save you money over time. CoServ has made it easy to estimate how much you’ll save running your car on electricity rather than gasoline – and we used an online tool that is available to you right now.
The CoServ Electric Vehicle Calculator looks at your current gasoline-powered vehicle’s miles per gallon, the cost of gasoline and the miles you drive daily. Then, you can play around with various EVs and hybrids to see how much you could save based on CoServ’s low electric rates.
For comparison, the 4-cylinder 2021 Chevrolet Equinox is rated at 28 miles per gallon on a combination of city and highway driving. Setting gasoline at $1.99 a gallon and estimating a 30-mile daily commute, that ends up costing $63.96 a month in fuel – about $2 per day.
Compare that to the new Tesla Model Y and the total electric cost for the month is $26.47, or less than $1 a day to drive 30 miles per day.
Put another way, the Chevy Equinox has a 14.9-gallon fuel tank that would cost approximately $30 to refill and gives you a 400-mile range. The battery capacity for a Tesla Model Y with the Standard Range package is 75 kilowatt-hours for 244 miles. Based on CoServ’s January residential electric rate, which ranges from 7.5 to 9 cents depending on how much you’ve consumed for that month, the price to fully charge that battery would be between $5.60 up to $6.75.
That’s about one-fifth the cost of a gasoline SUV. Keep in mind, too, that with EVs, you leave home every day with a full battery and most people don’t drive 200 miles in a day so they won’t need a full charge.
The long-range all-wheel drive Model Y has an EPA estimated range of 326 miles.
And if you find yourself needing a charge in public, Car And Driver estimates that the Model Y can get about 158 miles of range in just 15 minutes at a Supercharger station, of which there are thousands.
If you’ve got questions about electric vehicles, please email our experts at EV@coserv.com.