Post by Deleted on Mar 9, 2022 12:17:31 GMT -5
Here are five things to know before you lay down that cash.
1. Where can I buy one?
B.C. Hydro keeps an online database of all battery electric and plug-in hybrid vehicles available in the province, from Audi to Volvo. It also links to each manufacturer and lists the kinds of rebates you might be able to get on various models.
Speaking of which …
2. Can I get a rebate?
Yes, up to a point. Both B.C. and the federal government offer rebates that can save you up to $8,000 on the purchase or lease of an electric or hybrid vehicle.
But the programs are only available on passenger vehicles with a manufacturer’s suggested retail price of $55,000 or less. So if you’re thinking of a new Tesla or Porsche, prepare to pay the full tab.
There are also rebates available on the cost of installing a Level 2 EV charger at your house, townhouse or duplex.
3. What if new ones are still too expensive?
More and more used EVs are hitting the market as early adopters trade up for newer technologies. You can buy from a private seller or a used-car dealer, or get a certified used vehicle from the manufacturer. You may pay more for the latter two but could get a limited warranty.
There are obvious cost savings in going the used route, and EVs generally last longer and require less maintenance than vehicles that run on gas.
But there are drawbacks, too, such as lower battery range than the latest models. You may also have to factor in the purchase of a new battery if it’s an older vehicle. And you may only get a limited warranty if buying from a dealer or certified used seller, or none at all on a private sale.
4. What about keeping it charged?
You should think about your needs and habits before making a choice. Do you regularly do lengthy commutes or long drives that would require a longer-lasting battery? Are there charging stations where you live or work?
You can get a rebate on the cost of putting a high-efficiency charging station on your property, but not if you live in a condo or apartment. If you do, you’ll have to check with the strata or landlord to see if they plan on accommodating EVs anytime soon. Like individual homeowners, stratas, landlords and workplaces can apply for rebates on getting them installed — in this case, up to $2,000 a station.
B.C. is developing a network of charging stations in part by offering incentives to properties and businesses that create them, but the grid is far from universal. Also, Teslas use a different type of charger than other makers. See the plug-in locations in the province here .
5. How much will I save using electric instead of gas?
Of course, a key reason to go electric is to reduce fossil fuel use — but it’s also a financial equation. Will you save a lot, a little, or nothing at all in the long run?
A 2020 Consumer Reports study estimates you’ll spend about 60 per cent less on fuel costs with an EV or hybrid. That’s probably even higher now as gas prices soar compared with the cost of electricity, and the fact there are ways to charge an EV for little or no cost.
But those savings come after the higher upfront cost of buying the vehicle. EVs are usually at least $10,000 more than a comparable gas vehicle. Still, that same study shows that lower fuel and maintenance costs for EVs offer significant savings over the lifetime of the vehicle.
Depending on your habits, individual results may vary. Take into account how much you drive, how much you’re already paying for gas in a typical month, and do the math. In the end, switching to electric is a personal decision and might not be driven solely by financial considerations.link
1. Where can I buy one?
B.C. Hydro keeps an online database of all battery electric and plug-in hybrid vehicles available in the province, from Audi to Volvo. It also links to each manufacturer and lists the kinds of rebates you might be able to get on various models.
Speaking of which …
2. Can I get a rebate?
Yes, up to a point. Both B.C. and the federal government offer rebates that can save you up to $8,000 on the purchase or lease of an electric or hybrid vehicle.
But the programs are only available on passenger vehicles with a manufacturer’s suggested retail price of $55,000 or less. So if you’re thinking of a new Tesla or Porsche, prepare to pay the full tab.
There are also rebates available on the cost of installing a Level 2 EV charger at your house, townhouse or duplex.
3. What if new ones are still too expensive?
More and more used EVs are hitting the market as early adopters trade up for newer technologies. You can buy from a private seller or a used-car dealer, or get a certified used vehicle from the manufacturer. You may pay more for the latter two but could get a limited warranty.
There are obvious cost savings in going the used route, and EVs generally last longer and require less maintenance than vehicles that run on gas.
But there are drawbacks, too, such as lower battery range than the latest models. You may also have to factor in the purchase of a new battery if it’s an older vehicle. And you may only get a limited warranty if buying from a dealer or certified used seller, or none at all on a private sale.
4. What about keeping it charged?
You should think about your needs and habits before making a choice. Do you regularly do lengthy commutes or long drives that would require a longer-lasting battery? Are there charging stations where you live or work?
You can get a rebate on the cost of putting a high-efficiency charging station on your property, but not if you live in a condo or apartment. If you do, you’ll have to check with the strata or landlord to see if they plan on accommodating EVs anytime soon. Like individual homeowners, stratas, landlords and workplaces can apply for rebates on getting them installed — in this case, up to $2,000 a station.
B.C. is developing a network of charging stations in part by offering incentives to properties and businesses that create them, but the grid is far from universal. Also, Teslas use a different type of charger than other makers. See the plug-in locations in the province here .
5. How much will I save using electric instead of gas?
Of course, a key reason to go electric is to reduce fossil fuel use — but it’s also a financial equation. Will you save a lot, a little, or nothing at all in the long run?
A 2020 Consumer Reports study estimates you’ll spend about 60 per cent less on fuel costs with an EV or hybrid. That’s probably even higher now as gas prices soar compared with the cost of electricity, and the fact there are ways to charge an EV for little or no cost.
But those savings come after the higher upfront cost of buying the vehicle. EVs are usually at least $10,000 more than a comparable gas vehicle. Still, that same study shows that lower fuel and maintenance costs for EVs offer significant savings over the lifetime of the vehicle.
Depending on your habits, individual results may vary. Take into account how much you drive, how much you’re already paying for gas in a typical month, and do the math. In the end, switching to electric is a personal decision and might not be driven solely by financial considerations.link