A guide to electric vehicle ownership
August 2024
Determine if you will need to install a Level 2 charger and if your home’s electrical system is compatible. (Photo courtesy Ford)
by Jennah Denney, Contributing Columnist
The automotive industry is undergoing a transformative shift as some consumers are making the switch to electric vehicles. At first glance, electric vehicles offer numerous benefits, from environmental sustainability to cost savings. However, transitioning to an EV requires careful consideration of multiple factors.
The following list overviews key aspects of EV ownership and can help you make an informed decision based on your specific needs:
EV KNOWLEDGE: Familiarize yourself with EV basics. Understand the differences between battery electric vehicles, plug-in hybrid electric vehicles and fuel cell electric vehicles. Consider your daily, monthly and annual driving needs and evaluate each option.
DRIVING RANGE: Evaluate the EV’s driving range when fully charged to ensure it aligns with your daily commute. We often think about a summer road trip for our maximum driving needs, but it’s important to remember there may be other options for infrequent, long-distance travel.
HOME CHARGING: Determine if you will need to install a Level 2 charger and if your home’s electrical system is compatible. By evaluating your whole home’s energy use, you can determine if electrical panel upgrades are necessary for a Level 2 system. Level 1 chargers typically do not require upgrades.
PUBLIC CHARGING OPTIONS: Research the availability of public charging stations along your typical routes.
COST COMPARISONS: Compare EV prices from multiple dealerships. Sticker prices are higher upfront, but EVs may be more cost-effective in the long run due to reduced maintenance and fuel costs. Then again, they may not. Do your research.
FINANCIAL INCENTIVES: Explore federal, state and local incentives available for EV purchases. Check with your electric co-op to see if they offer incentives or special rates for EVs.
BATTERY WARRANTY: Ensure the EV battery includes a substantial warranty. Most manufacturers offer eight-year warranties (or up to 100,000 miles).
INSURANCE IMPLICATIONS: Consult with your insurance provider to review potential changes to your policy when owning an EV.
FEES: Some plug-in electric vehicles are subject to additional fees to compensate for road tax revenue that is typically collected from gasoline taxes. Additionally, you may have to pay a higher vehicle registration fee for EVs and hybrid vehicles. It’s important to be aware of these potential fees when considering the total cost of ownership for an EV.
Jennah Denney writes on consumer and cooperative affairs for the National Rural Electric Cooperative Association.