Why the Buzz About Plug-in Electric Vehicles?

We’re hearing a lot more about plug-in electric vehicles (PEVs) these days, but why the buzz? There are many benefits to driving electric, but the primary motivations for those seriously considering a plug-in electric vehicle are fuel cost savings and environmental benefits.

Fuel Cost Savings – Plug-in electric vehicle owners save a significant amount of money by reducing their fuel costs. A good way to quantify these potential savings is to compare the cost of a gallon of gasoline to the cost of an electronic gallon (eGallon). According to the US Department of Energy (DOE), an eGallon is the cost of fueling a vehicle with electricity compared to a similar vehicle that runs on gas. Based on RMLD’s residential electric rates, RMLD customers would pay between $0.95 and $1.17 per eGallon, as compared with the average Massachusetts gas price of $2.94/gallon. This equates to a savings of between $500 and $1,000 a year (depending on vehicle type, make, model, and annual mileage). Check out the DOE’s Fuel Savings Calculator to compare fuel costs by make and model and see what you can save.

Environmental Benefits - PEVs are proven to significantly decrease greenhouse gas emissions. Even when a PEV is charged using electricity generated from fossil fuels, it still produces far fewer greenhouse gas emissions than conventional gas-powered vehicles. And because natural gas is the main fuel used in power generation in the Northeast with renewables increasing daily, electricity generated in this area is among the cleanest in the country.

Many other factors are contributing to the increased popularity of PEVs. Technology is improving, so range is increasing while the cost of batteries is decreasing. Car manufacturers are introducing more models every year, so there is more selection. Federal and state governments are becoming more aggressive with environmental goals, so they’re offering attractive incentives to consumers to reduce the purchase price of a PEV to increase adoption. Some states also have programs to expand the availability of charging stations to give owners more options when it comes to charging their vehicle. 

Reading Municipal Light Department (RMLD) recently launched a summer plug-in electric vehicle pilot rebate program which offers residential customers a $1,500 rebate for the lease or purchase of a new or used Battery Electric Vehicle, and a $1,000 rebate for the lease or purchase of a new Plug-in Hybrid Electric Vehicle PLUS. Customers must take delivery of the vehicle by October 31, 2018 to qualify. Click here for more information. 

Want to learn more about PEVs and take a test drive? Stop in to RMLD’s Plug-in Electric Vehicle Ride and Drive Event on Sunday, July 15, 2018 from 10am-2pm in the Swain Green parking lot, which is located at the corner of Middlesex Avenue and School Street in Wilmington across from the Town Common.

This is the first in a series of articles RMLD will publish this summer regarding plug-in electric vehicles. Be on the lookout for our next article: Plug-In Electric Vehicle 101. Click here to view the series of articles.